Metric referral program: active pools, no separate trading fee

Metric (app.metric.xyz) is a decentralized exchange for active pools: pools whose pricing and liquidity change when new information arrives. Its referral program is newer and simpler than the fee-discount deals we usually cover. You create a code in the app, share the link, and eligible new users are attributed to you.

No reward rate has been published, so this guide explains what the documentation confirms, what it leaves open, and how the exchange underneath charges you, which is the part that decides whether a referral would be worth anything. You can compare it with every other deal on our crypto referral codes page.

Program status

This link carries the ReferralLinks referral. Create your own code in the Metric app under Referrals, share the link, and eligible new users who arrive through it are attributed to you. That attribution is the only mechanic the docs actually describe.

What is Metric, in plain words?

Most AMMs set their price from their own token balances, so the price only moves when somebody trades. Metric separates the two jobs. A Price Provider publishes a quote with a bid, an ask and a reference price, sourced from an oracle, onchain data or custom rules.

The pool holds liquidity in bins, meaning percentage price ranges set around that reference, each with its own slice of liquidity, and executes trades from whichever bin the price sits in.

Trades move the pool’s position inside the active bin; when the reference moves, every range moves with it, so liquidity providers do not have to withdraw and redeposit to follow the price.

Curators are the people who configure a pool: they pick the price provider and the pool settings. Liquidity providers choose which bins to fund, and each bin is a separate position, which is why a badly chosen range can sit empty and earn nothing.

Pools can be public and accept outside liquidity, or private and run on the curator’s own capital. Metric is live on Ethereum, BNB Smart Chain and Robinhood Chain.

How the Metric referral program works

Start in the Metric app. Open the referrals page, create a code and you get a shareable link. Share it with people who do not have an account. Eligible new users who arrive through it are attributed to you. That is the whole flow the documentation describes.

The program is unfinished in public. Metric’s page describes a referral program without publishing the reward rate, the qualifying volume, the payout asset or the duration, so all four are open questions. Do not treat a percentage quoted by a third party as confirmed.

What the program pays, and what it does not

Two things are worth separating. The first is attribution: the link records who referred a new user. The second is the reward: what, if anything, that referral earns. Only the first is documented. Everything about the second is a promise to publish terms.

Metric also reserves the right to adjust or end the program at any time and to void rewards from self-referral or other misuse. That is standard for a new program, but it means you should not build a strategy around a payout before the terms exist.

No separate trading fee, explained

Metric does not charge traders a platform trading fee. Every cost is built into the quoted price. The quote can contain a half spread, an additional bin fee on bins where the curator set one, and a notional fee that Metric can enable for specific pools and that is off by default.

There is no frontend fee and no separate charge at execution.

This matters for referral math. Programs on fee-charging exchanges can promise a percentage off the fee, because there is a fee line to discount. Metric has no trading fee line, so its referral program has to work differently.

Until Metric publishes the terms, the honest answer is that we do not know what a referral earns.

Trading on Metric

Connect a wallet, pick a network and choose the tokens. The app shows the quote, price impact and your slippage tolerance. Pools with freshness checks reject swaps when their price data is too old, and some pools halt in one direction while the other side keeps quoting.

If you call a pool directly from a contract, the swap can fill only part of your amount, so read the returned deltas, the balance change the contract reports back, instead of trusting the transaction status alone.

On Ethereum, where a transaction is submitted can change the order it lands in relative to a market maker's price update. On BNB Smart Chain there is a protected execution lane with two builders (the block producers that assemble transactions), and Robinhood Chain orders by arrival.

None of this changes what you sign, but it explains why an execution can differ from a quote.

Providing liquidity is high risk

Metric’s own documentation opens the liquidity section with a warning: providing liquidity is high risk and you can lose your entire deposit. Pool tiers describe safeguards for public LPs, not profitability. A green tier means anchored pricing, a verified curator and an immutable StopLoss; it does not mean the strategy is safe.

Before depositing, check whether the price provider can be replaced, which extensions are attached, and whether a withdrawal extension can block your exit. StopLoss rejects trades; it does not sell your position or cap all losses.

LPs earn Edge from the spread on trades that use their bins, while price moves can outweigh that Edge for long stretches.

What to check before you click

Use app.metric.xyz and nothing else. Bookmark it, check the address bar and never enter a seed phrase anywhere. Metric support will not DM you first. If a link claims a specific Metric reward rate, treat it as unconfirmed until the same numbers appear in the app.

Frequently asked questions