hyperliquid referral code NEWBONUS, and what the discount is worth

the benefit is documented: 4 per cent discount on trading fees for the first $25M of volume

Hyperliquid's referral documentation states 4 per cent discount on trading fees for the first $25M of volume, and the exit link from this site carries the code so the attribution reaches the venue: Hyperliquid referral documentation. That is a fee discount and not a bonus, a deposit match or a rebate, none of which the venue documents.

The base rates the discount applies to are 0.045% of notional taker and 0.015% maker, charged on the position rather than on the margin committed, which is why the opening cost rises with leverage on this venue: Hyperliquid fee documentation. Applying 4% to a 0.045% taker fee leaves 0.0018% of notional, which is the honest way to state the size of the benefit before any comparison is made.

worked example: $0.0180 on $100 at 10x

A $100 margin at 10x opens $1,000 of notional. The taker fee on that notional is $0.45 without the code and $0.43 with it, so the code saves $0.0180 on the ticket. As a maker the same ticket costs $0.15 and $0.14, saving $0.0060.

The saving scales with the position, so at the 40x ceiling the same margin pays $1.80 without the code and $1.73 with it. The volume limit in the documentation applies to cumulative volume rather than to a single ticket, which means the discount ends quietly rather than on a date, and the exact ticket at which it ends is not derivable from the terms.

Funding sits outside all of these figures. Hyperliquid charges it on a 1-hour cycle at a market-set rate capped at 4% per hour and paid peer to peer rather than to the venue, so it is named and excluded here: Hyperliquid funding documentation.

the maintenance margin removes 1.25% of notional, or 694 times the discount

Hyperliquid holds a maintenance margin of half the initial margin at the asset's ceiling, which on Bitcoin is 1.25% of notional and is deducted from the room at every rung. Room at 10x is therefore 8.75% against 10.0% on a venue that holds no maintenance buffer, and at the 40x ceiling it is 1.25%: Hyperliquid liquidation documentation.

Priced on the worked ticket, that difference in room is $12.50 of adverse price movement absorbed or not absorbed, which is 694 times what the code saves on the same ticket. The opening-cost gap between the venues at 10x runs the other way, at $0.57 in Hyperliquid's favour, and the two directions cross at 23.1x taker.

Loss containment is conditional here. The venue record states the cap as isolated margin: Isolated margin confines loss to that position. Cross margin does not, and a backstop liquidation below two thirds of maintenance margin does not return the maintenance margin.

the rung the data supports over a session was 10x, not 40x

Hyperliquid sets its ceiling per asset: 40x at the highest and 10x on 11 of the 18 tracked markets it lists, all of them crypto. Bitcoin's 95th-percentile adverse session excursion was 1.55% across 511 rolling windows, against 1.25% of room at the ceiling, so the ceiling did not survive the test the data sets.

Applying that test across the listed markets, the highest surviving rung was 10x over one minute on 11 of 18, 10x over a session on 12 of 18, and 3x over a week on 14 of 17. A margin lost by holding the ceiling through a session costs $100 on the worked ticket, which is 5,556 times the saving the code produces on it.

the rung by holding period, and the fuller Hyperliquid review. Open Hyperliquid with NEWBONUS