What Is the Hyperliquid Referral Code?
The Hyperliquid referral code COINPERPS gives you a 4% discount on protocol trading fees across your first $25 million in volume. Hyperliquid sets this rate at the protocol level rather than negotiating it with partners. Every valid code therefore provides the same 4% discount, regardless of which site promotes it.
Centralised exchanges let their marketing teams determine rebates, welcome bonuses and the associated conditions. Hyperliquid works differently. Its official referral documentation defines the referee discount, referrer share and volume caps. Changing any of these parameters would require validators to modify the code.
There is no bonus voucher or deposit match. KYC is not required because no company sits between the trader and the protocol.
The referral attaches directly to your wallet, which affects how it works.
- Timing: Apply the code before the wallet trades. Hyperliquid does not let you add or replace a referrer once the address has trading history.
- Scope: The discount covers perps, spot and HIP-3 builder markets. According to the fee documentation, it reduces taker fees and any positive maker fee.
- Exclusions: Vault volume is treated separately from your main account, while sub-accounts do not inherit the discount. It remains attached to the primary wallet that claimed the code.
- Cap: The discount has no expiry date but ends after your first $25 million in volume.
Availability depends on your location. Hyperliquid's terms of use restrict US persons, while its front end blocks several other jurisdictions. Our Hyperliquid restricted countries guide covers these limits.
How to Use the Hyperliquid Referral Code (Step-by-Step)
Your wallet serves as your account, so there is no registration form. The important step is attaching the code before the wallet executes its first trade.
- Open the join link: Select the COINPERPS button at the top of this page. It opens app.hyperliquid.xyz with the referral code pre-filled. You can also enter the code manually through the Referrals page before trading.
- Connect a wallet with no Hyperliquid history: MetaMask, Rabby, hardware wallets and fresh addresses are supported. The referral cannot attach if the wallet has already traded on Hyperliquid.
- Sign the enable-trading message: Hyperliquid requires a one-time signature to establish the account. This action costs no gas and does not move funds.
- Deposit USDC: Bridge funds from Arbitrum or choose another supported deposit method. Our guide on how to deposit USDC on Hyperliquid explains each option and its minimum deposit.
- Confirm the referral: Visit the Referrals tab and verify that COINPERPS appears as your active code before submitting an order.
- Trade: Hyperliquid applies the 4% discount during the fee calculation for every eligible fill. There is nothing to claim manually.
You can stake HYPE for an additional discount later. Staking may use the same address or a linked staking wallet and does not need to happen before claiming the referral.
Why Every Hyperliquid Referral Code Pays the Same 4%
There is no benefit to searching for a higher-paying Hyperliquid code. The referee discount, referrer commission and corresponding volume caps are protocol parameters applied equally to every code.
Referrers receive 10% of the trading fees paid by their referees, minus the discount granted to those traders. Your 4% saving comes from that 10% share, leaving the referrer with 6%. The protocol provides no mechanism for referrers to return more of their commission. Offers advertising “up to 40% off” refer to HYPE staking discounts, which are available without a referral code.
Any wallet with at least $10,000 in trading volume can create a code without permission. This relatively low threshold has produced thousands of codes, but they all function the same way. Only the code name and the recipient of the 6% share differ.
Trading fees go to the community rather than a company. They are distributed between the HLP vault, market deployers and the assistance fund, which buys and burns HYPE. Part of each fee is therefore used to repurchase the token. HYPE appears on our HYPE perpetuals data page alongside data for the exchange itself.
How the Discount Stacks With Fee Tiers and HYPE Staking
Hyperliquid applies the 4% referral discount after your volume tier and any HYPE staking discount. These reductions multiply rather than being added together.
Fee tiers are assessed daily using rolling 14-day volume, with spot volume receiving double weighting. At Tier 0, base perps fees are 0.045% for takers and 0.015% for makers. Tier 6 reduces the taker fee to 0.024% and the maker fee to zero but requires more than $7 billion in weighted volume over 14 days.
HYPE staking provides another percentage reduction. The discount begins at 5% for 10 HYPE and reaches 40% at 500,000 HYPE.
The table shows the effective Tier 0 taker fee with and without COINPERPS.
Several other fee rules can change your final trading cost.
- HIP-3 growth mode: Deployers launching new non-crypto markets can enable a mode that reduces all-in fees by at least 90%. This takes base taker rates into the 0.0045% to 0.009% range. The referral discount still applies, although 4% of an already small fee produces a limited saving.
- Aligned quote assets: Trading with an aligned stablecoin gives traders 20% lower taker fees and improved maker rebates. USDC's status as an aligned quote asset therefore matters to traders, not just HYPE holders.
- Maker rebates: Wallets responsible for more than 0.5% of platform maker volume receive negative fees. The referral code does not increase these rebates because there is no positive fee to discount.
Our Hyperliquid fees explained guide lists every tier. The Hyperliquid vs Binance fees comparison shows how this structure compares with the largest centralised venue.
How Much Can You Save With the Hyperliquid Referral Code?
A 4% reduction is modest beside the 15% or 20% rebates offered by some centralised exchanges. Hyperliquid's base taker fee is already lower than the entry-level rate at most of those venues, however, so the discount starts from a smaller fee bill. The examples below assume the Tier 0 taker rate of 0.045% and no HYPE staking.
- $1 million in volume: $450 in fees, with an $18 discount.
- $10 million in volume: $4,500 in fees, with a $180 discount.
- $25 million in volume: $11,250 in fees, with a $450 discount. This reaches the cap and represents the maximum saving for a taker-only account.
- $25 million as a maker: $3,750 in fees at 0.015%, with a $150 discount.
An active leveraged trader can reach the limit relatively quickly. Consider an account using $2,000 of margin at 25x leverage. Each position controls $50,000. Because fees apply when opening and closing, one round trip generates $100,000 of fee volume.
Fifty round trips per month would produce $5 million in volume. At the Tier 0 taker rate, that equals roughly $2,250 in fees and a $90 referral discount. The account would reach the $25 million cap after five months, at which point the code stops providing savings.
Funding payments are excluded. Hyperliquid settles funding hourly between long and short positions rather than paying it to the protocol, so referral codes have no effect. Our live funding rates tracker compares Hyperliquid with Binance, Bybit and OKX. The guide to avoiding auto-deleveraging covers another cost that can affect leveraged traders on the venue.
Earning as a Referrer on Hyperliquid
After your wallet reaches $10,000 in cumulative trading volume, you can create a code through the Referrals page. Anyone who joins with that code can generate referral income for you. There is no application process, affiliate contract or tier system.
- Commission: Referrers receive 10% of their referees' trading fees minus the 4% trader discount. In practice, this equals 6% of gross fees.
- Duration: Rewards accrue across each referee's first $1 billion in volume. Their own discount ends much earlier, after $25 million.
- Assets: Rewards are paid in the quote asset used by the referee, including USDC and aligned stablecoins.
- Claiming: Hyperliquid does not transfer rewards automatically. Once the balance exceeds $1, you can claim it from the Referrals page and receive it in your spot balance.
- Code rules: Each account may create one code. The selection is permanent and cannot be edited. Codes are shared using app.hyperliquid.xyz/join/YOURCODE.
Income depends on how actively referred wallets trade. A referee generating $10 million in monthly Tier 0 taker volume pays $4,500 in fees. Of that amount, $270 goes to the referrer each month while the trader remains active, subject to the $1 billion cap.
Several dozen referees trading at that level can turn a casual code into meaningful income. This explains why trading communities promote referral links so heavily.
Builder codes operate separately and are sometimes confused with referrals. They allow third-party interfaces to add their own fee on top of Hyperliquid's charges, capped at 0.1% for perps. Traders must approve a builder code before the extra fee applies. Using the official app avoids builder fees, while the referral discount remains the same on either interface.
Is There a Hyperliquid Sign-Up Bonus?
No. Hyperliquid does not offer a welcome voucher, deposit match, new-account trading competition or cashback programme. There is no company controlling a marketing budget, and the protocol defines the 4% referral discount as its only new-user incentive.
Centralised venues listed in our referral codes hub use a different model. They negotiate partner rebates and may combine them with onboarding rewards.
These bonuses carry conditions. Kraken and Binance require identity verification, maintain custody of customer funds and limit products by jurisdiction. Hyperliquid requires only a wallet signature and never takes custody. Its fee schedule also applies equally to every address, which is why it leads our list of the best no-KYC perpetual futures exchanges.
Some referral aggregators claim to offer a Hyperliquid welcome bonus, a $100 sign-up reward or 30% cashback. None of these offers are real. A referral code cannot provide more than the protocol's 4% discount. It also has no effect on eligibility for a future HYPE distribution, which Hyperliquid has not announced.
Common referral problems have straightforward explanations.
- The code is not showing on the Referrals page: The wallet has already traded on Hyperliquid, preventing the referral from attaching. Use a fresh address.
- The discount stopped: The wallet has exceeded $25 million in cumulative volume. This cap is based on volume, not time, and does not renew.
- Referral rewards are not in my balance: Rewards are not transferred automatically. Claim them through the Referrals page once the balance exceeds $1, and they will appear in your spot balance.
- A vault or sub-account is paying full fees: This is expected. The discount stays on the primary wallet that claimed the code, while vault volume is tracked separately.
Bottom Line
The Hyperliquid referral code COINPERPS reduces trading fees by 4% across your first $25 million in volume. No alternative code can provide a higher protocol discount because Hyperliquid fixes the rate. Apply it before the wallet's first trade, as the code cannot be added later.
Used alone, the discount is modest. Its value increases when combined with volume tiers and HYPE staking on Hyperliquid's already low fee schedule. A taker-only account can save no more than $450 over the life of the code. Referrers receive 6% of their referees' gross fees across a much larger volume cap.
Hyperliquid offers access instead of traditional sign-up bonuses. There is no identity verification or company custody, and no company determines which products each country can access. US persons nevertheless remain restricted under the terms of use.
If you are comparing centralised alternatives, our Hyperliquid vs Bybit and Hyperliquid vs Binance guides compare fees, leverage and custody. Our ranking of the top decentralised perpetual exchanges also shows how Aster, Lighter and other platforms compare.