How do Hyperliquid referral rewards work?

Hyperliquid runs a straightforward two-sided referral program, and the economics are worth understanding before you trust any code you find online:

How it works

• Anyone with a Hyperliquid account gets a personal referral link/code.
• When a new user signs up through that link, they're tagged as your referee.
• You then earn a share of the trading fees your referee generates — paid in USDC to your account. This is fee-based, not a flat bounty, so it's recurring: you keep earning as long as your referee keeps trading.

The key mechanic — it's tiered by the referee's fee tier Hyperliquid fees are volume/position-based. The percentage you earn as a referrer is tied to the fee tier the referee sits in, not your own. In plain terms: the more fees your referee pays (higher tier, more taker volume), the bigger your cut of those fees — the typical published structure is roughly 10–25% of the referee's taker fees depending on their tier. Spot and perp volume both count.

What to watch out for

• Rates change. Hyperliquid has adjusted referral percentages and tier thresholds before, so any specific "you get X%" number I could quote is a snapshot, not a guarantee. Check the live terms in-app or on their docs before relying on it.
• It's fee-driven, not HYPE-staking-driven. Some people assume the program rewards holding HYPE — it doesn't directly. Referral earnings scale with referee trading activity, not with the referrer's stake.
• Self-referral / wash-referral is against policy and can get earnings clawed back.

Two honest caveats: I'm describing the model from general knowledge, not live-verified current percentages (those live inside Hyperliquid's UI/docs, not in any public data I can pull), and I'm not endorsing it as income — referral yield is directly proportional to how much the people you recruit actually trade and pay in fees.

If it's useful, I can pull Hyperliquid's current real usage standing (daily fees, protocol revenue, TVL) from live market data so you can at least see how big the fee pool behind all this actually is — want me to?

This isn't financial advice, and I'm not telling you to join or promote the program either way.