Motivation:
GMX is proposing a set of changes to the referral program on Arbitrum. The changes are designed to make the program more sustainable, reward genuine trading activity, and create structured pathways for high-volume traders and institutional participants.
These changes apply to Arbitrum only, where the overwhelming majority of GMX volume is processed. The referral program on other networks continues to operate under existing rules.
This follows the conclusion of the esGMX affiliate bonus distribution in February 2026, and is the next step in streamlining long-term referral incentives.
Summary of the changes:
Three distinct mechanisms are being introduced:
1. Affiliate reward step-down
Referral codes will transition on a per-trader basis once either of the following thresholds is met on Arbitrum:
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$20,000 in affiliate rewards paid out on behalf of that trader, or
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12 months have elapsed since the trader’s code was first applied
Upon reaching either threshold, the affiliate reward for that trader decreases to 0%. The trader’s fee discount is not affected: Tier 1-referred traders retain a 5% discount, Tier 2/3-referred traders retain a 10% discount.
This mechanism operates at the trader level, not the affiliate level. An affiliate with 100 referred traders will see each trader transition individually as they reach a threshold, not all at once.
The mechanism applies retroactively. Traders on Arbitrum whose codes were applied before the implementation date are subject to the same thresholds. Affiliates who have already received $20K in rewards from a given trader, or whose referred traders have held a code for over 12 months, will see the step-down take effect at implementation.
To prevent circumvention, if a trader whose rewards have already stepped down applies a new referral code on Arbitrum, the keeper will reassign them to the appropriate stepped-down code automatically.
2. Organic VIP Tiers
Traders who reach volume thresholds on Arbitrum without a referral code will be automatically assigned a protocol-controlled discount code. No action is required from the trader for this.
These codes carry no affiliate reward. They are assigned and monitored by the keeper. Unauthorized manual application of these codes will be detected and reversed.
This mechanism also addresses the self-referral exploit: traders who are already active on GMX and apply a referral code to themselves will be assigned the organic code appropriate to their volume, rather than receiving a discount through a self-referred code.
3. Tier 4 Code Structure
A new Tier 4 is being added for institutional participants, market makers, large integrators, and select affiliates on Arbitrum. T4 codes carry a 25% affiliate reward and 0% trader discount. Each T4 code is issued individually, with the rebate routed to a designated wallet. T4 codes are monitored by the keeper.
T4 is not a public tier. Parties interested in T4 eligibility should contact the team via @GMXPartners on Telegram.
What is not changing
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Trader fee discounts on Arbitrum are unchanged for all existing tiers
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The referral program on networks other than Arbitrum is not affected by any of the above changes
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The process for creating and sharing referral codes remains the same
Implementation
The exact implementation date on Arbitrum is to be confirmed. The documentation at docs.gmx.io/docs/referrals/ will be updated at implementation to reflect all changes above.
The community is requested to share their thoughts, feedback, and concerns around these proposed changes in this thread.
All perspectives are welcome, and community input will be taken into consideration before the implementation date is finalized.