# Rebates and Rewards

## Referrers: Earn USDC Rewards

Perennial’s referral program is open, meaning everyone (trader, community member, influencer, LP) is able to create referral codes & earn rewards.

To create and manage your referral code:

* On **Perennial**, head to the **"Refer"** tab in the app to generate and enter your code.
* On **Perpfun**, open the menu and use the **Refer Widget** to enter and share your referral code.

You’ll earn a percentage of all trading fees generated by users who enter your code. The more volume your referrals trade, the more you earn. Rewards are tracked on a 14-day rolling window and paid weekly in USDC.

Your referral tier updates automatically as volume increases. There is no cap on earnings.

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## **Traders: Fee Rebates**

Traders receive automatic fee discounts based on their own trading activity and the referral link they used.

* **Higher personal volume → higher fee rebate (paid back to you weekly).**
* **Higher referrer tier → bigger upfront fee discount when you trade.**

Every trade you make counts toward your **14-day rolling volume**. As you trade more, you unlock higher tiers and get bigger discounts. The rebate is automatically tracked on all trades, and claimable weekly in-app.

If your referrer has a high volume tier, you benefit even more. Their rebate tier stacks with your own, reducing your trading fees further.

You can check your current tier and referral status from your profile page on either **Perennial** or **Perpfun**.

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## 🧩 Referral Tiers

Referral rewards on Perennial are volume-based. Both traders and referrers move up tiers based on their **14-day rolling volume**.

As your volume increases, so do your rewards.

**Tier Breakdown**

<table><thead><tr><th>Tier</th><th width="149.5078125">14-Day Volume</th><th width="175.98046875">Rewards for Referrers</th><th width="302.1953125">Rebates for Traders (Trader / Referrer Vol)</th></tr></thead><tbody><tr><td>None</td><td>&#x3C; $50,000</td><td>0%</td><td>0% / 0%</td></tr><tr><td>Silver</td><td>≥ $50,000</td><td>10%</td><td>10% / 10%</td></tr><tr><td>Gold</td><td>≥ $500,000</td><td>15%</td><td>15% / 15%</td></tr><tr><td>Platinum</td><td>≥ $5,000,000</td><td>20%</td><td>20% / 20%</td></tr><tr><td>Solaris</td><td>≥ $50,000,000</td><td>25%</td><td>25% / 25%</td></tr></tbody></table>

Discounts are applied as **rebates**, credited weekly based on your 14-day trading volume.

Your referrer earns **rewards** too - based on *their* 14-day volume.

All rewards are calculated weekly and claimable in-app.

#### 💡 Example:

* If your 14-day volume is $600K (Gold), and your referrer’s is $5.2M (Platinum):
* You’ll get back 35% (15% for your volume, 20% for your referrer's) of your trade fees as a rebate
* Your referrer earns 20% of your trade fees as a reward

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## Reward Calculation & Claiming

Rebates and rewards are calculated weekly based on a 14-day rolling trading volume.

* **Rebates** go to both the trader and their referrer
* **Volume Tiers** are based on your 14-day trailing volume
* **Calculations** are based on total notional traded and your current tier

Rewards are denominated in USDC and are claimable directly in the app.

💡 **How it works:**

1. You trade → full fee is charged up front (4.0 bps)
2. System calculates your & your referrers tier
3. Your share of that fee is returned to you as a **rebate**
4. Your referrer also gets a cut as their **referral reward**
5. You can claim your rewards weekly via the **refer tab**

💡 **Example calculation:**

* You trade $1M notional
* Your tier = 15%, your referrer’s = 20%
* Base fee = 4.0 bps = $400
* You get back $140 (15% + 20%)
* Your referrer gets $80 (20%)