Updated Rules checked 2026-10-12
A trading fee voucher is a one-off allowance an exchange gives you. Every exchange calls it something different: fee rebate voucher, rebate card, deduction credit, Fee Savers and so on. Each voucher has a face value, a usage ratio and an expiry date; once the allowance is used up or expires, it is gone, and whatever is left cannot be withdrawn. A referral code rebate works differently: you bind a referral relationship when you sign up, and from then on the exchange refunds a percentage of every fee you pay, for as long as the referral relationship stays in place. The biggest difference between the two: a voucher has a cap, while a rebate keeps adding up with your trading volume.
Whether you can get both depends on the exchange’s rules. Binance and Gate first take out the referral commission, and the voucher refunds only the remaining fees, so you get both. OKX, MEXC, BingX, HTX, XT, WEEX and Ourbit state that fees covered by a voucher, trial funds or deduction credits do not count toward rebates.
I put the voucher names, how to activate them, expiry rules and restrictions at 13 exchanges into a table, and worked through an example with 100,000 USDT of futures volume a month: a voucher with a 50% ratio and a 1-month validity period works out to roughly the same as a 4.2% rebate over a full year.
Key points: a trading fee voucher is a one-off allowance with a face value and an expiry date; any unused part is taken back when it expires, and it cannot be withdrawn. A referral code rebate refunds a percentage of every fee and keeps counting while the referral relationship exists. Binance’s Trading Fee Rebate Voucher pays out in USDT, USDC or BNB to your spot account by 23:59:59 (UTC) the day after you trade, calculated on fees after VIP discounts, BNB discounts and the referrer’s commission. The rules at OKX, MEXC, BingX, HTX, XT, WEEX and Ourbit state that fees covered by a voucher, trial funds or deduction credits generate no referral rebate; at these exchanges, every 1 USDT a deduction credit covers saves you only 1 × (1 − rebate rate) USDT more. A voucher with ratio t and a validity of M months, whose allowance cannot be used up before it expires, is worth about a t × M ÷ 12 rebate over a full year.
The information below was checked against official pages on 2026-10-12 (data check date) and is provided for reference.
What is the difference between fee vouchers, trial funds, deduction credits and rebates?
These terms often get mixed up, but they work very differently. The table below sorts them into five types by “how the money gets back to you”:
| Type | Common names by exchange | How it works | Validity | Withdrawable? |
|---|---|---|---|---|
| Fee rebate voucher (refunded afterward) | Binance Trading Fee Rebate Voucher, OKX Trading Rebate Card, Gate Trading Fee Rebate Voucher, Bitget futures fee rebate voucher, BingX Rebate Voucher | You pay fees as usual, and the voucher’s ratio is refunded afterward until its face value is used up | Each voucher has an expiry date and is void once it expires | The voucher itself is not; money already refunded to your account is |
| Deduction voucher / deduction credit (deducted on the spot) | MEXC fee deduction voucher, XT deduction credit, WEEX deduction credit, Ourbit futures fee deduction credit, Bybit Trading Fee Savers | Part or all of the fee is deducted from the voucher’s allowance when the trade fills | Has an expiry date; taken back once expired | No |
| Trial funds / bonus | OKX Trading Bonus, MEXC Futures Bonus, Bybit Derivatives Bonus, BingX trial funds, KuCoin Futures Trial Funds, HTX futures trial funds | Can be used as futures margin, and is also used to pay fees, funding fees or losses | Has an activation window and a usage period | The principal is not; profits made with it mostly are |
| Platform token discount | BNB, MX, BGB, GT, KCS, XT, etc. | Once switched on, you pay fees with the platform token at a fixed discount | Valid as long as you hold the token and the switch is on | The token itself can be sold or withdrawn |
| Referral code rebate | Automatic fee rebate from the exchange (fee discount) | Refunds a percentage of each fee you actually pay | Per each exchange’s rules, ongoing while the referral relationship exists | Refunded as cash or crypto, which can be withdrawn |
To judge what a voucher is worth, three numbers are enough: face value, ratio and expiry date. A voucher with a 100 USDT face value and a 50% ratio needs you to pay 200 USDT in fees before its allowance is used up; if you do not pay 200 USDT before it expires, the rest of the allowance is void. A rebate has no face value: the longer you trade and the more volume you do, the more you get back. Common rebate terms (net fees, self-rebate, referral commission) are explained in the rebate glossary.
What is each exchange’s fee voucher called, and how do you use it?
The table below shows the voucher types and rules on the current official help pages of 13 exchanges. The last column is the point of this article: whether fees covered by a voucher still generate a referral rebate.
| Exchange | Voucher name | Scope and how to use it | Expiry and restrictions | Do covered fees earn rebates? |
|---|---|---|---|---|
| Binance | Trading Fee Rebate Voucher | Applies to spot or futures depending on the voucher; activate it under “Profile → Rewards Hub → My Vouchers” by tapping “Use”, and the refund arrives in your spot account the day after you trade (Binance redemption guide) | The balance cannot be used after expiry; futures liquidation fees and delivery fees are not refunded; not valid for Alpha trading, TWAP and other strategies (Binance voucher terms, updated 2026-01-21) | The referrer’s commission is taken out first and the voucher refunds the rest, so you get both |
| OKX | Trading Rebate Card, Trading Bonus, contract vouchers | The rebate card refunds USDT to your funding account the next day (OKX rebate card terms); the Trading Bonus can only be used for cross margin, perpetual, expiry futures and options in futures mode, and must be activated first (OKX Trading Bonus guide) | With several rebate cards, the one with the shortest remaining validity is used first; a bonus not activated in time becomes invalid and is not refunded | No. The affiliate rules state that trades whose fees are covered by rebate cards, futures credits or contract vouchers earn no commission (OKX affiliate rules) |
| Bybit | Trading Fee Savers, Derivatives Bonus | Fee Savers cover spot, perpetual and expiry futures fees, come as either a fixed amount or a percentage, and are applied automatically once claimed (Bybit Rewards Hub FAQ) | All have an expiry date, and unused amounts are not reissued after expiry; Coupons can currently only be used for Bybit Pay | Affiliate commission base = fees − market maker rebates − Bonuses/Coupons (Bybit Affiliate Program FAQ); how Fee Savers are treated is not stated officially |
| Bitget | Futures fee rebate voucher | Applies only to futures fees; once claimed in the “Coupon Center” it is applied automatically, and after each fill the refund goes to your spot account in USDT (Bitget rebate voucher guide) | Only one voucher is used at a time, the one closest to expiry first; void if not claimed or used within its period | Trades that use a rebate voucher pay no commission; it is paid in the form of rebate vouchers instead (Bitget affiliate policy) |
| MEXC | Fee deduction voucher, Futures Bonus | Deduction vouchers cover only USDT-M futures fees and are deducted automatically, in the order deduction voucher → bonus → MX deduction (MEXC bonus and voucher guide, 2026-09-21) | A single fee must be smaller than the voucher balance to use it, and it cannot cover only part of a fee; not usable on USDC-M or coin-M futures; moving assets out of the futures account before the bonus is used up resets the bonus to zero | No. Fees covered by deduction vouchers or bonus funds earn no rebate |
| Gate | Trading Fee Rebate Voucher | You have to tap “Activate” manually; futures vouchers apply only to USDT perpetual futures; refunded in USDT to your spot account within 24 hours (Gate rebate voucher guide) | Void after expiry; vouchers for the same market are used in the order they were activated | The referral commission portion is not refunded; the voucher refunds net fees after VIP discounts, Points payments and referral commission |
| BingX | Rebate Voucher, trial funds | The rebate voucher applies only to spot orders you place yourself; in “My Vouchers”, tap “Use” and choose spot, and the previous day’s fees are refunded to your funding account (BingX rebate voucher guide) | Not valid for copy trading, grid trading or trades using trial funds; can be used in several goes until the allowance runs out or it expires | Amounts refunded by the rebate voucher do not count toward referral commission; trades using perpetual futures trial funds earn no commission either (BingX trial funds guide) |
| KuCoin | Futures Trial Funds | Activate on the website under “Derivatives → Futures Perks”; a position can use either trial funds or your own funds, not both (KuCoin trial funds guide) | Only one trial fund can be active at a time; activating a new one takes back the old one and settles the related positions; taken back and positions closed at expiry | Not stated officially |
| HTX | Spot rebate vouchers, futures trial funds | No complete current usage rules found in the official help center | Not stated officially | No. Net fees exclude spot rebate vouchers, futures trial funds, 0 fee rates and negative fee rates (HTX invite-to-trade reward rules) |
| XT | Spot deduction credits, futures deduction credits | Spot deduction credits usually cover 30% of the fee and take effect as soon as they are issued (XT spot deduction credit rules); futures deduction credits can only be used after you redeem the voucher for deduction credit funds (XT futures deduction credit rules) | Futures deduction credits have a redemption deadline and a usage deadline, and become invalid once either passes; cannot be transferred out or withdrawn, and cannot be used for smart copy trading | No. The deducted part no longer counts toward invite rebates or agent rebates |
| WEEX | Deduction credits, futures trial funds | Deduction credits can only cover futures and copy trading fees and cannot be used as margin; the order of use is deduction credits → trial funds → principal (WEEX deduction credit rules) | Any unused part is taken back at expiry | No. When trial funds or deduction credits cover the fee and the actual fee is zero, there is no commission (WEEX partner FAQ) |
| Pionex | No regular fee voucher found in the official help center | Has run limited-time fee discount promotions in the past | — | — |
| Ourbit | Futures fee deduction credit | Covers only futures fees; cannot be used as margin, withdrawn or transferred; the official example is a 50% ratio and a 100 USDT face value, which covers 5 USDT of a 10 USDT fee (Ourbit deduction credit guide) | Cannot cover forced liquidation fees; cleared at expiry | No. Fees covered by deduction credits earn no rebate; spot currently has 0 fees, so there is no rebate there either |
Face value, ratio and validity differ from voucher to voucher, so check the details page of the voucher in your account. The “scope” column above reflects the general rules on the official help pages; when a specific promotion has its own rules, its terms take precedence.
How do you use a Binance Trading Fee Rebate Voucher?
When people search for “trading fee rebate voucher”, this Binance voucher is usually what they mean. According to the Binance redemption guide (updated 2025-11-30) and the Binance voucher terms (updated 2026-01-21):
- Activation: log in and go to “Profile → Rewards Hub → My Vouchers”, find the voucher under “Ongoing”, and tap [i] to see the refund ratio (trade back), remaining allowance, expiry date and cap. Tap “Use” and then “Use Reward” to activate it. The voucher must be claimed within the stated period.
- How much is refunded: the daily refund = the previous day’s net fees × the refund ratio. Net fees are what is left after VIP and BNB discounts and after the referral commission is taken out. The official example is a 500 USDT voucher with a 50% ratio: that day’s fees are 500 USDT, 400 USDT is actually paid after discounts, 200 USDT is refunded the next day, and 300 USDT is left on the voucher.
- When it arrives: by 23:59:59 (UTC) the day after you trade, in USDT, USDC or BNB to your spot account, with distribution usually starting at 06:00 (UTC) that day. On the day you activate it, only fees incurred after activation are refunded. Records are under “Wallet → Transaction History → Distribution”.
- USD-denominated vouchers: on activation, the value is converted into a fixed amount of BNB at the current BNB price. The official example is a 100 USD voucher converted into 0.1667 BNB when BNB is at 600 USD; after that, the voucher’s actual value moves with the BNB price.
- What is not refunded: futures liquidation fees, delivery fees, and fees totaling less than 0.00000001 USD in a day. Any allowance left after expiry cannot be used and is not reissued.
Binance’s standard futures rates are Maker 0.02% and Taker 0.05%, with 10% off when you pay with BNB (Binance futures fee FAQ). Because the rebate voucher is calculated on the amount actually paid after discounts, turning on the BNB discount makes the voucher’s allowance last longer, but each day’s refund is smaller too, and the total you can get back is still capped at the voucher’s face value. For full spot, futures and BNB discount rates, see Binance fees.
Can fee vouchers and referral code rebates stack?
You can hold both at the same time, but whether the same fee earns both falls into one of three cases, depending on the exchange.
Case 1: referral commission comes out first, the voucher refunds the rest (Binance, Gate)
The example in Binance’s terms: an invited user pays 100 USDT in fees and the referral commission is 20%, so the referrer gets 20 USDT; the voucher then refunds 50% of the remaining 80 USDT, or 40 USDT, and the voucher balance drops from 500 to 460 USDT (Binance voucher terms). Gate words it the same way: the part of the fee paid out as referral commission is not eligible for the rebate voucher (Gate rebate voucher guide). The referral relationship works as usual, your share of the rebate is not affected, and the voucher refunds the fees outside the commission.
Case 2: fees covered by a voucher earn no rebate (most exchanges)
OKX, MEXC, BingX, HTX, XT, WEEX and Ourbit all state that fees covered by a voucher, trial funds or deduction credits generate no commission. Rebates are calculated only on fees you actually pay, so at these exchanges the math works like this:
- Without a voucher: fee F, rebate rate r, actual cost F × (1 − r).
- With a voucher covering V: you pay F − V, the rebate becomes r × (F − V), and the actual cost is (F − V) × (1 − r).
- What the voucher really saves you = V × (1 − r). If a deduction credit covers 10 USDT and your rebate rate is r, you only save an extra 10 × (1 − r) USDT, because you lose the rebate those 10 USDT would have earned.
Take XT spot as an example: the VIP 0 spot rate is 0.2% (XT fee schedule), so 10,000 USDT of spot volume a month means 20 USDT in fees. A spot deduction credit that covers 30% takes off 6 USDT a month, and only the remaining 14 USDT counts toward rebates. Bitget words it differently: trades that use a rebate voucher pay no commission, and it is paid in the form of rebate vouchers instead (Bitget affiliate policy).
For Bybit, this site has no automatic fee rebate from the exchange; the rebate channel is Fee Otter, and the extra rebate is paid by Fee Otter, not by the exchange and not by Kevin Wu. Fee Otter’s rebate comes from Bybit affiliate commission, and the commission base already excludes Bonuses/Coupons, so fees covered by a bonus do not earn this rebate either. When several Bybit rewards apply at once, the deduction order is fee discount → Fee Savers → Bonus (in the Unified Trading Account, Bonus comes before Fee Savers); the official example is a 100 USDT fee that drops to 70 after a 30% discount, to 65 after 5 from Fee Savers, and another 5 from the Bonus, for a final payment of 60 USDT (Bybit Rewards Hub FAQ). For how Fee Otter works, see Bybit fee rebate (Fee Otter).
Case 3: not stated officially (KuCoin, Pionex)
KuCoin’s trial funds guide does not mention commission or rebates, and its referral rules only say that API trades and zero-fee trades earn no commission. Pionex has no regular fee voucher in its official help center. For how these two actually calculate it, go by the rebate records in your account.
Platform token discounts and vouchers are two different things. MEXC states that referral commission is calculated on net fees, where net fees = fees − bonus − deduction vouchers − other fee discounts (MEXC referral rules), so once you turn on the 20% MX deduction discount (MEXC MX discount announcement), the rebate is based on the discounted amount you actually pay. The two discounts multiply: actual cost = original fee × 0.8 × (1 − rebate rate). For a comparison of each exchange’s effective rates after rebates, see actual fees after referral code rebates.
Over a year, which saves more: a fee voucher or a rebate?
A voucher can save you at most its face value, and only if you pay enough fees before it expires; a rebate has no cap and depends only on volume and time. Using Binance USDT-M futures at a 0.05% Taker rate, 100,000 USDT of volume a month means 100,000 × 0.05% = 50 USDT in fees, or 600 USDT a year. The voucher terms come from official examples: a 50% ratio (the ratio used in both the Ourbit and Bitget examples) and a 100 USDT face value (the Ourbit example).
| Voucher validity | Fees during the period | Actually refunded | Allowance voided at expiry | Annual rebate rate that breaks even |
|---|---|---|---|---|
| Half a month | 25 USDT | 12.5 USDT | 87.5 USDT | About 2.1% |
| 1 month | 50 USDT | 25 USDT | 75 USDT | About 4.2% |
| 3 months | 150 USDT | 75 USDT | 25 USDT | 12.5% |
| No expiry (used up in 4 months) | 200 USDT | 100 USDT | 0 | About 16.7% |
Formula: amount actually refunded = fees during the period × 50%, up to 100 USDT; break-even rebate rate = amount actually refunded ÷ 600 USDT of fees a year. For example, a 1-month voucher refunds 25 USDT, and 25 ÷ 600 ≈ 4.2%. The table does not deduct referral commission; if you signed up on Binance with a referral code, the voucher refunds fees after the referrer’s commission, so the actual refund is a little lower.
The table shows that as long as a voucher cannot be used up within its validity period, its effect depends only on the ratio and the validity, not on volume. A voucher with ratio t and a validity of M months equals a t × M ÷ 12 rebate over a full year. Scale volume up to 300,000 USDT a month and a 1-month voucher refunds 75 USDT, but the break-even rate is still 75 ÷ 1,800 ≈ 4.2%. Once your volume is large enough to use up the allowance within the validity period, the voucher is capped at its face value, and the equivalent rebate rate keeps falling: at 300,000 USDT a month, a 100 USDT voucher equals only a 100 ÷ 1,800 ≈ 5.6% rebate over a year.
Add the second rule from above: at exchanges such as OKX, MEXC and XT, there is no rebate while the voucher is covering your fees, so the voucher’s real value has to be multiplied by (1 − rebate rate) as well. That makes a new-user voucher more like a discount for the first stretch after you open an account; how much you save on fees over the long run comes down mainly to VIP rates, Maker orders and referral code rebates.
Sign up with this site’s Binance referral code KEVINWU and the current automatic fee rebate from the exchange (fee discount) is 20%. The table below uses the same 0.05% futures Taker rate to estimate the monthly rebate; multiply by 12 for a year and compare it directly with the voucher amounts above:
| Monthly volume | Fees (0.05%) | Auto rebate (20%) | Net fees |
|---|---|---|---|
| 100,000 USDT | 50 USDT | 10 USDT | 40 USDT |
| 300,000 USDT | 150 USDT | 30 USDT | 120 USDT |
| 1,000,000 USDT | 500 USDT | 100 USDT | 400 USDT |
Example at a futures fee rate of 0.05% and the current 20% automatic rebate (rate updated 2026-10-23). Your exchange statement prevails.
To plug in your own margin, leverage and number of trades, use the futures cost calculator to get your monthly fees, then apply the formula above. Futures fees are charged on notional value; for the method, see how futures fees are calculated. With leveraged trading, an adverse price move may trigger forced liquidation and the loss of your entire margin.
What are the most common fee voucher pitfalls?
- Claimed but never activated, or activated but not used up: Gate rebate vouchers must be activated manually, OKX bonuses become invalid if not activated in time, and XT futures deduction credits have two deadlines, one for redemption and one for use. For any allowance left after expiry, Binance and Bybit state that it is not reissued, and Ourbit states that it is cleared at expiry.
- Futures only, or only certain futures: Bitget rebate vouchers only cover futures; Gate futures vouchers apply only to USDT perpetuals; MEXC deduction vouchers cannot be used on USDC-M or coin-M futures; BingX rebate vouchers, the other way around, apply only to spot orders you place yourself.
- A single fee too large to be covered: MEXC requires a single fee to be smaller than the deduction voucher balance; if the balance cannot pay the whole fee, it does not cover part of it.
- Moving funds out wipes the trial funds: before an MEXC bonus is used up, moving any assets out of the futures account resets the bonus to zero; at KuCoin, activating new trial funds takes back the old ones and settles the related positions.
- Liquidation and delivery fees are not refunded: Binance rebate vouchers do not refund futures liquidation fees or delivery fees, and Ourbit deduction credits cannot cover forced liquidation fees.
- Fees covered by a voucher earn no rebate: this is how most exchanges work; see the previous section. If your rebate drops, first check whether you used a voucher on those days; other causes are covered in used a referral code but got no rebate.
- Gate Points cost more than VIP rates: paying Gate spot fees with Points is a fixed 0.2%, twice the 0.1% VIP 0 rate; when the futures account has a Points balance, Taker orders use Points first by default (Gate fee page). If you hold Points, check how your fees are being paid.
- Wash trading to farm vouchers: XT states that using multiple accounts for arbitrage or maliciously inflating volume to obtain deduction credits can lead to disqualification, recovery of the unused portion and an account ban; for the rules exchanges use to claw back rebates, see rebate cancellation rules.
FAQ
What is a trading fee voucher?
A trading fee voucher is a one-off fee allowance issued by an exchange, with a face value, a usage ratio and an expiry date; it becomes invalid once used up or expired. By how it is deducted, there are two kinds: a rebate voucher lets you pay as usual and refunds a percentage afterward (Binance, Gate, Bitget, BingX, OKX rebate card); a deduction voucher takes the fee straight from the allowance when the trade fills (MEXC, XT, WEEX, Ourbit, Bybit Fee Savers).
Can you still use a Binance Trading Fee Rebate Voucher after it expires?
No. Binance’s terms state that once a voucher expires, the remaining allowance cannot be used and is not reissued. You can see the expiry date by tapping [i] under “Rewards Hub → My Vouchers”; the voucher also has to be claimed within the stated period, and it becomes invalid if you do not claim it.
Can you withdraw futures trial funds?
The trial funds themselves cannot be withdrawn or cashed out, but profits made with them mostly can. OKX, MEXC and Bybit all state that the trial funds or bonus cannot be withdrawn while the profits can; KuCoin says profits can be withdrawn when the conditions are met, and once you withdraw the profits, the remaining trial funds are taken back.
If I use a deduction voucher, do I still get a referral code rebate?
At most exchanges, the part covered by the deduction voucher earns no rebate, and the part you actually pay earns it as usual. OKX, MEXC, BingX, HTX, XT, WEEX and Ourbit all say this; Binance and Gate take out the referral commission first and the voucher refunds the remaining fees, so you get both.
New-user voucher or referral code rebate: which is the better deal?
If you trade for more than a few months, usually the referral code rebate. A voucher is worth about a “ratio × months of validity ÷ 12” rebate over a full year, so a 50% voucher valid for 1 month equals about 4.2%; a rebate keeps refunding its percentage. The two do not conflict and you can get both, except that at most exchanges the part covered by a voucher does not count toward rebates.
Why does a rebate voucher refund less than the fee?
The most common reason is that the voucher’s refund ratio is not 100%. A 50% voucher refunds only half the fee; Binance also applies VIP and BNB discounts and takes out the referral commission before calculating, and Gate likewise refunds only after VIP discounts, Points payments and referral commission. When the voucher’s remaining allowance is not enough, it refunds at most the remaining allowance.
Does Bybit have trading fee vouchers?
Yes. Bybit calls them Trading Fee Savers, and they cover spot, perpetual and expiry futures fees. They come as a fixed amount or a percentage: the official examples are a 100 USD Fee Saver against a 50 USDT fee, which covers it in full and leaves 50, and a 20% Fee Saver against a 50 USDT fee, which covers 10 USDT. Bybit Coupons can currently only be used for Bybit Pay and cannot cover trading fees.
I did not enter a referral code at sign-up. Can I add one after getting a voucher?
It depends on the exchange, and “whether you have traded yet” is often a condition. For example, Binance lets you bind one yourself only within 30 days of sign-up and before any deposit or trade, MEXC allows binding within 30 days of sign-up, and OKX does not allow adding one once the account is created. Trading with a voucher counts as trading, so if you want to add a referral code, check the conditions before using the voucher. Each exchange’s rules are in adding a referral code after sign-up.
Every exchange’s referral code and automatic rebate is listed in the exchange referral code overview; for whether VIP tiers and rebates can be combined, see VIP tiers and referral code rebates; for the difference between Maker and Taker rates, see Maker vs Taker fees. For each exchange’s rates and discount details, see OKX fees, MEXC fees, Gate fees, BingX fees and XT fees.