The Hyperliquid referral code AWD gives you a 4% discount on all trading fees — the maximum referral discount available on Hyperliquid. The discount applies to every trade you make for your first $25 million in volume.

Quick start: Click this link to open Hyperliquid with the code AWD already applied. Connect your wallet and the discount activates instantly.

• How to Use the Referral Code AWD
• How Much You Save (Calculator)
• Hyperliquid Fee Structure
• Stack Referral + Staking Discounts
• Getting Started From Scratch
• How to Bridge USDC to Hyperliquid
• What is Hyperliquid?
• All Trading Pairs
• Hyperliquid vs Centralized Exchanges
• Hyperliquid vs Other DEXs
• The HYPE Token
• Gasless Trading (2026 Update)
• Troubleshooting
• FAQ

It takes under 30 seconds:

Click the link below. The code AWD is automatically attached:

https://app.hyperliquid.xyz/join/AWD

Click "Connect" and select your wallet. Hyperliquid supports:

• MetaMask
• Rabby
• Coinbase Wallet
• WalletConnect
• Any EVM-compatible wallet

Deposit USDC to start trading. Hyperliquid uses USDC as the settlement currency for all perpetual trades. You can bridge USDC from Arbitrum or other chains (see bridging guide below).

Place your first trade. The 4% fee discount is now active on your account for your first $25 million in trading volume.

Go to app.hyperliquid.xyz/referrals to confirm the code AWD is active on your account.

Already using a different code? You can enter a new referral code at app.hyperliquid.xyz/referrals if you haven't already applied one. Referral codes can only be set once per account.

These savings are per side — each round-trip trade (open + close) saves you the discount twice.

Over $25M in cumulative volume, the referral code AWD saves you a total of approximately $450 in taker fees at the base tier rate.

Hyperliquid uses a tiered fee system based on your rolling 14-day trading volume.

The 4% referral discount from code AWD applies on top of your volume-based tier, reducing whatever fee you're paying by an additional 4%.

Key fee modifiers:

• Spot volume counts double toward tier determination
• Aligned quote assets get 20% lower taker fees and 50% better maker rebates
• Maker rebates become available at higher volume thresholds (-0.001% to -0.003%)

Hyperliquid offers additional fee discounts based on how much HYPE you stake. These stack with the referral code discount:

This means by using the referral code AWD and staking HYPE, you can reduce your trading fees significantly beyond the base 4% referral discount.

Example: At the base tier (0.045% taker), staking 1,000 HYPE and using code AWD:

• Base fee: 0.045%
• After 4% referral discount: 0.0432%
• After 15% staking discount: ~0.0367%
• Total savings: ~18.4% off the base fee

New to Hyperliquid? Here is the complete guide from zero to your first trade:

Install MetaMask or Rabby. Write down your seed phrase and store it securely.

Hyperliquid uses USDC as collateral for all perpetual trades. Buy USDC on any exchange (Coinbase, Kraken, Binance).

Transfer your USDC to the Hyperliquid L1 chain (see bridging guide below).

Click app.hyperliquid.xyz/join/AWD and connect your wallet.

Click "Deposit" and transfer USDC from your wallet to your Hyperliquid trading account.

• Select a trading pair (e.g., BTC-PERP, ETH-PERP)
• Choose Long or Short
• Set your leverage (up to 50x on majors)
• Set your position size
• Optionally add TP/SL (take-profit / stop-loss)
• Click Place Order — the 4% fee discount is already active

View and manage your positions in the Positions tab. You can:

• Adjust leverage on open positions
• Add or remove margin
• Set or modify TP/SL orders
• Close partially or fully

Hyperliquid runs on its own L1 chain. You need to bridge USDC to start trading.

1. Go to app.hyperliquid.xyz
2. Click "Deposit"
3. Select Arbitrum as the source chain
4. Enter the amount of USDC to bridge
5. Approve and confirm the transaction
6. Funds arrive in ~1-2 minutes

This is the most common and cheapest method.

Some exchanges support direct withdrawals to Hyperliquid L1 or to Arbitrum:

• Coinbase — Withdraw USDC to Arbitrum, then bridge
• Binance — Withdraw USDC to Arbitrum
• Bybit — Supports Arbitrum USDC withdrawals
• Kraken — Supports Arbitrum withdrawals

Bridges like Stargate, Synapse, or Across can move USDC from other chains to Arbitrum, which you then bridge to Hyperliquid.

Tip: Always keep a small amount of ETH on Arbitrum for gas fees when bridging. The gas cost is typically less than $0.10.

Hyperliquid is a high-performance decentralized perpetual exchange built on its own Layer 1 blockchain. It has rapidly become one of the largest DEXs by volume, regularly processing over $10 billion in daily trading volume with hundreds of thousands of active traders.

• Speed — Sub-second trade execution on a purpose-built L1
• No KYC — Connect your wallet and trade immediately
• No gas fees on trades — Gas is handled by the protocol (as of March 2026)
• Deep liquidity — Consistently among the highest volume perp DEXs
• CEX-like experience — Order book, limit orders, TP/SL, advanced order types
• 100+ trading pairs — Majors, altcoins, memecoins, and more
• Up to 50x leverage — On major pairs like BTC and ETH
• Non-custodial — Your funds stay in your control
• Transparent — All orders and trades visible on-chain

Unlike AMM-based DEXs, Hyperliquid uses a fully on-chain order book. This gives it a trading experience similar to centralized exchanges:

• Order book matching — Real limit orders, not AMM swaps
• Sub-second finality — The Hyperliquid L1 processes transactions in under 1 second
• Oracle prices — Uses its own oracle system for mark prices and liquidations
• HLP vault — The Hyperliquid Liquidity Provider vault acts as market maker, providing deep liquidity across all pairs

Hyperliquid processes over 200,000 orders per second, making it one of the fastest DEXs in existence.

Hyperliquid supports 100+ perpetual trading pairs and a growing number of spot pairs.

Hyperliquid also supports spot trading for select tokens including HYPE, PURR, and other tokens deployed via HIP-1 and HIP-2.

New pairs are added regularly. Check the Hyperliquid app for the latest list.

Hyperliquid fees are competitive with centralized exchanges, and you gain no KYC, self-custody, no geographic restrictions, and gasless trading.

Hyperliquid stands out with its combination of low fees, on-chain order book, and CEX-like execution speed. It is the highest-volume perp DEX for a reason.

HYPE is the native token of the Hyperliquid ecosystem. It serves several purposes:

• Stake HYPE to earn fee discounts (5% to 40% depending on amount staked)
• Staking discounts stack with the referral code discount
• Stake at app.hyperliquid.xyz/staking

• As of March 2026, perp trading gas fees are rebated in HYPE tokens
• This effectively makes perpetual trading gasless

• HYPE holders participate in protocol governance
• Vote on proposals affecting the protocol's development

• HYPE is used as the native gas token on the Hyperliquid L1
• Required for deploying tokens via HIP-1 and HIP-2
• Used across Hyperliquid's growing DeFi ecosystem

As of March 2026, Hyperliquid rebates 100% of maker and taker gas fees for perpetual trading directly back to users in HYPE tokens. This means:

• You pay zero gas fees for perp trades
• Rebates are calculated and distributed at the end of each trading session
• This applies to all retail (non-VIP) accounts
• Combined with the referral code AWD, you get both gasless trades and 4% lower trading fees

This makes Hyperliquid one of the most cost-effective platforms for perpetual trading in crypto.

• Referral codes are case-sensitive. Enter AWD exactly (all uppercase)
• Use the direct link: app.hyperliquid.xyz/join/AWD

• Hyperliquid only allows one referral code per account. If you already applied a different code, it cannot be changed

• The 4% discount is applied automatically — check the fee details in your trade confirmation
• The discount applies for your first $25M in cumulative volume. After that, volume-based tier discounts take over

• Make sure you're bridging USDC (not USDT or other tokens) from Arbitrum
• Check that your wallet is connected to the correct network
• Bridge transactions typically complete in 1-2 minutes

• Clear your browser cache and try again
• Try a different browser
• Ensure your wallet extension is up to date
• Disable other browser extensions that might conflict

Yes. AWD is a verified referral code on Hyperliquid that provides the maximum 4% fee discount. You can confirm it at app.hyperliquid.xyz/referrals.

The code AWD gives you a 4% discount on all trading fees. This is the maximum referral discount available on Hyperliquid — all referral codes give the same 4%.

The code itself never expires. However, the 4% discount applies to your first $25 million in trading volume. After reaching $25M, you transition to volume-based tier discounts.

No. Hyperliquid only allows one referral code per account. Once a code is applied, it cannot be changed. Make sure to use AWD before applying any other code.

Yes. The 4% referral discount and HYPE staking discounts stack together. For example, staking 1,000 HYPE (15% discount) plus the referral code gives you approximately 19% total fee reduction.

By combining the referral code (4%), staking 500,000+ HYPE (40%), and reaching higher volume tiers, you can reduce your fees by over 40% compared to the base rate.

Yes. The 4% discount applies to both perpetual and spot trading fees.

No. Hyperliquid is fully decentralized and requires no KYC. Connect your wallet and start trading immediately.

Any EVM-compatible wallet: MetaMask, Rabby, Coinbase Wallet, Trust Wallet, Ledger (via WalletConnect), Rainbow, and others.

Hyperliquid has been live since 2023 and processes billions in daily volume. It runs on its own L1 with a fully on-chain order book. However, as with any DeFi protocol, smart contract risks exist. Only trade with funds you can afford to lose.

Yes. Hyperliquid is a decentralized protocol with no geographic restrictions or KYC requirements. Anyone with an EVM wallet can access it.

Hyperliquid's L1 processes transactions with sub-second finality and can handle over 200,000 orders per second. Trade execution feels similar to centralized exchanges.

HLP (Hyperliquid Liquidity Provider) is a vault that acts as the primary market maker on Hyperliquid. Users can deposit USDC into HLP to earn a share of market-making profits. This provides the deep liquidity that makes Hyperliquid competitive with CEXs.

No. Referral discounts do not apply to vaults or sub-accounts, as these are treated as independent accounts in the clearinghouse.

The referral code AWD saves you 4% on every trade for your first $25M in volume. No expiration, no minimum deposit, no KYC.

Last updated: March 2026