> For the complete documentation index, see [llms.txt](https://docs.whales.market/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.whales.market/referral-program/referral-mechanism.md).

# Referral Mechanism

### Introduction

The Referral Program encourages the community to promote Whales Market and allows participants to share platform fees up to 50%. All users of Whales Market can join the Referral Program, whether regular users or KOLs.

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To participate, you first need to create a Referral Link. Then use this link to invite other users to join Whales Market.

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### Referral Rewards Structure

#### Formula

Total Referral Share % = Base Ref % + Tier Bonus % + Stake Boost % (maximum 50%)

**Note: Stake Boost will take effect once the new staking mechanism is implemented.**

Definitions:

**1. Base Referral**

The standard referral rate is 20%, subject to adjustment on a per-campaign basis; each campaign corresponds to a specific token listed on Whales Market.

**2. Tier Bonus**

Tier bonuses are based on total qualified volume within a single campaign.

| Qualified Referral Volume | Tier Bonus | Total Commission (Base + Tier) |
| :-----------------------: | :--------: | :----------------------------: |
|     $10,000 - $50,000     |     +0%    |               20%              |
|     $50,000 - $200,000    |    +10%    |               30%              |
|         $200,000+         |    +20%    |               40%              |

Important Notes:

* The highest volume tier reached applies to the entire campaign volume.
*  Volume resets with each new campaign.

**Examples**

**User A: referral volume $40k**\
→ 20% + 0%  = 20%\
Total fees: $1,000 → Referral earnings: $200.

**User B: referral volume $150K**\
→ 20% + 10%  = 30%\
Total fees: $3,750 → Referral earnings: $1,125

**User C: referral volume $800K**\
→ 20% + 20% = 40%\
Total fees: $20,000 → Referral earnings: $8,000

3. **Stake Boost**

Coming Soon...

## Qualified Volume

* Buy, Sell, and Resell orders: only the filled and settled portion is counted. Claimed collateral is counted. 
* Not counted: canceled offer, platform decides to cancel a premarket.

## Payout

The payment process is automatically handled by the smart contract and occurs at the moment orders are settled during the settlement phase. The payout asset is the campaign listing’s fee asset.