Hyperliquid referral code guide
How to sign up on Hyperliquid with code PERPLIST
- Open the PERPLIST referral link. It points to app.hyperliquid.xyz/join/PERPLIST, so the code travels in the address itself.
- Click Connect and choose a self-custody crypto wallet. Nothing is created on Hyperliquid's side except a record tied to your wallet address; there is no email, password or username.
- Approve the connection in your wallet. Read what the wallet asks you to sign before you approve it, and never type your seed phrase into any website.
- Deposit USDC. That balance becomes your trading collateral. Start with an amount you could afford to lose while you learn how the interface behaves.
- Place one small order and look at the fee shown in your trade history. The rate should reflect the 4% PERPLIST discount on base-tier fees.
- Withdraw a small amount back to your wallet so you know the exit path works before you commit larger funds.
What the Hyperliquid referral code gives you
PERPLIST takes 4% off the trading fees you pay. Hyperliquid applies that discount to a user's first $25M of trading volume, after which normal rates resume. That is a smaller percentage than the 20% codes listed elsewhere on this site, but it is applied to a fee schedule that already starts low.
Because Hyperliquid is a decentralized exchange, the referral is attached to the wallet you connect, not to a registered profile. Use the same wallet every time you trade if you want the discount to keep counting. Connecting a fresh wallet later means starting without the code unless you open the referral link again with that wallet.
There is no identity check to pass, which also means nobody at a help desk can recover a lost wallet for you. Back up your wallet's recovery phrase offline before you deposit anything.
Hyperliquid trading fees explained
Hyperliquid's base-tier perpetuals fees are 0.015% for makers and 0.045% for takers. On a $50,000 perps market order the base fee is $22.50. PERPLIST removes 4% of that, or $0.90, so you pay $21.60. The same size placed as a resting limit order costs $7.50 at base and $7.20 with the code.
Spot fees are 0.040% maker and 0.070% taker. A $10,000 spot market buy costs $7.00 at base and $6.72 with the discount.
The $25M cap sets a ceiling on the total saving. If every one of those dollars were traded as perps taker volume, the base fees would be $11,250 and PERPLIST would save $450. If all of it were maker volume, base fees would be $3,750 and the saving $150. Most traders mix the two, so the real figure lands in between.
The order type matters far more than the code here. Switching from market orders to limit orders cuts the perps fee by two-thirds; the referral adds a further 4% on top of whichever rate you pay.
Who Hyperliquid is best for and not for
Best for
- Perpetuals traders who already hold USDC and are comfortable managing their own wallet.
- People who prefer not to hand over identity documents to trade.
- Active traders who will push real volume through one wallet and benefit from a low base fee.
Not for
- Anyone who wants a password reset or account recovery if a wallet key is lost.
- Beginners who have never signed a wallet transaction or bridged funds.
- Traders who expect a large headline referral percentage; the discount is 4%, applied to the first $25M of volume.
Hyperliquid vs Bybit and OKX
Bybit lists perps at 0.02% maker and 0.055% taker, with a 20% referral discount. A $50,000 taker order costs $27.50 there at base and $22.00 with the code. On Hyperliquid the same order costs $21.60 with PERPLIST, so the decentralized venue still comes out slightly cheaper despite the much smaller discount. For makers the gap is wider: Bybit's 0.02% becomes 0.016% after its code, against Hyperliquid's 0.0144%.
OKX charges 0.02% maker and 0.05% taker on futures, also with a 20% referral. That same $50,000 taker order costs $20.00 on OKX after its code, which edges out Hyperliquid's $21.60. On spot, OKX's 0.1% taker rate drops to 0.08% with the referral, so a $10,000 buy costs $8.00 compared with $6.72 on Hyperliquid.
The bigger difference is structural. Bybit and OKX are centralized platforms where you open an account and they hold your funds. On Hyperliquid you connect a wallet and keep control of the keys. Decide which custody model suits you first, then compare the fees.
Related: Bybit referral code · OKX referral code