What Is the Kraken Referral Code?
Kraken referral code h2p3c4sb is attached to the Coinperps partner link for Kraken Pro. Registering through this link connects your account to a 15% rebate on trading fees across Kraken Pro spot and derivatives markets. It also gives you access to Kraken's current new account reward once you fund the account and trade.
Kraken's referral structure differs from the offshore venues covered in our referral codes hub. Its public programme offers a fixed cash bonus instead of a percentage of fees and is limited to friends in the same country. The partner link carries the ongoing rebate, which is why we direct readers to it rather than the in-app share button.
You must use the code before creating the account. Kraken will not add a referrer retrospectively. The support documentation for its public programme also states that referees must register through the link or enter the code during sign-up to qualify.
Available markets depend on your location. Kraken operates separate regulated entities in the United States, the European Economic Area, the United Kingdom and other regions. As a result, US, German and Australian clients see different product menus behind the same login. Our Kraken restricted countries guide explains the exclusions.
How to Use the Kraken Referral Code (Step-by-Step)
The process only takes a few minutes, but the order matters. Attach the code before creating your account because it cannot be added later.
- Open the Kraken Pro invite link: Use the button at the top of this page to register h2p3c4sb before entering your details. If you sign up directly on kraken.com, you cannot apply the code afterwards.
- Create the account in Kraken Pro: Enter your email, choose a password and enable two-factor authentication. Kraken Pro and the simpler Kraken app use the same account, allowing you to switch between them later.
- Complete identity verification: Provide a government ID and proof of address. Your verification level and the country listed on your documents determine which Kraken entity you contract with. They also affect access to products such as margin and futures.
- Deposit funds: The welcome bonus requires a fiat deposit. Card deposits do not qualify, but bank transfers such as ACH, SEPA, Faster Payments or PayID do.
- Place a qualifying trade: Trade the amount shown in your app within 30 days of registration. Stablecoin pairs and Bundles are excluded from the welcome bonus, although standard Pro trades qualify.
- Check your rebate and rewards: The 15% fee rebate starts with your first Kraken Pro order. Kraken credits the welcome bonus separately, which can take up to 14 days after you meet the conditions.
Kraken's $20 Welcome Bonus and Public Referral Programme
Kraken's consumer referral bonus is fixed and relatively small compared with the tiered welcome rewards or futures vouchers available from Bybit and Bitget. Under the Kraken app referral terms, referees receive $20 in their default currency after depositing cash and completing the required trading volume. The reward is paid in BTC or USDG, depending on the region.
Referrers can earn more. Invitations sent through the Kraken app pay up to $1,000 across successful referrals, while the Kraken Pro app limits total inviter rewards to $200. Deposit and trading requirements vary between campaigns. Kraken displays the applicable thresholds in the app rather than publishing them, so the live terms shown in your account take precedence.
Geography is the main restriction. The following rules come from Kraken's published terms.
- Eligible referrer locations: United States (excluding Maine and New York), Puerto Rico, Australia, Brazil, Canada, Denmark, Germany, the Netherlands, France, Spain, Poland, Italy, Belgium and Ireland.
- Same-country requirement: The referred person must reside in the same country as the referrer. If the referrer lives in the EEA, another eligible EEA country also qualifies. A trader in Singapore cannot be referred by a friend in London.
- Duplicate accounts: Second accounts and shared devices are disqualified outright.
- Deadline: Referees have 30 days from account creation to complete the deposit and trading requirements. The app displays a countdown.
- Discretion: Kraken's terms reserve the right to withhold a bonus.
How the 15% Fee Rebate Works on Kraken Pro
The rebate is based on the fees you pay, making the underlying fee rate important. Kraken publishes its complete pricing grid in the fee schedule.
- Spot fees: Kraken Pro spot trading starts at 0.40% maker and 0.80% taker at Tier 1. Fees decline across twelve retail tiers and five Pro tiers, reaching zero maker and 0.05% taker at the highest level.
- Futures fees: Kraken Pro futures begin at 0.02% maker and 0.05% taker. Maker fees become negative from Tier 11.
- Cross-platform tiers: Following the July 2026 change, Kraken assigns your tier using the best result from your 30-day spot volume, 30-day futures volume or assets on platform (AoP). A client holding $100,000 on Kraken therefore receives Tier 5 rates without trading during that month. Kraken explains the system in its support article.
- Stacking: The rebate applies after the tier discount, so both benefits compound.
A Tier 1 trader completing $50,000 of monthly taker volume on Kraken Pro futures pays $25 in fees and receives $3.75 back. At $1 million in monthly taker volume, the fee bill rises to $500 and the rebate to $75. Derivatives traders generally benefit more than spot buyers because futures volume accumulates much faster against the same amount of capital.
Our maker vs taker fees guide explains how your side of the order book affects trading costs. The lowest fee perpetual exchanges ranking compares Kraken's pricing with rival platforms.
Kraken states that futures are either unavailable or excluded from cross-platform tier qualification for clients in the US, Canada and New Zealand. Its new US perpetuals operate through a separate Bitnomial venue and fall outside this schedule.
The rebate does not apply to the Kraken consumer app, where instant purchases incur a 1% fee plus spread. Anyone using only the basic Buy and Sell interface will receive little benefit from the 15% rebate attached to h2p3c4sb. Kraken Pro uses the same account but charges according to the lower maker and taker schedule.
How Much Can You Save With the Kraken Referral Code?
Trading fees are calculated against the full notional value of a position, not the margin posted. This is why leveraged trading volume can build quickly. Eligible clients can access up to 50x leverage on major Kraken Pro perpetual pairs.
- Position size: $1,000 of margin at 50x controls $50,000 of exposure.
- Round trip volume: Opening and closing the position generates $100,000 of fee volume because fees apply in both directions.
- Monthly volume: Completing thirty such trades produces $3 million in volume.
- Taker fees: At 0.05%, the trader pays roughly $1,500 per month.
- Rebate: A 15% rebate returns about $225. Doubling the activity pushes the rebate above $450.
The savings are smaller for bottom-tier spot traders. Converting $20,000 per month through Kraken Pro market orders costs about $160 at the 0.80% taker rate, producing a $24 rebate. At that scale, limit orders and a higher tier based on assets held on the platform can reduce costs further.
Funding payments are not included in the rebate. On perpetual contracts, these payments pass between long and short traders rather than going to Kraken. Our live funding rates tracker compares Kraken's rates with Binance, Bybit and Hyperliquid. The Kraken exchange review covers the broader cost structure, including margin rollover fees.
US Perpetual Futures, MiCA and Kraken's Regulatory Position
Eligible US clients can now trade perpetuals on Kraken within the domestic regulatory perimeter. The exchange launched CFTC-regulated perpetual futures on 15 June, making it the only platform in our referral series to offer them. The rollout followed the CFTC's May approval of Kalshi's bitcoin perpetual, which we cover in our Kalshi perpetuals review.
- Venue: The contracts are listed on Bitnomial, a designated contract market, clearinghouse and brokerage that parent company Payward acquired in April for up to $550 million.
- Broker: NinjaTrader Clearing operates as Kraken Derivatives US and is registered with the CFTC as a futures commission merchant.
- Assets at launch: BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX. Kraken plans to expand its contracts and collateral options.
- Access: Only eligible US clients can use the product, so confirm availability inside your account.
European clients have access to an equally extensive licensing framework. This became more important when MiCA enforcement began on 1 July, prompting unlicensed venues to restrict EU users.
- MiCA authorisation: Kraken holds a crypto asset service provider licence from the Central Bank of Ireland. It was granted in June 2025 and passported across the EEA.
- MiFID investment firm: Its licence through the Cyprus Securities and Exchange Commission permits regulated derivatives in the EU.
- E-money institution: Kraken also holds an e-money institution licence with the Central Bank of Ireland for payments.
- UK multilateral trading facility: FCA-regulated Crypto Facilities operates the global derivatives venue.
Our MiCA licensed exchanges guide lists the other platforms that qualified. The best crypto futures platforms in Europe ranking compares Kraken's EU derivatives offering with its competitors.
Kraken's corporate position is also relevant when assessing counterparty risk. The company confidentially filed for a US IPO in November 2025 at a $20 billion valuation. It then received a $200 million investment from Deutsche Börse at a $13.3 billion valuation in April. Bloomberg reported in May that the listing could be delayed until 2027.
Its financial figures remained strong despite the possible delay. Revenue reached $2.2 billion in 2025, while funded accounts exceeded 6 million. Our perpetual futures regulation explainer examines how regulatory changes are reshaping this market.
Kraken Referral Programme vs Affiliate Programme
Kraken operates separate referral and affiliate systems. The referral programme is intended for individuals inviting people they know. It pays a flat amount for each qualifying sign-up and places a cap on total rewards. The affiliate programme targets businesses, publishers and creators, offering a share of ongoing trading revenue without a fixed ceiling.
- Eligibility: Kraken's affiliate page says the programme primarily seeks businesses and established creators. Every application is reviewed before approval.
- Commission structure: Leading creators on the in-house programme can receive up to 50% revenue share on eligible volume, with rates negotiated during onboarding. Eligible activity spans Kraken Consumer and Kraken Pro spot, margin and futures. Kraken Prop, the Krak card and Kraken DEX are also included.
- Payout method: In-house affiliates receive USDC in their Kraken account, with payments issued monthly by default. Media networks and traditional affiliates can apply through Impact, which pays fiat into a bank account according to its own schedule.
- Compliance limits: EU-based affiliates require MiFID approval before promoting futures. Kraken's terms also state that promotion of margin and derivatives products is geographically restricted.
Our Bybit referral code and Binance referral code guides show how offshore fee-rebate models compare with Kraken's bonus-first structure. High-volume clients can also use Kraken's separate VIP scheme, which features in our best crypto exchange VIP programs roundup.
Bottom Line
Kraken referral code h2p3c4sb provides a 15% rebate on Kraken Pro trading fees, along with a $20 welcome bonus after you deposit fiat and trade. It offers the most value to derivatives traders paying the 0.05% taker rate on leveraged volume. Smaller spot buyers are likely to save more by using limit orders and qualifying for higher assets on platform tiers.
Kraken's regulatory footprint distinguishes it from the other venues in this series. It is the only exchange covered here that offers CFTC-regulated perpetuals to eligible US clients. The company also holds MiCA and MiFID authorisations in Europe and is preparing for a public listing. Since product access varies substantially by country, check which markets your region unlocks before committing capital.
For a direct comparison with its closest competitors, our Kraken vs Coinbase Futures and Bybit vs Kraken pages compare fees, leverage and regulatory positions side by side.