Hyperliquid Referral Code HOLYGRAIL: 4% Off Your Fees on the First $25M (2026)

What you get, exactly

How the 4% stacks with HYPE staking (tier-0 perp taker)

Hyperliquid’s docs (referrals and fee pages) and public API, re-read October 19, 2026. Taker fee = 0.045% × (1 − staking discount) × 0.96, our arithmetic, rounded to four decimals; maker fees and higher volume tiers work the same way (section 6).

Short answers

Does the referral code work through Based, Liquid or fomo?

Through Based, Liquid and other apps you connect with the same wallet, yes; through fomo, no. On an app order, Hyperliquid’s part of the fee keeps the 4% discount (0.0432% instead of 0.045% taker at tier 0) and the app adds its own builder fee on top. fomo creates its own Hyperliquid account for you, so only fomo’s own code applies there. We measured this on mainnet: of 150 accounts with app fills across five apps, the 129 with an active discount (a code, under the $25M cap) paid a median 0.96x their own rate on app orders, and accounts without a discount paid the full rate (our mainnet test of fee discounts through third-party apps). Set the code on app.hyperliquid.xyz before you connect an app, with the same wallet (why, and the order of steps).

Can I add a referral code after signing up?

Yes, while your account has traded $10,000 or less and has no code yet. Whether a code can be added later is not documented in Hyperliquid’s docs (checked October 19, 2026): they only say to enter it on the Referrals page or use a link. The limit is the app’s own rule: above $10,000 of volume the Enter Code dialog reads “You cannot enter a code after >$10,000 in volume.” and the button is disabled. A code cannot be changed once set, and the discount applies from then on, not to earlier trades (section 3).

What is the best Hyperliquid referral code?

None is better than another: every valid code gives the same discount (Hyperliquid’s docs and API, checked October 19, 2026). Hyperliquid’s fee schedule has a single referral discount (4% for your first $25M; the public API returns referralDiscount 0.04), and in our October 6, 2026 study accounts with an active discount paid a median 0.96x their own rate, whichever code they carried. A page promising 10%, 20% or a sign-up bonus with its code is promising something the protocol does not pay. The only difference between codes is who receives the referrer’s 10% share, which comes out of Hyperliquid’s fees, not yours. “Invite code”, “promo code” and “referral code” are the same thing on Hyperliquid.

Join with HOLYGRAIL →

1. The official terms, and HOLYGRAIL vs no code

Hyperliquid runs its referral program inside the protocol, not as a marketing promotion. The official docs describe the whole referee side in two sentences: “Using a referral code will give you a 4% discount on your fees for your first $25M in volume. Referral discounts do not apply to vaults or sub-accounts because those are treated as independent accounts in the clearinghouse.” The public API confirms the rate: the fee schedule returned by the userFees request contains referralDiscount: "0.04".

With HOLYGRAIL vs no code

Tier-0 rates from Hyperliquid’s fee schedule and the 4% referral discount (public API, checked October 19, 2026); no staking. Our arithmetic.

Four percent sounds small, and on its own it is: at the base taker rate of 0.045% it is $18 per $1M traded. But it costs nothing, it runs until $25M of volume, and it stacks with the two larger discounts Hyperliquid offers (volume tiers and HYPE staking). The fee schedule itself is covered in our Hyperliquid fees guide. As a sense of scale, Hyperliquid listed 178 perpetual markets and traded about $4B of perp volume in the 24 hours to 03:53 UTC on October 20, 2026 (public API).

2. How to apply HOLYGRAIL (link, Enter Code or phone)

Option A: join through the link (fastest)

1. Open app.hyperliquid.xyz/join/HOLYGRAIL. A dialog reads “You are invited to Hyperliquid from the referral code: HOLYGRAIL — Connect to Hyperliquid and save on fees by using this code.”
2. Click Connect and log in with an EVM wallet (Rabby, MetaMask, WalletConnect, Coinbase Wallet) or with your email and a six-digit code. Hyperliquid has no identity check (KYC).
3. The dialog changes to “Join Now”. Click Join with code: HOLYGRAIL.
4. Click Enable Trading and sign the gas-free message if the app asks. The app sends the code to Hyperliquid once your account is ready to trade; confirm it on the Referrals page after your first deposit (see section 4).
5. Deposit (USDC on Arbitrum is the usual route; minimum 5 USDC) and trade. Step-by-step funding routes are in the deposit guide.

Option B: type the code on the Referrals page

1. Go to app.hyperliquid.xyz/referrals (top menu → Referrals) and connect.
2. Click Enter Code. The dialog says “Enter a referral code and receive a discount on your fees.”
3. Type HOLYGRAIL (letters and digits only, up to 20 characters; the field converts to capitals) and confirm.

Possible messages: “Referral code not registered” means a typo; “Cannot self-refer” means you tried your own code; “Referrer already set” means the account already has a code. One more: in some jurisdictions the join link shows “Referrals are not allowed in your jurisdiction.” (the app runs this check for the UK). Do not try to work around it (see the next section).

Can I use Hyperliquid from my country?

The referral code does not change where Hyperliquid is available. Its Terms of Use exclude residents of the US, Ontario and sanctioned regions, and the app blocks the referral program itself in the UK. Our Hyperliquid restricted countries guide quotes the exact Terms wording, explains who counts as restricted (residence, location, citizenship) and what the Terms say about VPNs. Check it before you deposit.

Option C: on your phone (same link, same code)

The link and the code work the same way on a phone. Once your first deposit lands and you enable trading, the referral is attached to your account, which is your wallet address, not to a device or browser. Until then the code is only saved in the browser where you clicked “Join with code”, so finish on that same browser or enter the code again on the new one.

1. Open app.hyperliquid.xyz/join/HOLYGRAIL in Safari or Chrome, or paste it into the built-in browser of your wallet app (MetaMask and most mobile wallets have one). The same invite dialog appears.
2. Tap Connect. In a normal mobile browser, log in with your email and the six-digit code, or pick your wallet app through WalletConnect; inside a wallet’s browser the wallet connects directly.
3. Tap Join with code: HOLYGRAIL, then Enable Trading, then deposit.
4. Already have an account? Open app.hyperliquid.xyz/referrals on the phone, tap Enter Code and paste the code (the Copy button at the top of this page puts it on your clipboard).

Hyperliquid Corp’s official Android app and app.hyperliquid.xyz saved to an iPhone Home Screen open the same account, so the referral you set once stays with it. Hyperliquid has no official iOS app. Third-party mobile apps add their own builder fee to your orders; in apps you connect with the same wallet, such as Based and Liquid, the 4% still comes off Hyperliquid’s part of the fee (not in fomo, which creates its own account). Apps often set their own Hyperliquid code on accounts that have none, so for HOLYGRAIL to be your code, set it on app.hyperliquid.xyz with the same wallet before you connect an app (section 8). Platform-by-platform details are in our Hyperliquid app guide.

3. Already traded? The $10,000 rule

Many referral pages say a Hyperliquid code must be set “before your first trade”. The official docs do not say that; they only say you can enter a code on the Referrals page or use a link. What the app enforces, from its own interface text: “You cannot enter a code after >$10,000 in volume.” So:

• Traded less than $10,000? Open Referrals → Enter Code and add HOLYGRAIL now. The 4% applies to fees from then on (it is not refunded on earlier trades).
• Traded more than $10,000? The field is locked for that account. A new wallet or email login is a new account and can use a code, but that means moving funds and losing that account’s trading history; for most people the saving is not worth the hassle.
• Already have a code? It cannot be swapped. Every code gives the same 4%, so there is nothing to gain anyway.

4. How to verify the code is applied

1. Referrals page. Click Enter Code. If your account has a code, the dialog reads “You are using the code: HOLYGRAIL” and the Enter button is greyed out. The app also shows this for a code saved from a join link that it has not yet sent (it sends it once trading is enabled), so if you just joined, confirm with step 2 or 3.
2. Fee display. Portfolio’s “Fees (Taker / Maker)” card (Perps view) shows your perp rate after the referral discount, and the Fees line of the order form on a main market such as BTC shows the same rate with the full rate struck through. Those figures come from your account’s fee data on Hyperliquid, so they confirm the code is registered, not just saved in your browser: at tier 0 with no staking, 0.0432% / 0.0144% (without a code 0.0450% / 0.0150%). Check it on the Perps view or a main market: HIP-3 and growth-mode markets show other rates.
3. Trade History. Hyperliquid’s Trade History shows a Fee column next to Trade Value. At tier 0 with no staking, a $1,000 taker fill should cost $0.432 (not $0.45) and a $1,000 maker fill $0.144 (not $0.15).
4. Public API (for the curious). Send {"type": "referral", "user": "0xYourAddress"} to https://api.hyperliquid.xyz/info: the response contains referredBy with the code. The userFees request returns activeReferralDiscount: "0.04" while the discount is active.

5. What it saves: worked examples

All figures use the tier-0 perp rates from the official schedule (0.045% taker, 0.015% maker, checked September 25, 2026), no staking, trading on app.hyperliquid.xyz.

All market orders (taker)

Half limit orders (maker), half market orders

Three more reference points:

• The cap. The discount ends after $25M of volume. At $1M a month that is about two years. The largest possible saving for a tier-0 perp taker is $25M × 0.045% × 4% = about $450.
• Spot. Spot taker is 0.070% at tier 0, so $100,000 of spot market orders costs $70.00, or $67.20 with the code.
• HIP-3 stock perps. Growth-mode markets on trade.xyz cost 0.009% taker; $1M of volume is $90.00 in fees, or $86.40 with the code. Non-growth HIP-3 markets cost 0.090% taker, where the same $1M is $900 vs $864.

The honest summary: for a casual trader the code is worth a few dollars a year; for someone trading $1M a month it is roughly $200 a year. It is free money, not a reason to trade more.

6. How it stacks with HYPE staking and fee tiers

Hyperliquid has three fee discounts, and they multiply. Your 14-day weighted volume (perps plus twice spot) sets the tier; staking HYPE takes 5% (more than 10 HYPE) up to 40% (more than 500,000 HYPE) off that tier; the referral code takes 4% off the result. The developer fee formula in the docs applies (1 - activeReferralDiscount) to the taker fee and to any positive maker fee. Maker rebates (negative fees for very large makers) are not reduced.

Our calculation from the official tier and staking tables, September 25, 2026: base rate × (1 − staking discount) × 0.96, rounded to four decimals (for example Bronze 0.045% × 0.90 × 0.96 = 0.0389%).

Notice that the smallest staking tier (Wood, 5%) is worth slightly more than the referral code, but it requires buying and staking HYPE. The code needs nothing, and you can have both. How staking works, including the linking of a separate staking wallet, is in the HYPE staking guide.

7. HIP-3, spot, vaults and sub-accounts

• HIP-3 markets: yes. Builder-deployed perps (stocks, indices, commodities on trade.xyz and others) use your normal fee tier, staking discount and referral discount before the deployer’s settings. Traded on app.hyperliquid.xyz, they get the 4%. See the trade.xyz stocks guide.
• Spot: yes. The same 4% applies to spot fees. Spot volume also counts double toward your fee tier. See the spot trading guide.
• Sub-accounts: no. The sub-accounts page says they “share the same fee tiers as the master account, but referral discounts do not apply to sub-accounts.” If the 4% matters to you, trade from the master account.
• Vaults: no. A vault is its own account. Depositing into HLP or a user vault does not generate trading fees for you anyway. See the vaults guide.

8. Trading through apps: the discount still applies

This is the part most referral pages get wrong. Apps built on Hyperliquid (mobile apps, trading terminals, Telegram bots) earn money through builder codes: a fee they attach to each order you send through them, up to 0.1% on perps and 1% on spot, which you approve once per app. Many explainers say builder codes cancel your referral discount, quoting a Hyperliquid docs page that states “builder codes override referral codes for that order.” That page describes a proposed staking referral program, and Hyperliquid says there is “no definitive implementation” of it. The fee formula in the docs has no builder condition, and mainnet agrees: the referral discount also applies to orders placed through apps with a builder code. We checked fills from four large apps, including Based and Phantom, on September 29–30, 2026: referred accounts paid exactly 0.96 × their Hyperliquid rate on app orders, and accounts without a code paid the full rate.

Full data: we re-ran this check on October 6, 2026 with a fresh, seeded sample of accounts from five apps and published the method, the script and an aggregate CSV: Do Hyperliquid discounts survive third-party apps? Our mainnet test.

What that means for an order you place in an app:

1. Hyperliquid’s part of the fee keeps your 4% referral discount: 0.0432% instead of 0.045% taker at tier 0.
2. The app’s builder fee comes on top. In September 2026 that was +0.025% on Based and +0.05% on Liquid and on fomo perps. The Hyperliquid code does not reduce this part, but an app’s own referral code can, on the same order.

Example: $100,000 of perp market orders costs $43.20 on app.hyperliquid.xyz with HOLYGRAIL. Through an app charging +0.05%, the same trades cost $43.20 + $50.00 = $93.20 with HOLYGRAIL, against $95.00 with no code at all. Add Liquid’s own code (10% off its fee) and the builder part falls to $45.00, for $88.20 in total. You can see and revoke builder approvals at app.hyperliquid.xyz/builderCodes. The mechanics are in our builder codes guide.

Join with the code before you connect an app

A Hyperliquid referral code belongs to your account, not to the app you trade in, and it is set only once. Apps often set their own Hyperliquid referral code on accounts that have none: in on-chain data from late September 2026, all 30 of the most active Phantom accounts we sampled carried Phantom’s own code (our reading of the referral data, not a policy the apps publish). Once an account has a referrer it cannot be changed, and the Enter Code field locks after $10,000 of volume. So the order matters:

1. Open app.hyperliquid.xyz/join/HOLYGRAIL with the wallet you will use, click Enable Trading and make your first deposit there: the code is registered only once the account can trade. Then check the Referrals page (section 4). Use a wallet such as Rabby or MetaMask that you can also connect to the app: signing in to an app with email, Google or Apple usually creates a new embedded wallet, which is a different Hyperliquid account without your code.
2. Then connect that same wallet to the app you like (choose “connect wallet”, not an email or social login). Your 4% follows the account into apps you connect with the same wallet, such as Based and Liquid.
3. Add the app’s own referral code as well, where it offers a discount (below).

Phantom is itself the wallet: with your Phantom wallet, open app.hyperliquid.xyz/join/HOLYGRAIL, enable trading and make your first deposit there before you first use Phantom’s perps. fomo is different: it has no wallet connection (Apple, Google or email only) and creates its own wallet and Hyperliquid account for you, so HOLYGRAIL cannot apply there; use fomo’s own referral code instead (DailyWiseKite, below).

If you prefer an app (Hyperliquid has no official iOS app, and many people prefer a phone), its own referral program works on top of the Hyperliquid code (in fomo, which creates its own account, the fomo code is the only one you can use). Ours: Liquid code JV2EN2CX (10% off Liquid’s fee), fomo code DailyWiseKite (10% off fees) and Based code HOLYGRAIL (Based’s own program; same letters as our Hyperliquid code but a separate code, and Based publishes no discount for the person referred). Compare the apps in the Hyperliquid app guide, Based review, Liquid review and fomo review.

9. Promo-code myths to ignore

• “This code gives 10% / 20% / up to 50% off.” No. The protocol’s referral discount is 4% for every code. Hyperliquid did publish a proposal for a staking referral program in which staked referrers could share up to 50% of their extra revenue back to users, but the docs say “there is no definitive implementation … ready for mainnet” and it is being re-evaluated. It is not live.
• “Builder codes override referral codes, so apps cancel the discount.” Not on mainnet. That sentence comes from the unimplemented staking referral proposal; app orders keep the 4% on Hyperliquid’s part of the fee, and the referrer is still paid on them (section 8).
• “4% off for life.” No. The discount covers your first $25M of volume.
• “You must enter the code before your first trade.” Not in the docs. The app allows it until $10,000 of volume.
• “The code gives you points or an airdrop.” Hyperliquid’s points program ended in 2024 and there is no active one. See Hyperliquid airdrop.
• “Hyperliquid promo code” / “discount code” / “invite code”. Same thing. Hyperliquid has one mechanism, the referral code.

10. What the referrer earns and how to create your own code

The other side of the program is equally short in the docs. After $10,000 of your own volume you can create a code at app.hyperliquid.xyz/referrals (the app warns: “This referral code is permanent and unique to you. Choose wisely.”). You then receive 10% of referred users’ fees, less any fee discount they receive, on each referred user’s first $1B of volume. Rewards accrue in every quote asset, can be claimed once they exceed $1, and land in your spot balance after you click Claim Rewards.

How to create your own Hyperliquid referral code

1. Trade $10,000 first. Until your account has that much volume, Create Code only shows “Create a referral code after trading …” with the amount required.
2. Open app.hyperliquid.xyz/referrals and click Create Code.
3. Choose the code. Letters and digits only, up to 20 characters, stored in capitals. It cannot be changed later, so pick something short and easy to type.
4. Confirm and sign. The dialog states the terms (“You will receive 10% of referred users’ fees and they will receive a 4% discount.”). Your link is app.hyperliquid.xyz/join/YOURCODE.

There are no referrer tiers and no bonus levels: everyone earns 10%. The share shrinks when referees move up volume tiers or stake HYPE (their fee falls). That share covers app orders too: the referrer still earns 10% of Hyperliquid's part of the fee on orders placed through apps (not of the app's builder fee). We matched referrers’ reward totals to their referees’ fills on mainnet in October 2026. We still point desktop readers to app.hyperliquid.xyz, because it is the cheapest venue for them (no builder fee).

Is referring worth it? Realistic numbers

Per dollar of taker volume at tier 0, a referrer earns 0.00432% (10% of the discounted 0.0432% fee), or about $43 per $1M a referee trades. A realistic small-community case: ten active referees averaging $500,000 of taker volume a month pay about $2,160 in fees, which is roughly $216 a month to the referrer. Three things follow from the formula:

• Taker-heavy traders matter most. A referee who mostly places limit orders at 0.015% maker generates a third of the reward of one who uses market orders. Fifty sign-ups who deposit a little and trade twice earn close to nothing.
• The referee’s discount ends before your share does. The 4% discount stops at $25M of their volume, your 10% runs to $1B, so a referee who keeps trading becomes slightly more valuable after $25M.
• Lead with the honest benefit. “4% off your fees on your first $25M, at no cost to you” is the whole pitch. Do not promise points or an airdrop: there is no active points program.

To track results, the Referrals page lists traders referred, total and claimable rewards, and a table of referred addresses with the date they joined, their total volume, the fees they paid and your rewards from each. Claimed rewards sit in your spot balance and can be traded or withdrawn (the withdrawal fee is 0.2 USDC plus a tiny HyperEVM gas fee). For how Hyperliquid’s program compares with Lighter, Aster, dYdX and the app programs, see how to earn from DEX referral programs.

FAQ

Disclosure: HOLYGRAIL is our Hyperliquid referral code. We receive 10% of the fees paid by accounts that use it, out of Hyperliquid’s fees; your 4% discount is the same one every code provides. We also earn a commission from Based, Liquid and fomo when you sign up through our links. Terms and app wording checked on October 19, 2026; Hyperliquid can change them. Not investment advice.