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Referrals

Get fee discounts and earn rewards through the GMX referral program.

How it works​

The GMX referral program lets you earn rewards when traders you refer open or close positions on GMX V2. To participate as an affiliate, create a referral code and share your referral link.

To create a referral code:

  1. Go to the Referrals page.
  2. Select the Affiliates tab.
  3. Enter a referral code using letters (A–Z, a–z), digits (0–9), or underscores. Codes are case-sensitive and can be up to 20 characters long.
  4. Submit the transaction to register the code on-chain.
note

You must create your referral code separately on each network (Arbitrum and Avalanche) to earn rewards on that network.

Once your code is registered, copy your referral link from the Referrals page. The link format is:

https://app.gmx.io/#/trade/?ref=your-code

Share this link on any platform. When a trader opens the link, your referral code is stored in their browser. The code is written permanently to the contract the first time they create an order. From that point on, the trader receives a fee discount and you earn rewards — both are applied automatically.

The referral program is subject to change as determined by GMX token holders. The full referral terms are available on the GMX website.

Claiming rewards​

Rewards in the referral program work differently depending on whether you're a trader receiving discounts or an affiliate earning rewards.

V2​

Traders receive fee discounts automatically. The discount is deducted from the position fee at trade execution.

Affiliates accumulate rewards on every trade made by their referred traders. Rewards accrue per market in the collateral token of each market. You can claim them at any time from the Referrals page using the "Claimable rebates" card.

V1 (historical)​

V1 trading is no longer active. No new V1 referral rewards are earned. Historically, V1 rewards and discounts were distributed as airdrops — ETH on Arbitrum and AVAX on Avalanche — every Wednesday. Your past V1 distribution history remains viewable on the Referrals page, labeled "V1 airdrop."

Tiers​

The referral program uses a tier system to prevent gaming through self-referrals, ensuring affiliates receive rewards for the traders they brought to the platform.

TierTrader discountAffiliate reward
15%5%
210%10%
310%15%

Anyone can create a Tier 1 code. To upgrade to Tier 2 or Tier 3, your account must meet the following weekly thresholds:

TierActive usersCombined volume
215+$5M+
330+$25M+

If your account meets these criteria, send a DM to @GMXPartners to request an upgrade. Wallet providers and other protocols are also eligible for Tier 2 and Tier 3 rewards.

Rewards and discounts apply to opening and closing fees for leverage trading. They don't apply to borrow fees or funding fees.

Tier 3 affiliates receive their 15% reward in the market's collateral token.

esGMX rewards​

Tier 3 affiliates previously received a weekly esGMX bonus via the fee distributor, capped at 5,000 esGMX tokens per week. This distribution ended on February 4, 2026.

If you received esGMX through the referral program before it ended, you can still vest it using the Affiliate vault. To access it, open the vesting modal from the esGMX card on the Earn page and select the Affiliate vault tab. Unlike standard vesting, the Affiliate vault doesn't require a paired GMX or GLP deposit.

Transferring a referral code​

To transfer ownership of a referral code to a new address, you interact directly with the ReferralStorage contract through a block explorer. There's no frontend UI for this action.

warning

Transferring a referral code is permanent. Once transferred, you lose ownership and only the new owner can transfer it further. There is no way to reclaim the code without the new owner's cooperation. Verify the destination address carefully before submitting.

The ReferralStorage contract addresses are:

To transfer a code on a given network:

  1. Convert your referral code to its bytes32 encoding using a tool like DEVoven with the "Append Zeros" option checked. For example, the code code encodes to 0x636f646500000000000000000000000000000000000000000000000000000000.
  2. Open the ReferralStorage contract link for your network from the list above.
  3. Go to the "Write Contract" tab.
  4. Connect the wallet that currently owns the referral code.
  5. Expand the setCodeOwner function. Enter the bytes32 value from step 1 in the _code field and the destination wallet address in the _newAccount field.
  6. Submit the transaction by clicking "Write."