Referral codes and crypto trading fees: how discounts work

A referral code links your new account to whoever invited you. The platform then pays the inviter a share of your fees, and some programs pass part of that back to you as a discount or rebate. The size of your benefit is set in each program’s terms or by the code you use, not by the exchange’s general fee schedule.

Hyperliquid states its terms in its documentation: using a referral code gives you a 4% discount on your fees for your first $25 million in volume. The discount does not apply to vaults or sub-accounts, because the clearinghouse treats those as independent accounts. (Hyperliquid referrals)

Timing is a common reason a code does not work. OKX’s affiliate FAQ for EEA users says invite codes only take effect during sign-up and cannot be added once the account exists, and warns that closing an account and registering again to use a code may be treated as a violation. (OKX Affiliate FAQ)

Kraken’s referral terms say the new user must not have, or have previously held, a Kraken account, must sign up through a valid referral link and must complete identity verification with a document issued by the same country chosen at signup. (Kraken referral terms) Hyperliquid’s documentation describes two ways in: entering a code on its referrals page or using a referral link.

Some programs lower the fee on the trade itself. Others charge the normal fee and pay part of it back. OKX’s EEA affiliate FAQ describes its invitee fee rebate this way: you are charged the standard fee for your tier, and the rebate is returned separately, trade by trade, as small credits under Assets > Order center > Funding history. The rebate is the same for maker and taker trades and is calculated on your net trading fee. (OKX Affiliate FAQ)

Under Kraken’s Revenue Share referral plan, a referee reward, where one is offered, can be a cashback on the referee’s own eligible trading fees, with the rate set in the promotion details attached to the link. Kraken credits rewards only after the qualifying criteria are verified. (Kraken referral terms)

Referral benefits rarely cover everything. OKX’s rebate applies to eligible spot and perpetual futures trades; Buy, Sell and Convert do not qualify because they use a quoted price with a built-in spread. In the EEA, residents of the Netherlands and Malta receive the rebate on spot trades only, and in Spain it is not available.

Kraken’s referral terms exclude trades between fiat and stablecoins, trades between stablecoins, Bundles and equities. Hyperliquid caps its referral discount at your first $25 million of volume. If a code shows a 0% rate in your OKX account under User Center > Account information > Invite perks, OKX explains that the channel behind it has not set a rebate, and OKX cannot add one afterwards.

A referral discount works on top of the rate your tier already gives you. Hyperliquid’s fee formula multiplies the tier rate by one minus your active referral discount, so a 4% discount on a 0.045% taker rate gives 0.0432%. For how tiers are set in the first place, see how crypto exchange fee tiers work.

Referral programs also change: we report new and ending campaigns, such as Ondo Perps’ referral boost and the OKX Wallet referral discount cap, from the platforms’ own announcements.

1. Check the program terms first. Read what the code gives the invitee, on which products and for how long. OKX, Kraken and Hyperliquid each publish these rules.
2. Use the code or link before you open the account. Enter the code during sign-up or start from the referral link. OKX and Kraken do not attach a code to an account that already exists.
3. Complete verification. Finish identity verification with the country you selected. Kraken requires the document to be issued by that same country.
4. Confirm the code is linked. On OKX, open User Center > Account information > Invite perks to see the invite code and the rebate rate that applies to you.
5. Trade eligible products and check the credits. Rebates apply to eligible order-book trades. On OKX they appear trade by trade in Funding history, not as a lower fee on the trade itself.

• Hyperliquid Docs: Referrals Checked 12 November 2026
• OKX: Affiliate FAQ (EEA) Checked 12 November 2026
• Kraken: Referral programs terms and conditions Checked 12 November 2026
• Hyperliquid Docs: Fees Checked 12 November 2026