👐Referral Program
Referral Program Mechanics
Flex Perpetuals has its own referral program where users can sign up to create their referral link. Participation in the referral program yields two key benefits:
Rebates
Users at Flex Perpetuals can sign up to become a referrer. Referrers participating in Flex Perpetuals referral program can earn up to 15% rebates on trading fees generated by the users using their referral code. The placement of a referrer into a specific tier is determined by the weekly accumulation of Flex Trade Credits ($FTC) by the users who use their referral code during that week, as well as the number of active users who utilize their referral code during the same period. Each tier corresponds to different rebate rates, which are detailed in the table below:
| Tier | Referrer Rebate | Weekly FTC (Mn) | # of Active Users |
|---|---|---|---|
1 | 5% | n/a | n/a |
2 | 10% | 50 | 15 |
3 | 15% | 100 | 30 |
Trading Fee Discount
Participants in our referral program who use a referral code will receive discounts on their trading fees. The discount percentage will be determined by their discount tier, which, in turn, is based on their accumulated Flex Trade Credits ($FTC) for the week.
Below is a table that outlines the FTC balance required for each tier and its associated discount rate:
| Tier | Trading Discount | Weekly FTC (Mn) |
|---|---|---|
1 | 2.0% | n/a |
2 | 3.0% | 1,000,000 |
3 | 5.0% | 5,000,000 |
4 | 7.5% | 20,000,000 |
5 | 10.0% | 50,000,000 |
6 | 12.5% | 100,000,000 |
Rebates & Discount Payment Schedule
The tier at which the referrer and the code user are placed in for rebates and discount respectively are determined based on the amount of FTC accrued that week by the code users for rebates and by the user for trading fee discount.
Subsequently, the trading discount and rebate rates corresponding to these tiers are applied to the fees generated within that same week. This includes code users’ fees for rebates and the users’ own trading fees for discounts. The result of these calculations yields the total amount of USDC to be distributed to program participants. Payments are settled on a weekly basis, every Thursday at 00:00 UTC.
Example calculation 🧮
Let’s assume the case of Alice and calculate how much rebates and discount she should receive for week #1. Below are the statistics of Alice’s platform usage & her referral program details during week #1:
# of Active Users using her referral code: 20
Total trading volume on BTC & ETH from her code users (from opening trades only): $100,000,000
Alice’s total trading volume on BTC & ETH (from opening trades only): $2,000,000
Total weekly fees paid by Alice’s code users: $80,000
Total weekly fees paid by Alice: $1,600
Alice’s code users’ accrued FTC: 4 * $100,000,000 = 400,000,000
Alice’s accrued FTC: 4 * 2,000,000 = 8,000,000
For more information on FTC is accrued, please visit here.
Based on the statistics above, Alice is placed in the following tiers for trading fee rebates & discount:
Rebates Tier: 2
Discount Tier: 3
Therefore, the total amount of rebates and discount claimable by Alice at the end of week #1 is:
Rebates: $80,000 * 10% = $8,000
Discount: $800 * 5% = $40
Total Claimable: $8,000 + $40 = $8,040
Please note that rebates and discounts are calculated based on the trading fees generated BEFORE any discount.
Flex Perpetuals reserves the rights to void and cancel referral rebates and trading discount payouts from any suspicious abuse of the program such as sybil and self-referral, without a prior notice.
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