Hyperliquid referral code: how the 4% fee discount works

Using a Hyperliquid referral code gives you a 4% discount on trading fees for your first $25M of volume, according to Hyperliquid’s referral docs. It applies to your main account only, not to sub-accounts or vaults, and it works alongside any HYPE staking discount you hold.

How to apply the Hyperliquid referral code

The simplest route is to open the referral link before you connect a wallet, so the code is attached from the start.

1. Open Hyperliquid through the referral link. The link format is app.hyperliquid.xyz/join/CODE, which pre-fills the code.
2. Click Connect and choose your wallet (Rabby, MetaMask, WalletConnect and others) or log in with email.
3. Click Enable Trading and sign the gasless message in your wallet.
4. If you arrived without the link, go to the Referrals page (app.hyperliquid.xyz/referrals) and enter the code manually.
5. Deposit USDC and place your first trade. Our step-by-step Hyperliquid trading guide covers the deposit, networks and order panel in detail.

What if you already have a Hyperliquid account

Hyperliquid’s docs don’t state a cut-off, but third-party guides consistently report that a referral must be linked before a wallet’s first trade. If your wallet has already traded without a code, the only route is a new wallet address opened through a referral link.

For most traders that isn’t worth the hassle unless you trade a lot. Moving funds, losing your volume history for fee tiers and managing a second address all cost something. A 4% discount matters more if you’re about to scale up.

What the discount is worth in dollars

According to Hyperliquid’s fee schedule, base perp fees are 0.045% for takers (market orders) and 0.015% for makers (resting limit orders), as of September 2026. The referral discount multiplies those by 0.96.

Trade	Base fee	With referral	Saved
$10,000 perp, taker	$4.50	$4.32	$0.18
$10,000 perp, maker	$1.50	$1.44	$0.06
$100,000 of taker volume	$45.00	$43.20	$1.80
$1M of taker volume	$450	$432	$18

Remember that opening and closing a position are two separate trades. A $10,000 position opened and closed with market orders costs $9.00 at base rates, or $8.64 with the code.

The discount runs out after $25M of your volume. At the base taker rate, the most it can ever save you is about $450 ($25M × 0.045% × 4%). That’s a nice rebate for an active trader, but it is not a reason on its own to pick an exchange. The full breakdown of volume tiers and staking lives in our Hyperliquid fees explainer.

Stacking with HYPE staking

Staking HYPE gives a separate discount, from 5% (more than 10 HYPE staked) up to 40% (more than 500,000 HYPE). Both discounts multiply. With 100+ HYPE staked (10% off) plus the referral code, the base taker rate drops from 0.045% to about 0.0389%, so the $10,000 taker trade costs roughly $3.89.

How Hyperliquid’s referral program works for referrers

Anyone can become a referrer once they’ve done $10,000 of trading volume. You then create a code on the Referrals page and share a link.

• What you earn: 10% of the fees your referred users pay. The docs note this is net of the discount they receive.
• How long: for each referee’s first $1B of volume. The referee’s discount stops earlier, at $25M.
• How it’s paid: rewards accrue in whatever quote asset the trade used, and you can claim them once they exceed $1. Claimed rewards land in your spot balance.

The limits worth knowing: rewards don’t come from sub-account or vault volume, and you only earn while your referees are actively trading. A referee doing $1M a month at base taker rates pays about $432 in fees, which puts roughly $43 a month in the referrer’s pocket.

Is the referral code worth using

Yes, if you’re opening a new Hyperliquid account. It costs nothing and doesn’t change anything about how you trade. The saving is modest per trade and capped overall, so treat it as a small bonus rather than a reason to trade more.

If you’re still choosing between venues, our Hyperliquid vs Lighter comparison and the best perp DEX roundup weigh fees against liquidity and custody.