# Referral Program

HertzFlow's referral program lets you earn fee rebates by inviting friends to trade, and get a fee discount when you trade through someone's referral link.

***

## Overview

The referral program operates on a **two-level structure**:

* **L1 (Direct)** — you invite a friend; they trade; you earn a rebate on their fees.
* **L2 (Indirect)** — your friend invites someone else; you earn a smaller rebate on that person's fees too.

Rebates stack — the same fee can generate both an L1 and L2 rebate to different people simultaneously. The chain stops at two levels; the third level and beyond do not participate.

***

## Referee Discount (Trader)

Any trader who binds a valid referral code receives a **flat 5% discount** on their position fees. This discount is fixed regardless of the referrer's tier.

> **Note:** The discount applies to position open/close fees only. It does not apply to borrow fees, funding fees, or fees incurred in Hyper Lev mode.

### How to bind a code

1. Go to **Growth Engine → Referral → Trader Discount**.
2. Enter a 6-character code in the input field and click **Bind**.
3. The discount takes effect on your next trade.

You can re-bind to a different code at any time with no limit on re-binds. Historical data is preserved; rebate attribution switches to the new referrer from the moment you re-bind.

**First-time users:** When you connect your wallet for the first time, a binding popup appears automatically. You can bind a code or skip — the prompt only appears once per address.

***

## Affiliates (Referrer)

### Creating a referral code

1. Go to **Growth Engine → Referral → Affiliates**.
2. Click **+ Create New Code**.
3. Enter a 6-character code (letters and numbers only; pure numbers not allowed). Codes are globally unique.
4. Sign with your wallet to register the code on-chain.

### Earning rebates

Rebates accrue in USDT and are claimable on-chain at any time. Gas is paid by the claimant.

Rebates are calculated on the **actual fee paid** (i.e., after the 5% referee discount):

| Scenario         | Calculation                        |
| ---------------- | ---------------------------------- |
| L1 rebate        | `fee_actual × L1 rate (your Tier)` |
| L2 rebate        | `fee_actual × L2 rate (your Tier)` |
| Referee discount | `fee × 5%` (fixed, deducted first) |

Each referrer uses their **own Tier** for their respective rebate level. L1 and L2 rebates are independent.

**Hyper Lev mode:** Fees in Hyper Lev mode are based on profit share, not position fee. Hyper Lev trades **do not generate rebates** and **do not count toward Monthly Referred Volume** for Tier purposes (since no position fee is charged). However, a referral who trades in Hyper Lev mode **does count toward your Active Referrers** headcount, as real trading activity has occurred.

**LP fees:** Deposit and withdrawal fees for the liquidity pool generate rebates for referrers under the same Tier rates. LP yield (holding returns) does not participate in the rebate program.

**Settlement:** Rebates are calculated in a daily batch at 00:30 (T+1). The claimable balance in your dashboard reflects settled amounts; amounts from trades executed today will appear the following morning.

***

## Tier System

Your Tier determines your rebate rates. Tiers are reviewed **monthly** (calendar month end). Both conditions must be met simultaneously to maintain or advance a tier — falling short on either metric triggers a downgrade.

| Tier       | Active Referrers (monthly, L1 only) | Monthly Referred Volume (rolling 30d) | L1 Rebate | L2 Rebate | Referee Discount |
| ---------- | ----------------------------------- | ------------------------------------- | --------- | --------- | ---------------- |
| **Tier 1** | No requirement                      | No requirement                        | 10%       | 5%        | 5%               |
| **Tier 2** | ≥ 15                                | ≥ $10M                                | 20%       | 10%       | 5%               |
| **Tier 3** | ≥ 40                                | ≥ $80M                                | 30%       | 15%       | 5%               |

**Active referrer** — a wallet address that has bound your code directly (**L1 only**) **and** completed at least one trade with a notional position ≥ $10 during the calendar month. L2 referrals do not count toward this metric. This count resets monthly.

**Monthly Referred Volume** — the total notional trading volume (open + close) generated by your L1 and L2 referrals over the rolling 30-day window. Hyper Lev trades are excluded. This metric updates in real time on a rolling basis.

Tier upgrades and downgrades take effect at the start of the following month. You will receive an in-app notification if your Tier is downgraded.

***

## Rebate Example

**Setup:** A (Tier 3) invited B (Tier 2), who invited C. C opens and closes a trade generating **$100 in fees**.

|               | Calculation            | Amount           |
| ------------- | ---------------------- | ---------------- |
| C's discount  | $100 × 5%              | −$5 → C pays $95 |
| B's L1 rebate | $95 × 20% (B's Tier 2) | $19.00           |
| A's L2 rebate | $95 × 15% (A's Tier 3) | $14.25           |

***

## Code Management

**Changing your code:** When you replace an existing code with a new one, the old code immediately expires and is released. All wallets that had bound the old code retain their referral relationship with you — their rebate attribution continues uninterrupted under the new code.

**Migrating your wallet:** You can transfer your referrer identity (all downstream relationships and claimable balance) to a new wallet with a single signature. The old address is zeroed out after migration.

***

## FAQ

**Can I use my own referral code?** No. Self-referral is not allowed.

**What happens to my data if I re-bind to a new code?** Your historical discount savings and cumulative stats are preserved. Rebate attribution for future trades switches to the new referrer immediately.

**Does my referrer's Tier affect my discount?** No. The trader discount is always 5%, regardless of which Tier your referrer holds.

**When are rebates settled?** Rebates are calculated in a daily batch at 00:30 (T+1). The claimable balance in your dashboard reflects settled amounts; amounts from trades executed today will appear the following morning.

**What if my Tier drops?** You will receive an in-app notification at the start of the new month. Rebate rates for the new month will apply from that point forward; historical rebates are not affected.


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