Entering a referral code when you first trade gives you a discount on trading fees for an initial volume window. The referrer earns a share of the fees you pay.
For the person using a code
A percentage off your fees, applied to your first tranche of trading volume. Once you pass the cap, fees revert to your normal tier. The code has to be entered before your first trade; it can’t be applied retroactively.
For the person sharing a code
You need a minimum trading volume before you can create a code. Once created, you receive a percentage of the fees paid by anyone who used it, for an extended volume window.
Does it stack
Referral discounts, volume tiers and staking discounts interact. For an active trader, the volume tier and staking discounts matter more over time; the referral discount is an onboarding benefit.
A note on codes found online
Any valid code gives the same discount. There’s no better or worse code — only whether the person sharing it deserves the referral share.
Publishing note: if AlphaNet holds a Hyperliquid referral code, this is the page to surface it. Check whether that’s appropriate given the builder relationship before doing so.