Here's how Hyperliquid's referral program generally works (based on the platform's standard design — I don't have a live source for the exact current tiers, so treat the percentages as typical ranges, not verified numbers):
Core mechanic — you earn from the fees your referrals pay
- You generate a personal referral code.
- When someone opens an account or trades using your code, you get a cut of the trading fees they generate on the platform.
- The more your referred users trade, the more you earn — the split is usually tiered based on their cumulative volume (higher referral volume can unlock a higher earn rate).
Flexibility on the split
- Referrers typically choose how to divide the rebate: keep a larger share for themselves, or give more of it to the referred trader as a discount on their fees. It's a sliding trade-off — a better discount for the new trader can attract more volume, which can push you into a higher tier.
Earnings land in your account
- Your referral rewards accrue on-platform (usually claimable/used as trading balance), not as a one-time payout per signup. The incentive is ongoing — you keep earning as long as your referrals keep trading.
What to watch out for
- Referral programs of this type typically only count trading fees — so someone who signs up and never trades earns you nothing.
- Exact percentages and terms change, and there can be restrictions (e.g. self-referral, wash trading, or referrals through certain regions/accounts may be excluded).
A couple of caveats worth being honest about: I'm describing the standard design from general knowledge, not quoting Hyperliquid's live terms, and referral rules are exactly the kind of thing that gets updated — so for the current percentages and split options, check the referral section inside the platform itself.
If useful, I can pull up Hyperliquid's current standing as a perpetuals DEX (fees, revenue, TVL) so you can see how active the platform behind the program actually is.