How it works
Referrals
Invite a trader with your link and you earn most of the referral fee on every position they close, for as long as they trade. They pay a little less than everyone else.
The fee
Every close pays a referral fee of 1.2% of the position’s scaled gain on a win, or of the loss on a loss, beside the usual 2% win fee or 2% loss fee. It is charged exactly where those fees are charged: when the payout queue is empty and the LP can fund the settlement. When the win or loss fee is withheld, so is the referral fee.
- A trader without a referrer pays the whole 1.2%; it goes to the protocol’s dev share.
- A trader with a referrer gets 0.2% back at once (so they net 1%), and the referrer is credited 1% to their exchange balance in the same settlement. On top of that, a referrer the referral manager has rewarded receives an extra share of the dev fee on each of their traders’ closes, up to 1% of the basis.
- Liquidations carry the referral fee only while the owner’s liquidation switch is on; at launch it is off.
The win fee, the loss fee and the liquidation fee, the referral fee and a frontend’s builder fee together never exceed 15% of the basis. The owner sets every rate through the timelock, and the app reads them from the chain, so a change needs no release.
How a referral binds
Your invite link is ?ref= followed by your code (or your address) on any app URL. The first such link a browser opens is remembered; later ones do not replace it. When that trader enables trading for the first time, the app shows who invited them, with the discount they will get, and lets them confirm, change the code, or continue without. Their first session-key registration (RegisterSessionKeyV2) then names the referrer, and the contract binds it for good: it can never be changed, and a wallet that has registered before cannot add one later.
Share cards carry your code too: a trade you publish from the app links back with it.
Codes
A code is an alias of your address: three to twenty letters, digits, _ or -, unique whatever the case. You choose it on the Referrals page of the app with a wallet signature, like a username; the same rules apply (a deposit first, one change a day, the moderation list). Your link works with your address alone until you pick one.
Where the numbers are
The Referrals page shows your code and link, who invited you and what you have saved, the traders you referred, what you earned (and what of it came from extra rewards), the referral fees your traders paid, the terms in force, and your latest distributions. The read API serves the same under /query/referrals/ (see Read API).