Referrals and points

OverviewCopy Anchor Link

Two kinds of reward, both counted by the program on chain.

Every wallet has a Trader account that holds both. It is made the first time the wallet places an order, backs a market, adds liquidity or takes a referral code. Anyone can read any wallet's tally there. USDC is claimable at any time from Rewards.

No multipliers. No off-chain ledger for the totals.

Earning pointsCopy Anchor Link

A referee keeps all of their own points. The referrer's and deployer's shares are extra, not taken from the trader.

Trading pointsCopy Anchor Link

1. An open earns nothing. Points are paid on the close, for both legs: $1,000 closed earns 2,000 points.
2. 10 minutes. The size closed must have been open at least 600 seconds. A sooner close earns 0, and so did its open.
3. Adding moves the clock. Held time is size-weighted. Adding $1,000 to $1,000 held 10 minutes puts the whole at 5 minutes held. A partial close leaves the clock alone. A position emptied and opened again starts from zero.
4. 250,000 points per wallet per UTC day, which is $125,000 closed. What a close would earn past that is not credited and not carried over. The count restarts at 00:00 UTC.

Volume still counts every fill, opens and closes, for the wallet and the market. Only points follow the rules above. The program keeps each wallet's trading_points, points_today and held_volume_usd (the round trip notional of closes held 10 minutes or more) on its Trader.

Backing and pool pointsCopy Anchor Link

Backing earns twice the pool's rate because it takes first loss (see How to underwrite a market).

1. Counted on what was posted, in dollars at the time.
2. Cut in proportion to shares withdrawn.
3. Never more than the stake is still worth. When the market's losses draw on the backing, the stake is cut to its share of what is left at the next deposit, withdrawal or mark_backing, which anyone may send.

Pool points are counted on the xLP a wallet minted and still holds.

1. xLP can move between wallets without the program seeing it. Tokens sent away stop earning at the next update and do not start again if they come back. Tokens received from someone else earn nothing.
2. xLP in a pending withdrawal earns nothing. A canceled withdrawal earns again from the cancel.

ReferralsCopy Anchor Link

A wallet takes a referral code once: 3 to 16 characters of a to z, 0 to 9, _ and -. First come, permanent. Its link is unwindfi.xyz/r/<code>; unwindfi.xyz/?ref=<code> works too.

A wallet that arrives on a link names that code's holder as its referrer with its first order, or from the Rewards page before trading. The referrer can be set once, only before the wallet's first fill, and never to itself.

Once referred, a wallet:

1. pays 10% less on every open and close fee;
2. owes its referrer 10% of every fee it pays, in USDC, from the first fill;
3. owes its referrer 10% of its trading points once it has $1,000 of held volume (a $500 position held 10 minutes and closed is $1,000). Points earned before that owe the referrer nothing, then or later.

Liquidation fees are not discounted and carry no referral share.

Opening a marketCopy Anchor Link

Whoever opens a market (its deployer, see How to open a market) is owed:

1. 10% of every fee paid on that market, in USDC;
2. 10% of the trading points its traders are credited.

Neither is paid on the deployer's own trades. The deployer earns trading points on those like anyone else, and nothing as the deployer.

They trade their own market at half the fee. Only that market: a discount on every market would make opening a throwaway market the cheapest way to trade everything else. The deployer discount and the referral discount do not stack; the larger applies.

Where the USDC comes fromCopy Anchor Link

Out of our cut. Referral and listing rewards come from the protocol's share of each fee and nothing else.

On the default split (see Fees) the protocol gets 20% of every fee. On a fee paid by a referred trader on a market somebody else opened, 10% goes to the referrer, 10% to the deployer, and the protocol keeps nothing. The pool, backers, insurance fund and chain are paid exactly what they would be with no referral.

When the protocol's share is smaller than the rewards on a fee, the referrer is paid first and the deployer's share is cut to fit. The USDC sits in the pool's vault on its own line, rewards_usd, until claimed, so it never counts as LP capital.

SyncingCopy Anchor Link

Settlement never needs a referrer's or deployer's account, which keeps as many orders as possible in one settlement transaction. What a trade earns them is left on the referee's Trader and on the market. Two permissionless instructions move it:

1. sync_referral moves a referee's owed points and USDC to their referrer.
2. sync_deployer moves a market's owed USDC and points (deployer_points_owed) to its deployer.

Neither can pay anyone but the account the program says is owed. The devnet server runs both every minute, and claiming on the Rewards page syncs the wallet's own markets first. Backing and pool points are brought up to date whenever the stake changes, or by the wallet calling accrue_points. A wallet with pool tokens it minted must show its pool token account when it does, since the stake is cut to what that account holds.

One pool per walletCopy Anchor Link

USDC rewards sit in one pool's vault, so each wallet's rewards are tied to one pool: the first one that credits it USDC.

1. claim_rewards pays only from that pool.
2. sync_deployer moves a market's USDC only to a deployer tied to the market's pool, and sync_referral only to a referrer tied to the referee's pool. Anything else stays owed where it is.
3. A referred wallet is tied to the first pool it trades in. A fill in any other pool keeps its discount but carves nothing for its referrer.
4. The tie moves once nothing is left in the old pool's books: no USDC waiting to be claimed and no referrer's cut waiting to be synced. Claim what the first pool holds, then sync, and the wallet is tied to the pool that pays it.

Pools that earn no pointsCopy Anchor Link

A pool earns points only if the program's upgrade authority created it or switched its points on.

1. On a devnet build anyone may create a pool, in a token of their own, so a deposit, backing or fill there costs nothing real. Such a pool is created with Pool::no_points set.
2. In it: no trading points, no volume, no referrer's cut, no deployer points, no backing or pool points. accrue_points refuses its pool token account. A deployer's USDC share is still carved from the fee.
3. The upgrade authority switches a pool's points on or off with set_pool_points. Nobody else can, and nobody can once the program is immutable.

The devnet pool was created from a fresh key and then switched on with the deployer key, so it earns points.

SeasonsCopy Anchor Link

The on-chain total is all-time. A season is a view over it, kept by the server: when it starts on a new pool it stores every wallet's totals, and the Rewards page, leaderboard, weekly view and creator ranking show what was earned since. Season 2 started October 6, 2026, on devnet's new pool (see Devnet).

Numerical exampleCopy Anchor Link

A referred trader opens $10,000 on a market with a 10 bps open fee, which somebody else opened.

1. The full fee would be $10. With the referral discount it is $9.
2. The open earns 0 points.
3. The protocol's 20% of $9 is $1.80. Of it, $0.90 goes to the referrer and $0.90 to the deployer.
4. The chain ($0.90), insurance fund ($0.90) and pool ($5.40, half of it to backers if the market has any) are paid as usual.
5. 20 minutes later the trader closes all $10,000. The close earns 20,000 points. The trader already has $1,000 of held volume, so the referrer is owed 2,000 and the deployer 2,000.
6. Closed after 5 minutes instead, it earns 0, and so do they.

LeaderboardCopy Anchor Link

The Rewards page ranks every wallet with points this season, and for the current week (from Monday 00:00 UTC), and pins the viewer's own row. It also publishes the share of points the top 20 wallets hold. Wallets the venue runs (the pool authority, devnet's market maker, the demo trader, the price relay) earn points like anyone else and are left off the ranking.

Both rankings show each wallet by its short address, never by its referral code.

Below it, devnet creators are ranked by distinct traders (see Devnet).

Rules changelogCopy Anchor Link

Rules change only going forward. Points already earned are never recounted.