dYdX has overhauled its affiliate program into a more merit-driven system designed to reward real volume and attract committed partners, raising the maximum commission to 50% and adding on-chain USDC settlements. The update, finalized on November 7, 2025, aims to accelerate trader acquisition while preserving liquidity and tightening program governance.
A redesigned structure built around real activity
The new model ties referral rewards to clear 30-day volume milestones, with the highest payout reserved for affiliates who generate over $10,000,000 in referred trading. The approach seeks to align incentives among creators, traders and governance, promoting more sustainable growth.
The program now operates across three tiers, raising the base commission to 30% — up from 15% — and setting a $3,000 USDC cap per referral while also requiring each affiliate to produce at least $10,000 of personal trading volume before activating a referral link. This activity-based requirement acts as a filter for genuine participation rather than superficial sign-ups.
Mid-tier affiliates receive 40% commissions for referred volume between $1,000,001 and $10,000,000, with no explicit per-referral cap in program documentation. At the top tier, 50% commissions unlock once referrals exceed $10,000,000 in 30 days, with a cap of up to $10,000 USDC per referral. There is also an alternative path for creators with over 30,000 followers, excluding market-maker training programs and professional trading firms.
The revised system includes “lifetime” commissions with real-time on-chain USDC settlements, meaning payouts continue as long as referred users keep trading. Settlements occur with each block confirmation to reduce delays and maintain predictable, dollar-linked income for affiliates.
Eligibility rules exclude residents of the U.S., Canada, the U.K. and other restricted jurisdictions, reflecting the regulatory constraints that shape global expansion. Program parameters — including rate adjustments and potential VIP lists — fall under community governance, making it a living system guided by collective input.
For users entering through an affiliate link, the benefit is immediate: they begin at fee tier 3, offering significant savings as they ramp up activity. dYdX also periodically launches Booster Programs that grant temporary incentives to stimulate acquisition. A persistent rise in referred volume could increase transaction load and energy consumption on-chain, though this outcome depends on broader adoption and infrastructure design.
In essence, the revamped affiliate program blends aggressive incentives, proof-of-activity requirements and transparent on-chain payments, with its long-term success hinging on whether it can attract meaningful volume without compromising operational sustainability.
