Referrals

Referrals pay traders to bring traders. The referrer’s share and the new trader’s discount are both part of the fee calculation, and both switch off at fixed volume thresholds.

In the docs’ example, a referred user paid 196.84 USDC of rewarded fees since joining. The referrer earned 19.68 USDC: 10 per cent to the cent.

Creating a code and collecting rewards

Past the volume threshold, you can create a code and share it as a join link. Rewards accrue in whichever quote assets the fees were paid in and land in your spot balance when claimed.

Using a code for a discount

Enter a code, or join through a link, to get the discount. Do it before trading in size, since the discount is capped by volume. It stacks into the same fee calculation as your volume tier and staking discount (fees).

• Vaults and sub-accounts don’t get it: each is an independent account in the clearinghouse.
• Rewards and discounts apply on HIP-3 markets too, and the discount was measured applying to HIP-4 outcome fees on mainnet.

A referral code follows the user; a builder code follows the order

An app attaches a builder code per order to add its own fee. Per the docs’ staking referral proposal page, a builder code overrides a referral code for that order.

The staking referral proposal is not live

Builders and referrers who stake HYPE would keep a larger share of referred users’ fees, up to 40 per cent at the highest staking tier, and could pass part back to the user. The docs say no definitive implementation is ready for mainnet and the proposal is being re-evaluated for fairness to builders.

The numbers

Parameter	Value
Volume needed to create a code	$10,000
Referrer’s share	10% of referred users’ fees, less their discount
Referrer’s share applies for	the referred user’s first $1B of volume
Referred user’s discount	4%
Discount applies for	the referred user’s first $25M of volume
Minimum claim	more than $1
Applies to vaults and sub-accounts	no

Reading referral state from code

The referral info request returns a user’s referred side and referrer side in one response:

{ "type": "referral", "user": "0x..." }

• Top level: referredBy, cumVlm, unclaimedRewards, claimedRewards, builderRewards, and a per-token breakdown in tokenToState.
• For referrers, referrerState.data.referralStates: each referred user’s cumVlm, cumRewardedFeesSinceReferred and cumFeesRewardedToReferrer.
• A signed {"type": "claimRewards"} claims rewards and builder fees.
• userFees returns referralDiscount and the currently applied activeReferralDiscount. The docs’ fee formula multiplies taker fees, and positive maker fees, by (1 - activeReferralDiscount).

Legacy rewards and undocumented actions

• rewardHistory holds legacy rewards only; claimed rewards now appear in nonFundingLedgerUpdate.
• The docs’ example marks the top-level reward fields “USDC Only”; tokenToState repeats them keyed by token.
• setReferrer and registerReferrer, the wire actions for codes, are accepted by the exchange but not documented.

For the points programme referrers earned in earlier, see Points (historical).