Documentation Index
Fetch the complete documentation index at: https://orderly.network/docs/llms.txt
Use this file to discover all available pages before exploring further.
Overview
The referral system is a crucial component of the Orderly ecosystem, designed to incentivize user growth and engagement through a structured rewards program. A builder can choose to share part of its builder fees to incentivize a distributor, affiliate, or referrer for bringing in new traders. The ecosystem consists of three key participants:- The Builder (DEX): The DEX built on Orderly. Builders determine the fee structures and maximum rebate limits.
- The Referrer (Affiliate): A user (e.g., a KOL, influencer, or community leader) who invites others to trade. They can modify the fee split between themselves and the trader, but not the maximum rebate limit.
- The Referee (Trader): The new user who signs up using a referral code.
How It Works
1. The Binding Process
The binding is established when a new user (Referee) connects to a Builder and enters a referral code. Their account is permanently bound to the Referrer. A bound referral code cannot be removed or modified after binding.
2. The Reward Split
When a Referee executes a trade, the trading fee is split automatically. Orderly Network retains a base protocol fee, and the remaining Builder Fee is distributed among the Builder, Referrer, and Referee based on the configured rebate settings.- Referrer Rebate: Commission earned by the affiliate for inviting the user.
- Referee Rebate: A discount returned to the trader, incentivizing them to use the referral code.
- Builder Revenue: The remaining portion of the fee retained by the platform.
Example Calculation
The following example demonstrates how fees flow between parties. Scenario:- Orderly Base Fee: Depends on the Builder’s current fee tier. This tiering applies only to the Builder’s base fee paid to Orderly.
- Example taker trade: If Orderly’s base taker fee is 3 bps and the Builder charges a 6 bps user-facing taker fee, the Builder’s net profit is 3 bps.
- Example maker trade: Maker economics depend on the Builder’s Orderly base maker fee, which can be 0 bps or negative for higher tiers. The user-facing maker fee is still set by the Builder and can also be negative, which entitles qualifying maker trades to a rebate.
| Party | Share of Net Profit | Calculation |
|---|---|---|
| Total Net Profit | 100% | 3 bps in this example |
| Referee (Trader) | 40% | Receives 40% of the 3 bps profit as a discount. |
| Referrer (Affiliate) | 40% | Receives 40% of the 3 bps profit as commission. |
| Builder | 20% | Retains the remaining 20% of the 3 bps profit. |
- $4.00 is returned to the Trader (Referee).
- $4.00 is credited to the Affiliate (Referrer).
- $2.00 is retained by the Builder.
Configuration for Builders
Builders manage referral codes and rebate rates via the Orderly Admin Console. Admin console: https://admin.orderly.network/referral Click ""+ create code” button.
Setup Fields
A popup window will appear for Builders to create a referral code for an address.
- User Address: The wallet address of the Affiliate (Referrer) who will own this code.
- Referral Code: The unique string traders will enter (e.g.,
REFFCODE1). - Max Rebate: The total percentage of the Builder’s Net Profit allocated for rebates (e.g., 80%).
- Split Slider: Determines how the rebate is divided:
- Referrer Rebate: The percentage of the rebate the Affiliate keeps.
- Referee Rebate: The percentage of the rebate returned to the Trader.
Distribution
Rewards are calculated automatically by the Orderly protocol.- Frequency: Rewards are typically distributed daily.
- Currency: Payouts are settled in USDC.
Auto referral system
