Updated
Many referral code posts promise a “50% rebate”, yet users often get back less than half of that. The usual reason is that two different figures get mixed up: the referrer’s commission rate and the invitee’s rebate rate. The referrer’s commission is the share of your trading fees the exchange pays to the referrer; the invitee’s rebate is the part of that commission the referrer passes on to you, so it is always less than or equal to the referrer’s commission rate.
When an exchange says “up to”, it usually means the referrer’s ceiling. Binance Referral Pro pays referrers 20%–50% on spot and 10%–50% on futures, and XT affiliates earn up to 50%; how much can be passed on to invitees is capped separately: OKX states 0%–20%, MEXC affiliates can share up to 20%, and Binance affiliates up to 20% on spot and margin.
This article uses the exchanges’ own documentation to explain how the two differ, how to convert them into the share of your fees you actually get back, and how to tell them apart before you sign up.
Key points: the referrer’s commission is the share of the invitee’s trading fees that the exchange pays to the referrer; the invitee’s rebate is the share the referrer carves out of that commission, which the exchange refunds to the invitee automatically. KuCoin states that the rebate a referrer sets for invitees can go up to the referrer’s own current commission rate. BingX’s official example is a 40% commission with 10% for the invitee: on 100 USDT of fees, the invitee gets 10 USDT back and the referrer keeps 30 USDT. “Affiliates earn up to 50% commission” is the referrer’s ceiling; the invitee’s ceiling is set separately, for example 0%–20% at OKX. A rebate described as “X% of the commission” has to be multiplied by the referrer’s commission rate to get the share of your fees: 60% of a 70% commission means you get back 42% of your fees.
The information below was checked against official pages on 2026-10-14 (fact-check date), for reference.
How does a referrer commission differ from an invitee rebate?
| Name | Who receives it | Where it comes from |
|---|---|---|
| Referrer commission | The referrer | The exchange shares part of the invitee’s trading fees with the referrer, based on the referrer’s tier |
| Invitee rebate (cashback) | The invitee, who signed up with the referral code | The referrer passes part of their own commission on, and the exchange refunds it to the invitee’s account automatically |
The key point: the invitee’s rebate is carved out of the referrer’s commission, so it is always less than or equal to the referrer’s commission rate. “Affiliates earn up to 50% commission” means the referrer can earn up to 50%. It does not mean you get 50% back.
As formulas: what the invitee gets back = fees × invitee rebate rate; what the referrer keeps = fees × (referrer commission rate − invitee rebate rate). Both rates apply to the fees you pay, not to your trading volume. Over a month: 1,000,000 USDT of futures volume at a 0.05% taker fee means 500 USDT in fees. With the rates from BingX’s official example (40% commission, 10% for the invitee), the exchange pays out 200 USDT of commission, of which 50 USDT is refunded to you and 150 USDT goes to the referrer.
How much the referrer earns does not raise your fees. You pay the exchange’s rate, and the commission comes out of those fees; for you, the actual cost depends only on your own rebate rate: fees × (1 − invitee rebate rate). For a comparison of each exchange’s rate after the rebate, see actual fees after referral rebates.
What do the exchanges officially say about referrer commissions and invitee rebates?
- BingX: its example has a referrer with a 40% commission giving the invitee a 10% fee rebate. On 100 USDT of fees, the invitee gets 10 USDT back and the referrer keeps 30 USDT (BingX guide).
- KuCoin: referrers can set a cashback rate for the users they invite, up to their own current commission rate (KuCoin referral program).
- Ourbit: its affiliate FAQ describes an affiliate with a 70% rebate ratio creating a link with a 30% ratio for invitees; on each trade, 40% goes to the affiliate and 30% to the invitee (Ourbit affiliate FAQ).
- XT.COM: for regular users, referrer and invitee share up to 20% in total; affiliates are described as earning “up to 50%” commission (XT.COM announcement, XT.COM affiliate program).
- Bitget: an affiliate can keep the full rebate from direct referrals or share part of it with users who sign up through their link; the range they can set depends on their affiliate permissions and the product (Bitget guide).
(Official pages checked on 2026-10-07.)
What the other exchanges say (checked on 2026-10-14):
- Binance: Referral Pro commissions are reviewed every quarter, at 20%–50% on spot and 10%–50% on futures (Binance Referral Pro FAQ); affiliates can give invitees a rebate of up to 20% on spot and margin fees (Binance affiliate program basics).
- OKX: the invitee’s rebate ranges from 0% to 20% and is allocated by the affiliate in their dashboard; invitees can see it under “User Center → My Rewards”, and if that section is missing, no share has been allocated (OKX affiliate FAQ). The affiliate’s own default commission is 30% and changes with their tier (OKX affiliate program rules).
- MEXC: affiliates can set their own split and share up to 20% with invitees. The official example is an affiliate with a 50% commission sharing 10% with the invitee: on 100 USDT of fees, the affiliate gets 40 USDT and the invitee 10 USDT. A change to the split applies only to users who sign up afterward (MEXC commission-sharing announcement).
- Pionex: regular inviters get a fixed rebate rate of 20% on spot and 15% on futures, and can pass part of it to friends as a fee discount (Pionex rebate rules). This site calls that part a fee discount.
- HTX: regular referrers earn 30% and affiliates 60%; referrers can create a custom invitation code and set the invitee’s rebate rate, and the code cannot be changed once created (HTX invite-to-trade reward rules, HTX custom invitation code announcement, checked on 2026-10-08).
- Gate: invitees who signed up after 2023-04-20 receive “a certain percentage” of the commission as a rebate after they trade, paid automatically to their spot account; the announcement does not say who sets the percentage or what the cap is (Gate invitee rebate announcement).
- WEEX: its FAQ states that a rebate rate changes when the upstream affiliate or the direct inviter adjusts the rate (WEEX partner FAQ).
- Bybit: the referral program says the referrer earns a commission on the invitee’s fees and the invitee gets a newcomer gift and task rewards; it does not say invitees can receive a share of the fees as a rebate (Bybit Referral Program FAQ, checked on 2026-10-10).
Put into one table, it is easier to see that “the referrer’s ceiling” and “the most you can get” are two different things:
| Exchange | Referrer commission (official) | How the invitee rebate is set, and its cap |
|---|---|---|
| Binance | Referral Pro 20%–50% on spot and 10%–50% on futures, reviewed quarterly | Affiliates can give invitees up to 20% (spot and margin) |
| OKX | Affiliate default 30%, adjusted by tier | 0%–20%, allocated by the affiliate |
| Bybit | The referrer earns a commission on the invitee’s fees | No invitee fee rebate; invitees get a newcomer gift and task rewards |
| Bitget | Depends on the affiliate’s permissions and the product | Default 0%; the affiliate can keep it all or set a share for invitees |
| MEXC | The official example uses a 50% affiliate commission | Up to 20%; changes apply only to users who sign up afterward |
| Gate | Not officially stated | “A certain percentage” of the commission; how it is set is not stated |
| BingX | The official example uses 40% | Taken out of the referrer’s commission; the example uses 10% |
| KuCoin | 25% from the day the invitee completes identity verification to the end of that month, then adjusted on the 1st of each month based on referral performance | Set by the referrer, up to the referrer’s own current commission rate |
| HTX | 30% for regular users, 60% for affiliates | Set by the referrer in a custom invitation code, which cannot be changed after creation |
| XT | For regular users, referrer and invitee combined up to 20%; affiliates up to 50% | Regular users split it within the 20%; affiliates can create referral links with a fee discount |
| WEEX | Calculated by WEEX under its promotion terms | The rate changes when the upstream affiliate or the direct inviter adjusts it |
| Pionex | Regular inviters get a fixed 20% on spot and 15% on futures | The inviter passes part of the rebate rate on as a fee discount |
| Ourbit | The official example uses a 70% affiliate rate | The example gives the invitee 30% and the affiliate keeps 40% |
KuCoin’s 25% comes from the KuCoin referral program; XT’s affiliate referral links from the XT.COM affiliate program; WEEX’s definition of commission from the WEEX promotion terms; the other sources are in the lists above. The referrer commissions in the table are official rules or examples, not the actual rate of any particular referral code.
Why do referral codes for the same exchange give such different rebates?
Because the referrer decides the invitee’s rebate. On the same exchange, one code may pass the whole commission on, another only part of it, and another nothing at all. Referrers also sit at different commission tiers, so a regular user and an affiliate can share different maximums. When you compare referral codes, compare “what this code gives the invitee”, not “the highest commission this exchange pays”.
XT shows this most clearly: when a regular user refers someone, referrer and invitee share up to 20% combined, while affiliates on the same exchange earn up to 50%. Both are “XT referral codes”, yet the room to share with you differs by more than double. Pionex is the same: regular inviters have a fixed rebate rate, and KOL referrers follow separate rules.
What is “60% of the commission” as a share of your fees?
You have to multiply once more. When some referrers or rebate groups say “60% rebate”, they mean 60% of their commission, not 60% of your fees. The formula is: share of fees you get back = referrer commission rate × the share passed to you. The table below works through a few hypothetical phrasings for someone who pays 100 USDT in fees a month (the numbers are only examples, not any exchange’s actual rates):
| How it is advertised | Calculation | You get back | Share of fees |
|---|---|---|---|
| 20% fee rebate | 100 × 20% | 20 USDT | 20% |
| 40% of a 50% commission | 100 × 50% × 40% | 20 USDT | 20% |
| 60% of a 70% commission | 100 × 70% × 60% | 42 USDT | 42% |
| 40% commission, 10% to you (BingX official example) | 100 × 10% | 10 USDT | 10% |
The first two rows are phrased very differently, yet both come to 20 USDT. So when you compare, convert every claim back into “percentage of fees” first. Watch the BingX row: the 10% in the official example is already a share of fees, so multiply it by the fees directly, without multiplying by 40% again. If you can’t tell which kind it is, ask plainly: “If I pay 100 USDT in fees, how much do I get back?” The terms are compared in the rebate glossary.
Can the referrer change your rebate rate after you sign up?
Some exchanges address this and some don’t, and the rules differ:
- MEXC: when an affiliate changes the split, it applies only to users who sign up afterward; people who have already signed up are not affected.
- HTX: a custom invitation code cannot be changed once created, so the rate stays with that code.
- WEEX: its FAQ states that if the upstream affiliate or the direct inviter adjusts the rate, your rebate rate changes.
- KuCoin: the referrer’s commission is recalculated on the 1st of each month based on referral performance; when the commission rate changes, the rebate passed to invitees is recalculated in proportion to the original split (KuCoin referral program).
- The other exchanges do not state this officially. Once a referral relationship is established, you usually cannot switch referrers; the switching limits are in the guide to switching referral codes.
The invitee’s rebate is part of the referrer’s commission, so when the commission stops, the rebate stops with it. For example, once a Binance invitee reaches VIP 3 or above, the spot and margin referral commission stops; each exchange’s VIP limits are listed in does your referral rebate survive a VIP upgrade.
How can you tell which rate a referral code gives before you sign up?
- Check the sign-up page. Some exchanges, such as Binance, BingX and Ourbit, show the invitee’s rebate rate right after you enter a referral code. That is the most direct evidence.
- Check whose rate a post describes. Words like “commission”, “up to” and “affiliate” usually describe the referrer’s rate. “Invitee”, “self-rebate” and “fee discount” describe the rate you can actually get.
- Check that it applies automatically. A rebate that needs a private message, your UID or someone to pay it out manually is not an official rebate that the exchange applies at sign-up.
- Check after signing up. Look at the rebate records on the exchange’s referral page or in your fund records; each exchange guide on this site says where to look.
Where to look for step 4 at each exchange is covered in how to check whether your referral code is bound. At OKX, for example, it is “User Center → My Rewards” in the app; if that section is missing, the affiliate has not allocated you a share.
How is a rebate that requires your UID different from the exchange’s rebate?
With the exchange’s automatic rebate, the referrer sets the rate in the exchange’s dashboard and the exchange pays it straight into your account, with no third party involved. If you’re asked to send your UID or link your account to a website, it is usually a rebate site: it receives affiliate commission from the exchange, works out your share from its reports and pays it to you separately. That extra rebate is paid by the rebate site, which may change its rules or stop operating. For how rebate sites compare, see how to choose a rebate site.
For Bybit, this site has no automatic rebate from the exchange; the rebate route is Fee Otter. The extra rebate is paid by Fee Otter, not the exchange, and not Kevin Wu; the rate is whatever Fee Otter’s page shows at the time, and the steps are in Bybit fee rebate (Fee Otter). Either way, getting a rebate only takes a referral code or a UID; be on your guard if anyone asks you to pay first or to hand over your password, verification codes or API keys. Common tactics are covered in rebate scam warning signs.
Which rate does this site report?
This site reports only the automatic rebate the invitee receives from the exchange, synced with the exchange every day. Where the data comes from and how it is checked is explained in how the rebate data is compiled, and you can compare every exchange’s rate at once on the exchange referral code overview.
FAQ
What is the difference between a referrer commission and an invitee rebate?
The referrer commission is what the exchange pays the referrer; the invitee rebate is the part of that commission the referrer passes on to you, which the exchange refunds to your account. Both rates are calculated on the fees you pay, and the invitee rebate is always less than or equal to the referrer commission.
A referral code says “up to 50%”. Will I get 50% back?
Usually not; “up to 50%” is typically the referrer’s commission ceiling. Binance and XT both describe affiliate commissions as up to 50%, but Binance affiliates can give invitees at most 20% on spot, and on XT, a regular user’s referral splits at most 20% between referrer and invitee combined.
What is the highest rebate an invitee can get?
It depends on the exchange; where a cap is stated, it is mostly around 20%. OKX is 0%–20%, MEXC affiliates can share up to 20%, and Binance affiliates up to 20% on spot and margin; KuCoin gives no fixed number and only says it cannot exceed the referrer’s current commission rate. What you actually get depends on the referral code you use.
If the referrer earns more, do my fees go up?
No. You pay the exchange’s rate, and the commission comes out of those fees. In BingX’s official example, the invitee pays 100 USDT in fees, the referrer gets 30 USDT and the invitee gets 10 USDT back; the invitee’s 100 USDT does not increase because of the referrer’s share. Your actual cost depends only on your own rebate rate.
Can the referrer lower my rebate after I sign up?
It depends on the exchange. MEXC states that changes to the split apply only to users who sign up afterward, and HTX custom invitation codes cannot be changed once created; WEEX, on the other hand, states that your rate changes when the upstream affiliate or the inviter adjusts it. The other exchanges do not state this officially, so go by the rebate records in your account.
Does a Bybit referral code give a rebate?
Bybit itself has no invitee fee rebate; its referral program gives invitees a newcomer gift and task rewards. To get part of your fees back, you need a rebate site such as Fee Otter. This rebate is paid by Fee Otter, not the exchange, and not Kevin Wu.
How do I check the rebate rate I’m getting?
The most direct places are the sign-up page and your account’s rebate records. Binance, BingX and Ourbit show the invitee’s rate after you enter a referral code on the sign-up page; at OKX you can see it under “User Center → My Rewards”. After signing up, multiply one day’s fees by the rate and compare it with your rebate records; if nothing has arrived, see what to do if your referral rebate hasn’t arrived.
For the rate you actually pay at each exchange after the rebate, see actual fees after referral rebates; referral code and rebate terms are explained in the rebate glossary.