How the Entropy referral code works on Hyperliquid

Entropy (entropy.io) is one of the deployers that operates its own perp markets on Hyperliquid. It lists perpetuals on global equities, commodities and indices, plus unusual products like long-dated pre-IPO equities, and prices them from RedStone oracle feeds. Its referral program publishes real numbers, and those numbers come with two caveats that decide whether they mean anything: the percentages apply to Entropy's slice of the trading fee rather than the whole fee, and the service is unavailable in a long list of countries. You can compare it with every other deal on our crypto referral codes page.

Quick answer

The ReferralLinks link is https://entropy.io/?r=suleyman. A user who signs up through it gets a fee benefit, and you receive a referral reward on the fees their trades generate. Both figures are set by your tier. At Tier 1 that means 25% each. At Tier 4 it means 100% each.

The critical detail is the base. Every percentage is calculated against Entropy's share of the HIP-3 trading fee, which the docs put at roughly half. So a 25% referral reward is about 12.5% of the total fee a trade generates, not 25% of it.

What is Entropy, in plain words?

Hyperliquid is a purpose-built chain for on-chain markets. HIP-3, Hyperliquid Improvement Proposal 3, lets independent deployers permissionlessly run their own markets on top of it. Entropy is one such deployer: it operates the markets, sets their parameters and maintains the oracle feeds through RedStone.

The docs list the deployer address as 0xd5d18d5f4026a33ca6c8fce75551b24cbb5452ea and the oracle updater as 0x94757f8dCB4Bf73b850195660E959D1105CFeDd5, with the ticker io. In practice, that matters because trading on an Entropy market is not the same as trading on Hyperliquid's own order books: the fee is split between the two, and the referral math follows that split.

Why the referral base matters more than the headline number

This is the one thing worth understanding before you read any Entropy percentage. The docs give the worked example themselves: a trader generates $100 in total fees, roughly $50 goes to Hyperliquid and $50 to Entropy. Entropy's rebate and referral percentages apply only to its $50.

So a 50% referral reward is $25, not $50. A 100% reward is $50, not $100. The percentages look larger than they are because the base is smaller than the number people have in mind.

Once that is straight, the tiers are easy to read:

Tier 1 Trader, no threshold: 60% self rebate, 25% referral reward, 25% referred-user benefit.

Tier 2 OG, no threshold: 120% self rebate, 50% referral reward, 50% referred-user benefit.

Tier 3 Preferred, $10M rolling 30-day volume: 160% self rebate, 75% referral reward, 75% referred-user benefit.

Tier 4 Partner, $50M rolling 30-day volume: 200% self rebate, 100% referral reward, 100% referred-user benefit.

Three benefits, and the non-stacking rule

Entropy splits the program into three things that are easy to confuse. A self rebate is a rebate on the fees your own account generates, and it rises with your tier. A referral reward is paid to you when somebody who joined through your link generates fees. A referred-user benefit is the automatic fee benefit given to the person who signed up through your link.

The non-stacking policy is the part people miss: self rebate and referred-user benefit never combine on the same trade. If an account qualifies for both, it receives whichever rate is higher. Referral rewards are separate and keep being paid on top of your own tier benefits.

A concrete example. An OG account gets a 120% self rebate. If it is also using a Tier 1 referral code with a 25% referred-user benefit, it takes the 120% and ignores the 25%. The person who referred it still earns their 25% referral reward on those trades. A referral code is therefore worth nothing extra to a trader whose own tier already beats it, which is why a Tier 1 code mostly helps genuinely new accounts.

Rebates above 100% are a subsidy, not a business model

Tier 2 already rebates 120% of Entropy's fee share, and Tier 4 rebates 200%. Above 100%, the program pays out more than the fee Entropy keeps from that trade. That is only sustainable as growth spending, and the docs label the whole table an "early bird period".

Read it as temporary by design. Percentages, thresholds and even the existence of the tiers can change, and the docs say trading activity during higher reward periods keeps that period's benefits, which implies the periods end. Do not model next year's income on an early-bird rate.

Who cannot use this at all

Entropy lists restricted jurisdictions, and it is a long list. It includes the United States and its territories (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, the U.S. Minor Outlying Islands and the U.S. Virgin Islands), Canada, Cuba and Venezuela.

In Europe the list covers Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the Åland Islands, plus the United Kingdom, Russia and Ukraine.

In Asia-Pacific and the Middle East it covers Australia, Iran, Myanmar, North Korea, Singapore and Syria. If you are resident, a citizen, or an entity established or operating from any of those places, the service is not available to you, and a referral link does not change that.

This is not boilerplate. Reading the list first saves you from funding an account you cannot legally use.

Claiming rewards

Rewards are claimable from your Entropy profile page, with a $5 minimum to withdraw, and distributions run bi-weekly. That $5 floor is a real constraint at Tier 1: at roughly 25% of Entropy's half of the fee, you need a decent amount of volume before the balance is even claimable.

All rewards are subject to review. The docs name wash trading, pre-arranged trading, self-referral and other inauthentic behaviour as grounds for losing pending and future rewards, with eligibility at Entropy's sole discretion. Farming a referral link with your own wallets is the fastest way to end up with nothing.

Frontends, accounts and the one rule that binds them

You do not have to trade on entropy.io to earn. The docs allow any frontend, including app.hyperliquid.xyz, as long as the trading address previously connected to Entropy and created an account, and the activity is on Entropy-deployed markets. That is convenient, and it makes the account the thing that matters rather than the site you use.

It also means a trade on a Hyperliquid-native market earns nothing under this program, however it looks in the UI. Check that the market you are trading is an Entropy deployment before you count on a rebate.

How to start

Open the link on this page, or type entropy.io into the address bar and confirm the ref parameter reads r=suleyman, then connect a wallet and create the account. Confirm you are outside the restricted jurisdictions first. Place one small trade on an Entropy-deployed market, then check your profile page to see the rebate and any referral credit accruing before you scale up.

Treat the first week as a test of the plumbing, not of the strategy: confirm the fee split you actually see, confirm the reward appears where the docs say it will, and only then decide whether the tier matters to you.

Frequently asked questions

What is the Entropy referral code?

The ReferralLinks code is suleyman, built into the link at https://entropy.io/?r=suleyman. A user who signs up through it receives a referred-user benefit and the referrer earns a referral reward.

How much do I earn per referral?

25% at Tier 1, 50% at Tier 2, 75% at Tier 3 and 100% at Tier 4, but each percentage is of Entropy's share of the HIP-3 trading fee, roughly half of the total. So Tier 1 earns about 12.5% of the total fee a referral generates.

Do the self rebate and the referral benefit stack?

No. On the same trade an account receives either its tier self rebate or its referred-user benefit, whichever is higher, never both. Referral rewards earned on other people's trades are paid separately and do not affect this.

When can I withdraw rewards?

From your Entropy profile page, with a $5 minimum, on a bi-weekly distribution schedule. All rewards are subject to review, and inauthentic trading can void them.

Is Entropy available in my country?

Not everywhere. Entropy's restricted list includes the United States and its territories, Canada, Cuba, Venezuela, most of the EU and EEA, the United Kingdom, Russia, Ukraine, Australia, Iran, Myanmar, North Korea, Singapore and Syria. Check the full list before signing up.

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