Hyperliquid

Hyperliquid operates a transparent referral program designed to reward ecosystem participants for bringing active traders to its decentralized perpetual exchange. The program is built directly into the Hyperliquid L1, ensuring that rewards are tracked and distributed on-chain. Affiliates earn a baseline commission of 10% of the trading fees generated by their referred users. This commission is calculated after any discounts applied to the referee's fees, such as the standard 4% referral discount or potential HYPE staking rebates.

To become a referrer and generate a custom code, users must first reach a cumulative trading volume of $10,000 on the platform. Once this threshold is met, the referral tab allows for the creation of unique links. A significant feature of this program is its tiered duration: referral rewards for the affiliate remain active for the referred user's first $1 billion in total trading volume. Conversely, the 4% fee discount for the referred user applies only to their first $25 million in volume. This structure encourages the acquisition of high-volume traders while providing a long-term revenue stream for the affiliate.

Commission tracking is technically permanent once a user connects their wallet via a referral link, as the attribution is locked to the account. Rewards accumulate in the quote asset used for trading and can be claimed manually once the balance exceeds $1. Because Hyperliquid is a non-KYC, self-custodial platform, the referral program is highly accessible to the global crypto community, though it is the affiliate's responsibility to ensure compliance with local regulations. The program is strictly performance-based, with earnings scaling directly with the trading activity and fee generation of the referred network.