Hyperliquid referral code PERPLIST: 4% fee discount

The Hyperliquid referral code is PERPLIST, and it applies a 4% discount to your trading fees on the exchange. You activate it by opening this Hyperliquid invite link before you place your first trade, or by entering the code manually on the referrals page in the app. It is currently active, has no announced end date, and costs nothing to use.

Most articles about referral codes stop there. This one does not, because 4% is a multiplier and not a headline, and the only way to know what it is actually worth to you is to see where it sits in Hyperliquid’s fee stack. That is what the rest of this guide covers: where the discount is applied, what it does not touch, how it interacts with the volume tiers and the HYPE staking ladder, and what the arithmetic looks like at trading sizes that matter.

What PERPLIST actually does

Hyperliquid runs a permissionless referral program. Any account that has traded at least $10,000 in volume can generate a code, and any new account can attach one. There is no application, no approval queue, and no affiliate manager deciding whether you qualify.

Attaching the code PERPLIST to your wallet does two things:

1. It reduces the trading fees you pay by 4%, applied to your first $25 million in cumulative trading volume.
2. It credits the referrer with a share of the fees you go on to pay, calculated after your discount.

The exchange funds both sides — the referrer’s commission is not carved out of your discount, and your discount is not carved out of theirs. That is precisely why a code like PERPLIST is available for free rather than sold: the incentive structure works without you paying anything for it. If you sign up without a code, you simply pay the undiscounted rate with no offsetting benefit, which is the single most useful thing to understand about the program.

The discount is bound to your wallet at first use

Hyperliquid is a wallet-native exchange. There is no email and no password — your wallet address is the account. When you connect a wallet through a referral link, or enter a code on the referrals page, the code is bound to that address. Once the address has traded, the binding is final.

• The code has to be attached before your first fill — not before your first deposit and not before your first withdrawal. Deposit first if you like; just do not trade before the code is on.
• You cannot add a code later. Support cannot add it for you. There is no retroactive path.
• If you have already traded on an address without a code, that address is permanently at full rate. A fresh wallet is the only way to attach one.
• Attach the code to the wallet you actually intend to trade from — not a burner.

Hyperliquid’s base fee schedule

To place the 4% correctly, you need the numbers it is applied to. Hyperliquid’s published base schedule for perpetuals is 0.045% to take liquidity and 0.015% to add it. Spot trading carries a higher base — around 0.070% taker and 0.040% maker. Trading on HyperCore carries no gas cost, so the maker/taker fee is the entire per-trade charge. Withdrawing USDC back to Arbitrum costs a flat 1 USDC regardless of size.

Those base rates then move through three separate discount mechanisms:

• Volume tiers. Assessed daily on trailing 14-day weighted volume, with a ladder from entry level up to the top VIP band. Spot volume counts double toward tier progression.
• HYPE staking. Staking the native token unlocks an additional discount scaling from roughly 5% up to 40% for the very largest stakers. Staked HYPE goes through a multi-day unstaking queue. See the HYPE token guide.
• Referral discount. The 4% from PERPLIST, applied across your first $25 million in volume.

All three stack multiplicatively rather than additively. They are applied as successive multipliers against the base rate, which means the referral discount is worth slightly less in absolute terms once you are deep into the other two — but it never stops applying and never conflicts with them.

What the stack costs in practice

The table below shows effective taker rates on perpetuals at the entry volume tier, with the referral discount layered against different staking positions. The final column is the cost per $100,000 of notional traded.

The referral discount alone saves $1.80 per $100,000 of taker volume — small per trade, meaningful in aggregate. A trader running $1 million in monthly taker volume keeps an extra $18 a month, or roughly $216 a year, for a one-time action that takes ten seconds. Run it out to the $25 million cap and the discount is worth about $450 in total at the entry tier.

The staking discount is a bigger lever, but it is not free: it requires holding HYPE, which carries price exposure and a lockup. The referral discount has no such trade-off — no capital, no lockup, no view on the token. If you are neutral on HYPE, the code is the clean saving.

Where the discount does not apply

Three exclusions are worth knowing before you build a strategy around the code.

• Vaults. Vaults are independent accounts at the clearinghouse level, so your personal discount does not follow your capital into one. See the vaults guide.
• Sub-accounts. Same logic — a discount attached to your master address does not propagate to sub-accounts beneath it.
• Volume beyond the cap. Once cumulative volume passes $25 million the discount stops, with no renewal. In practice, by then your volume tier has already lowered your base rate, so the cap bites least at the point you reach it.

Funding payments are also unaffected — but that is a category error rather than an exclusion. Funding is a transfer between longs and shorts, not a fee the exchange charges, so there is nothing there for a discount to reduce.

Activating the code, step by step

Common mistakes that cost people the discount

• Trading before checking. The most frequent failure is depositing, seeing a market you like, and taking a position before ever looking at the referrals page. Thirty seconds of impatience locks in full-rate fees permanently.
• Mobile wallet browsers that strip URL parameters. Some in-app browsers do not preserve query strings cleanly. On mobile, verify the code registered rather than assuming it did.
• Assuming a sub-account inherits. Traders who set up a main address with the code and then run everything through sub-accounts pay full rate on all of it.
• Expecting the discount on vault-routed capital. Depositing into a vault and expecting a personal discount to apply misunderstands how vaults are billed.
• Buying HYPE purely for the staking discount without doing the math. The staking discount is larger, but it is bought with price exposure. The referral discount is not. Do not conflate the two.

Becoming a referrer yourself

Once your account clears $10,000 in cumulative volume, you can generate your own code from the referrals page. As currently published, you earn 10% of the fees paid by accounts that sign up under your code, calculated net of their discount, tracked across each invited account’s first $1 billion in volume. Rewards accrue in USDC and become claimable past a small minimum. There is no cap on how many accounts you can refer, and your code is permanent once created — so choose something you are content to be associated with indefinitely.