For creators with a trading audience

You built the audience. The referral deal sold it to the exchange.

  • You send your audience to someone else's exchange, on terms it controls.
  • Your revenue-share rate is reviewed quarterly and cut without notice.
  • Your audience's losses are the exchange's profit. The interface is designed for it.
  • You own the exchange and the brand — the whole business, none of the overhead.
  • You set the fee rate, get paid with every trade, and own the wallet it lands in.
  • Your audience gets a risk-first terminal built around trader profitability, not churn.

Book a 20-min briefing with the founders

See the product →

See what you'd earn →

No code, nothing to migrate, no subscription. Activate your exchange and post its URL next to your existing referral links.

Track record

The team behind Wickery spent five years developing and operating trading infrastructure: $6.4B+ volume, 2.5M+ trades, a 28% profitable-trader rate against industry baselines of 3–13.5%.5614

  • 5 yearsdeveloping and operating trading infrastructure
  • The record, against the baselines

    • $6.4B+volume
    • 2.5M+trades
    • 28%profitable-trader rate vs. baselines of 3–13.5%5614
  • Meet the founders on a video call

    Book a 20-min call →

Every builder on Hyperliquid is a developer team. Wickery is the package for creators who aren't.

When you partner with Wickery, you become a Hyperliquid builder in your own right.

The audience-centric paradigm

Your audience is today's most valuable asset. Don't undersell it.

  • You

    You've got the audience.

    The relationship, the reach, the trust. Already yours.

  • Wickery

    You hire Wickery for the frontend and the routine.

    The operational load: the terminal, new features, maintenance, hosting, the support desk, the app-store paperwork.

  • Hyperliquid

    Wickery plugs into Hyperliquid for the order book and fund security.

    A $7B/day order book; the protocol is the counterparty. The frontend never touches money.

Below are the problems this arrangement removes, for you and for your audience:

The referral deal problem

The shrinking commission is not the problem. The fact that the referral deal can shrink it is.

Halved, frozen, clawed back — every receipt above is the same story: a creator signed a referral arrangement, and the counterparty controls the terms.

  • The terms you actually sign

    Advertised rates are the marketing surface. The binding clauses are where the value leaks.

    Everything below is quoted or paraphrased from the exchanges' own affiliate and referral terms.24

  • Pattern 1 — rates reset toward zero

    Binance, June 2023: "Spot and Margin referral commissions will be discontinued for all referred users who reach VIP 3 or higher."

    OKX: "For traders at VIP7 or above, commissions are not applicable."

  • Pattern 2 — paid commission can be taken back

    Bybit §9.8: commissions already paid can be cancelled, recalculated, or recalled at Bybit's sole discretion.

    Bitget: may "demand/recover… any commissions earned/transferred."

  • Pattern 3 — the terms change under you

    OKX: the program and its terms can be modified or discontinued at any time, for any reason, without prior notice.

    Bitget: the program runs at "absolute sole discretion" — including whether any commission is earned at all.

  • Pattern 4 — the records are theirs

    Bybit §9.2–9.4: Bybit's tracking report is final and conclusive… a discrepancy over 10% is resolved in Bybit's favor.

    MEXC §3.4: account records are "final and binding."

  • Fourteen venues, one architecture

    Coinbase — 50% of referees' trading fees for the first 3 months, then $0.

    Kraken — 20% of referred trading fees, hard-capped at $1,000 per referral…

    CoinEx — rewards halve after 6 months and end entirely after 12.

  • That is not a partnership. It is a revocable license.

    Four patterns repeat at essentially every venue: periodic re-evaluation that resets rates toward zero, clawback of commission already paid, unilateral amendment of the terms, and records only the exchange controls.

    Read the clause-by-clause audit — 14 exchanges

The already-onboarded trap.

Your audience is finite. Months 1–6 you onboard it. Months 7–12 the quarterly review downgrades your tier — a community that's already in can't produce enough new traders. Months 12–18 your best referrals hit VIP-3 and silently convert to $0.

  1. 1–6Onboard
  2. 7–12Tier downgrade
  3. 12–18VIP-3 conversion
  4. 18+Re-referral prohibited

You built the bridge. Your audience crossed it. The arrangement kept the audience and stopped paying the bridge-builder.

The gambling parlor problem

You sent them to trade. The interface was built to make them gamble.

  • Daily Journal AGM · Feb 2022

    Charlie Munger

    Vice Chairman,Berkshire Hathaway

    a gambling parlor
  • Berkshire Hathaway AGM · May 2021

    Warren Buffett

    Chairman & CEO,Berkshire Hathaway

    a casino
  • Product intervention · Mar 2018

    ESMA

    European Securities and Markets Authority

    an embedded conflict of interest

They were all describing the same thing — a trading interface whose revenue grows when the audience loses. That's the interface the exchange put in front of your audience, using your credibility as the delivery mechanism.

97%5of persistent day traders lose money

Here's how the loss-aligned interface is doing its job:

An audience that survives pays you for years. An audience that gets liquidated in 90 days pays you once.7

The full gambling parlor dossier — 97% Lose Money. The Interface Is Why. → (opens in new tab)

The interface, fixed

A trading terminal that takes your audience's side.

30 seconds. The dashboard, the wallet, a live fee landing on-chain.

The terminal that ships at yourname.wickery.xyz (or your custom domain) is built on 5 years of iteration across $6.4B in volume, against the documented mechanisms by which standard interfaces convert trader cognitive bias into their losses:

When your audience survives, your fees compound. The architecture chose your audience's side because your incentive function is the same as theirs.

Why Wickery became possible

Two costs killed this idea for decades. Hyperliquid deleted both.

Liquidity: $1M+ in market-maker incentivesWithout depth, your spreads lose to the next tab — the depth was the moat.
Licensing: $1M+, 12–18 monthsFinCEN, ~49 US state money-transmitter licenses at $250K–$1M each, MiCA, FCA, MAS.
100 USDC + a walletA $7B/day order book through one API. The protocol is the counterparty; the frontend never touches money.

Until 2024, running your own exchange or trading app cost $1M+ and 12–18 months. Hyperliquid collapsed both to a 100 USDC permissionless stake and a wallet.

In late 2024, Hyperliquid shipped a protocol feature called builder codes. Any frontend can attach a fee on top of protocol fees, up to 0.1% on perps, and keep 100% of it. The fee is collected on-chain. Every unit is a public, permanent, cryptographically signed transaction. It cannot be tier-reset, VIP-3-cut, silently re-attributed, or clawed back. Nobody can edit a blockchain transaction after the fact.

  • Builder codes, shipped late 2024

    In late 2024, Hyperliquid shipped a protocol feature called builder codes.

  • Your fee on top, and you keep 100% of it

    Any frontend can attach a fee on top of protocol fees, up to 0.1% on perps, and keep 100% of it.

  • Every fee is a public transaction

    The fee is collected on-chain. Every unit is a public, permanent, cryptographically signed transaction.

  • Nobody can edit it after the fact

    It cannot be tier-reset, VIP-3-cut, silently re-attributed, or clawed back. Nobody can edit a blockchain transaction after the fact.

The math of what you'd earn

Model your earnings on your numbers.

Drag the sliders — your community's trailing 14-day volume, and the builder fee you set. The math updates as you drag; the wallet enforces whatever tier the volume lands in.

Your monthly take
Net of Wickery commission of
vs. CEX referral29

This isn't a better commission rate. It's a different kind of agreement. Your split starts at 90/10: you keep 90% of every builder fee, and Wickery's commission is the other 10%. Your share routes to a wallet only your signature can open. The split is enforced at the wallet, not in a database. There is no row a counterparty can edit, so nothing resets, nothing changes retroactively, and no quarterly review can take the difference. The wallet is Hyperliquid's native protocol-level multi-sig, not a smart contract we wrote, and your signature is required for every withdrawal, including ours.

The ratio (your share / Wickery's commission) moves only with public volume tiers you can see coming. 90/10 until your trailing 14-day volume crosses $3M (~$6.5M/month steady-state). 75/25 above that. 65/35 above $15M, the same trailing-window mechanism Hyperliquid uses for its own VIP tiers. The calculator above already applies the tier that matches each volume: the number you see is the number the wallet would enforce.

The direction of payment flips with it. A referral program means the exchange collects everything and pays you whatever its dashboard says you're owed. Here, 100% of the builder fee lands in the joint wallet first, and Wickery's 10% leaves it the way every withdrawal does: with your signature on it, at the terms you signed and no others. You are the business owner, and you hired Wickery as a service provider. If Wickery ever played games with the terms, you could simply stop signing, and stop paying.

  • A different kind of agreement

    This isn't a better commission rate. It's a different kind of agreement.

  • Your split starts at 90/10

    Your split starts at 90/10: you keep 90% of every builder fee, and Wickery's commission is the other 10%. Your share routes to a wallet only your signature can open.

  • Enforced at the wallet, not in a database

    The split is enforced at the wallet, not in a database. There is no row a counterparty can edit, so nothing resets, nothing changes retroactively, and no quarterly review can take the difference.

    The wallet is Hyperliquid's native protocol-level multi-sig, not a smart contract we wrote, and your signature is required for every withdrawal, including ours.

  • Public tiers you can see coming

    90/10 until your trailing 14-day volume crosses $3M (~$6.5M/month steady-state).

    75/25 above that.

    65/35 above $15M, the same trailing-window mechanism Hyperliquid uses for its own VIP tiers.

  • Withdrawals happen one way: with your signature

    100% of the builder fee lands in the joint wallet first, and Wickery's 10% leaves it the way every withdrawal does: with your signature on it, at the terms you signed and no others.

  • You're the owner. Wickery is the vendor.

    You are the business owner, and you hired Wickery as a service provider. If Wickery ever played games with the terms, you could simply stop signing, and stop paying.

Monthly take by community volume: Wickery builder fees vs. a CEX referral link.
Your community's monthly volumeYour monthly take1vs. CEX referral29
$500K~$225~$75
$2M~$900~$300
$5M~$2,250~$750
$10M~$3,750~$1,500
$25M~$9,375~$3,750
  • $500K

    Wickery1
    ~$225
    CEX referral29
    ~$75
  • $2M

    Wickery1
    ~$900
    CEX referral29
    ~$300
  • $5M

    Wickery1
    ~$2,250
    CEX referral29
    ~$750
  • $10M

    Wickery1
    ~$3,750
    CEX referral29
    ~$1,500
  • $25M

    Wickery1
    ~$9,375
    CEX referral29
    ~$3,750

1 Computed at the tier that actually applies at that volume — splits read your share / Wickery's commission: 90/10 through $5M/month; 75/25 at $10M and $25M, where trailing 14-day volume crosses the $3M threshold (~$6.5M/month steady-state). At a flat 90/10 the $10M row would read ~$4,500 — we show the number the wallet would enforce, not the bigger one.

Your audience pays the same. You keep 3× more.

Wickery taker fee19~0.095%
CEX taker fee360.10%
  • 0.05% builder fee — the rate you set
  • ~0.015% — the slice of that 0.10% a CEX referral actually pays you29

Pricing

Every tier costs $0. Wickery earns only when you do.

No subscription, no setup fee, no minimum.

  • Start

    $0/month

    Trailing 14-day volume

    under $3M

    ~$6.5M/month steady-state

    90/10

    you keep 90%, Wickery's commission is 10%

  • Scale

    $0/month

    Trailing 14-day volume

    $3M–$15M

    75/25

    you keep 75%, Wickery's commission is 25%

  • Peak

    $0/month

    Trailing 14-day volume

    over $15M

    65/35

    you keep 65%, Wickery's commission is 35%

Every tier includes everything.

  • Custom domain via CNAME, live the same day
  • Native iOS and Android builds, with store listings via your own LLC (a store requirement, not ours)
  • Your audience's support, staffed by Wickery: AI first line, in-house team behind it
  • Hosting, maintenance, and terminal development. None of it lands on your calendar.
  • Payouts to a wallet only your signature can open

Founding partners

Five slots. 95/5 for life.

  • 5founding slots — the top 5 operators by cumulative volume when the launch window closes
  • 95/5lifetime split — you keep 95%, Wickery's commission is 5% — up to $15M trailing 14-day volume
  • 6 monthsthe launch window — public, on-chain, counting down

Every week you wait is volume someone ahead of you is stacking.

(Partners listed by handle or builder wallet — exact figures verifiable on Hyperscan.)

How it works

Three steps. Each one removes a specific reason this might not work.

Activate your exchange

Under 20 minutes. No code. Nothing to migrate.

If the three-step plan answered every operational question, the FAQ answers the twenty things you'd ask a partner before signing.

Before you sign

Objections, answered

  • Yes. Your audience is the asset regardless of which platform you've been promoting on. If you've been calling HYPE, posting TA on HL-listed assets, or running a charting channel, your audience is generating fees on Hyperliquid right now — and the most you can capture with an HL referral link is 10% of them, only until each referred user's first $1B in volume.18 Builder codes route 100% of the builder fee, uncapped, to a wallet only your signature can open — that's what Wickery activates for you. The architecture doesn't care whether your audience came from X, Telegram, YouTube, or a Discord. It cares whether the fee record is yours. The H1 names "the exchange" because the violation is the same whether the counterparty is Binance, MEXC, the Hyperliquid foundation, or whoever sold you a referral link.

  • No. There is no audience-size threshold, no volume quota, and no quarterly review that can downgrade you — the split is the split (see Q12). The only commitment is the refundable 100 USDC protocol stake (see Q9).

    The economics are why. Serving your branded frontend costs Wickery roughly $10 a month in infrastructure, and a typical active retail trader generates $15K–$50K a month in notional volume — a handful of active traders covers the cost of serving you. Past that, the same 90/10 split — you keep 90% — works at every scale, from a small Telegram group to a media brand with 500,000 followers.

    We can profitably serve a 100-member Telegram group. No enterprise white-label in history has been able to say that.

  • Far more than crypto. Hyperliquid runs the full crypto perp universe — BTC, ETH, SOL, and the long tail — and since October 2025, builder-deployed markets have been adding the rest of the trading screen: US equities like NVDA, TSLA, AAPL and MSFT, stock indices, gold, silver, oil, FX. The listing process is permissionless, so the list keeps growing.32

    The milestone that shows where this is heading: in March 2026, S&P Dow Jones Indices licensed the S&P 500® to a Hyperliquid builder — the first officially licensed S&P 500 perpetual anywhere. It trades on Hyperliquid, 24 hours a day, 7 days a week.33

    And these are not ghost listings. During the January 2026 silver squeeze, Hyperliquid's silver market cleared over $1.25 billion in 24 hours — the third most active market on the exchange, behind only bitcoin and ether.34Within four months of launch, Hyperliquid's gold and silver perps were already clearing roughly 1% of COMEX volume35 — and unlike COMEX, they never close for the weekend.

    Your builder fee attaches to order flow routed through your frontend, whatever the market. When your audience trades silver at 3 a.m. on a Sunday, the economics work exactly like a BTC trade on a Tuesday.

  • Right question, and any team that dismisses it is suspicious. Start with what's checkable without talking to us: the proof bar at the top of the page — the $64M builder-fee total on Flowscan and Hyperliquid's $11B+ open interest, plus a live Wickery fee transaction, all on-chain.

    Our own record — $6.4B+ volume, 2.5M+ trades, 5 years across the 2022 crash and the FTX collapse — is handled the way you handle your own P&L: not posted publicly, shown in full to serious partners. A recorded founder walkthrough inside the self-serve dashboard, and live on the video briefing, where the founding team also shares full names and LinkedIn profiles and runs the product.

    Two reasons it isn't on this page: publishing the prior platform's name would tie its existing users to a venture they didn't opt into, and a record scraped by everyone who scrolls past is worth less to you than one shown receipts-open to operators who show up. If what we show you doesn't match this page, we fund your 100 USDC stake — in writing, in the agreement. The full team page publishes at traction-gated milestones — the same operational decision.

  • This is the right fear and the page doesn't dodge it. Your audience's outcomes were never aligned with the exchange's incentives — that's why every standard interface defaults to cross-margin, 100× leverage, confetti on execution, and zero aggregate-risk display. Once you own the relationship, your audience's survival becomes your revenue function.

    The terminal defaults to isolated margin and per-entry stops because that's what an operator who actually owns the relationship would build. The prior-platform cohort ran at 28% profitable-trader rate against the 13.5% perps baseline — same audience type, different architecture. Migration is a downside-reducing move, not a downside-increasing one.

    And if after 30 days your community's outcomes on the Wickery terminal are worse than their outcomes on the exchange they came from, we'll publish your community's 30-day outcome data next to our prior-platform cohort data — both sets, side by side.

  • Your builder wallet is a Hyperliquid protocol primitive, not a Wickery smart contract. It continues to exist, continues to route fees, and continues to be under your signature control after Wickery stops existing. If our frontend goes dark, your fee stream still routes to a wallet only you can withdraw from. You can point any other Hyperliquid builder, or build your own, at the same wallet. The architecture is designed so your fee record outlives the company you're partnering with.

  • Your builder fees route to a joint wallet enforced by Hyperliquid's native protocol-level multi-sig — not a smart contract we wrote. Your signature is required for every withdrawal, including ours.

    That closes both failure modes a partner should ask about: Wickery cannot drain your fees, and neither party can rewrite the split — the wallet is the billing system, and there is no other one. Both sides verify the same record on Hyperscan, in real time.

  • Not by taking custody: a Hyperliquid frontend never holds funds. Deposits go to Hyperliquid's bridge contract, balances and positions live at the protocol, and every action is signed by the trader's own wallet. There is no pooled account an operator can walk away with.

    The practical attack surface of a hostile frontend is address substitution — showing a wrong deposit address, or a tampered destination on a withdrawal. Both are independently checkable, because none of the real addresses are secrets: Hyperliquid's bridge contract is documented and publicly labeled on Arbiscan, so a deposit address can be compared before sending; and a withdrawal's destination is your own wallet address, shown in your own wallet at signing and verifiable on Hyperscan after. Your audience never has to trust a screenshot — the chain is the record either side can check.

  • Before we started Wickery, we traded on Bitget and Bybit ourselves. Not to promote them. Just to trade. The advertised taker rate was 0.06%.2122 The rate we were actually paying was 0.10% — the same undisclosed markup on both exchanges, charged to every trader at VIP 0 and VIP 1.

    At 0.05% (5 bps in protocol terms), total taker cost on Hyperliquid is ~0.095%. The actual rates Binance, Bybit, and Bitget charge VIP 0–1 traders are 0.036% maker / 0.10% taker. Verified firsthand by the founders trading on both. For taker-dominant communities (most operator audiences executing signals), Wickery is cheaper. Your audience was already paying the markup. Now they're paying a comparable rate to trade on a terminal that defaults to stop-losses and isolated margin instead of confetti and 100× leverage.

  • You don't have to switch. The Wickery URL runs alongside your existing Binance link with zero technical conflict. Your audience can use either one. Post the Wickery URL in your channel, leave the Binance link in your bio, and compare the on-chain record to your referral dashboard after 30 days. If Wickery underperforms, you delete a pinned link and nothing else changes. This is a parallel experiment, not a platform migration.

  • Wickery inherits Hyperliquid's geo-fence — US, Ontario (Canada), and sanctioned territories (Russia, North Korea, Iran, Cuba, Syria, Myanmar) are blocked at the frontend IP layer. 180+ jurisdictions are accessible, including the EU under MiCA's exclusion for fully decentralized protocols. The non-custodial framing is the same one Phantom, MetaMask, Pantera-backed Based ($11.5M Series A), and Paradigm-backed LiquidTrading ($7.6M seed) operate under. Every partner receives a written legal memo from outside counsel during onboarding. None of this is legal advice for your specific jurisdiction; your counsel should review.

  • Four position-layer architectural differences, not cosmetic ones: (1) total current risk surfaced as a single visible dollar number — no other retail perpetuals terminal does this; (2) isolated entries, not just isolated margin — every entry is its own object with its own stop, no "average down" button; (3) stop-loss as a first-class order-entry action, two clicks before the position opens; (4) conservative per-entry defaults — isolated margin default, position-sizing guidance rendered at order entry.

    The volume-aligned defaults the rest of the industry inherits — confetti animations on execution, top-movers leaderboards, push notifications hyping volatility — are absent. They're cosmetic compared to the four above. Full primitive-by-primitive breakdown with the academic citations → (opens in new tab)

  • yourname.wickery.xyz deploys in under 20 minutes — fully branded, working on any device with a browser. A custom domain via CNAME goes live the same day.

    Native iOS and Android builds are available for partners who establish their own LLC for App Store submission — a store requirement, not ours (see Q16 for the full path and timeline).

  • Your Wickery frontend already runs on every phone. yourname.wickery.xyz is a full progressive web app — your audience opens it in any browser, adds it to their home screen, and it behaves like an installed app. No download, no store approval, nothing to ship.

    If you want a listing in the App Store or Google Play under your own brand, Wickery provides the native build. The stores require that the entity submitting a trading application is yours: you establish an LLC (or equivalent) with your own developer account and submit under it — the same path every Hyperliquid builder with a native app (Phantom, Based, pvp.trade) has walked. That requirement comes from the app stores, not from Wickery.

    Wickery supports the submission process end-to-end; typical time from decision to listing is 4–8 weeks. The product is identical either way — the store listing is a distribution channel, not a different tier.

  • Wickery carries the operational load: serving and maintaining the frontend, developing the terminal, staffing your audience's support, walking app-store submissions through review, and the onboarding legal memo. None of it lands on your calendar.

    Your side is the part only you can do: put the URL where your audience already is, and sign the withdrawals — the wallet stays yours, so even Wickery's share leaves it with your signature on the transaction. No servers to keep alive, no help desk to staff, no releases to ship. You own a business; you don't operate an exchange.

  • A Hyperliquid protocol requirement to activate the builder role. You deposit 100 USDC from your own wallet into your own Hyperliquid perps account. It sits there. You can withdraw it at any time. Wickery does not collect it, does not see it, and cannot access it. The protocol uses it to filter for builders with genuine commitment. It is not a fee.

  • On Hyperliquid, the ownership ceiling is 10% — and capped. An HL referral link pays 10% of a referred user's fees, only on their first $1B in volume;18 without one, your share is zero. Builder codes are the ownership primitive on the same protocol: 100% of the fee, no cap, on-chain.

  • The fee record is private. No public ledger you can audit. No transaction hash to point at. Just a dashboard whose numbers can change between the screenshot and the payout. A builder fee is the opposite object: a public, permanent transaction you can point at on Hyperscan.

  • Most referral agreements contain language reserving the right to terminate for "reputational risk" or "brand conflict" — undefined in advance, applied at the counterparty's discretion, with the accrued commission as the lever. The Wickery split has no clause like that to invoke: the split is enforced at the wallet, and neither party can rewrite it unilaterally.

  • Wickery does — support is included in the standard arrangement, not an add-on. The first line is Wickery's RAG-powered AI agent. RAG — retrieval-augmented generation — means the agent doesn't answer from a language model's general memory: it retrieves the answer from Wickery's own documentation and the terminal's current state before responding, so answers are specific to this product and stay current as the product changes. Anything the agent can't resolve is picked up by Wickery's in-house support team. Your audience reaches support directly inside the terminal via in-app chat, or via Telegram. You bring the audience; you don't staff the help desk.

You built the bridge. Now own the toll.

Activate your exchange

Under 20 minutes. No code. 100 USDC protocol stake — stays in your own account, withdraw anytime.

Book a 20-min briefing with the founders

Sources

Every load-bearing number on this page is verifiable. Superscript citations throughout the page anchor-link to the entries below.

  1. pvp.trade lifetime builder revenue ($7.82M). Flowscan Hyperliquid Builder Codes Leaderboard, individual builder page. https://www.flowscan.xyz/builders
  2. Cumulative builder revenue ($64.2M, all-time, ~18 months since builder codes shipped). Flowscan Hyperliquid Builder Codes Leaderboard; cross-checked against Blockworks. Every fee in the total is a permanent on-chain transaction — "$0 ever reversed or frozen" is the on-chain record, not a policy claim. And one of ours: a live Wickery test fee, on-chain, permanent. [PLACEHOLDER: tx hash + Hyperscan link + actual fee amount — do not publish without it.] https://www.flowscan.xyz/builders ↩︎
  3. 187 active builders; ~40% of Hyperliquid daily active users trading through third-party frontends; "Frontend Wars" context. Blockworks, Hyperliquid: The Frontend Wars. https://blockworks.com/news/hyperliquid-the-frontend-wars ↩︎
  4. 97% Brazilian day-trader loss rate (3% profitable). Chague, F., De-Losso, R., and Giovannetti, B., Day Trading for a Living?, University of São Paulo Department of Economics Working Paper 2019_47 (June 11, 2020). Available at SSRN. ↩︎
  5. 13.5% profitable-trader baseline on Hyperliquid (n=1,000). Hyperdash / BeInCrypto, Hyperliquid Trader Profitability Study, 2025. ↩︎
  6. Audience-survival economics (surviving cohorts out-generate 90-day blow-up cohorts, ~6× cumulative volume over 18 months). Wickery founding team's prior-platform cohort analysis across 2.54M trades. Methodology — sample sizes, time windows, exclusion rules — walked through during the partner briefing call and in the dashboard's recorded founder walkthrough. ↩︎
  7. Licensing cost estimates ($1M+, 12–18 months). FinCEN MSB filing fees; state-by-state money transmitter license costs (NMLS); MiCA CASP capital requirements (Title II); FCA MLR registration; MAS PSA. Aggregated in Wickery v6 business plan §3.1, available on request.
  8. Hyperliquid daily perp volume (~$7B), market share, active traders. CoinGecko Hyperliquid Futures page; DefiLlama Hyperliquid protocol page.
  9. Builder codes protocol feature. Hyperliquid Documentation. https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes
  10. Geographic restrictions enforced at frontend IP layer. Hyperliquid Terms of Use, §3.1.5. https://app.hyperliquid.xyz/terms
  11. Pantera-led $11.5M Series A in Based. The Block. https://www.theblock.co/post/390809/
  12. Wickery founding team prior-platform identity, volume, and on-chain records. Not published — an operational decision to protect the prior platform's existing users. Platform name, on-chain addresses, and cohort methodology shared on-screen during the 20–30 minute partner briefing call and in the self-serve dashboard's recorded founder walkthrough. ↩︎
  13. 5.17% volume increase from execution confetti. Chapkovski, P., Khapko, M., and Zoican, M., Management Science, 2026. ↩︎
  14. Founding-cohort leaderboard. Live partner rankings by cumulative volume, real-time on-chain figures, and the 6-month countdown at partner.wickery.xyz/founding-cohort
  15. Binance affiliate commission halving report ("jafranco"). Steemit, January 5, 2018 — figures denominated in BTC (bracketed [BTC] clarifiers added on-page; quote otherwise verbatim). https://steemit.com/cryptocurrency/@jafranco/is-binance-stealing-customer-s-referral-commission-or-am-i-missing-something ↩︎
  16. Hyperliquid referral program: 10% of referred users' fees, applied to each user's first $1B in volume. Hyperliquid Documentation. https://hyperliquid.gitbook.io/hyperliquid-docs/referrals ↩︎
  17. Hyperliquid fee schedule (base taker rate; builder-fee cap 0.1% on perps). Hyperliquid Documentation. https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees ↩︎
  18. $21M+ VC capital raised by Hyperliquid builder teams. Based: $11.5M Series A led by Pantera Capital — The Block. https://www.theblock.co/post/390809/ · Liquid: $7.6M seed led by Paradigm — The Block. https://www.tradingview.com/news/the_block:54bc6f289094b:0-paradigm-leads-7-6-million-seed-funding-round-for-perp-dex-aggregator-liquid/ · Dexari: $2.3M seed led by Prelude — FinSMES, June 2025. https://www.finsmes.com/2025/06/dexari-raises-2-3m-in-seed-funding.html
  19. Bybit published derivatives fee schedule (non-VIP taker 0.055%). Bybit, Trading Fees. https://www.bybit.com/en/announcement-info/fee-rate/ ↩︎
  20. Bitget published futures fee schedule (taker 0.06%). Bitget Support Center, Understanding Futures Fees. https://www.bitget.com/support/articles/12560603817155 ↩︎
  21. Clause-level audit of CEX affiliate/referral terms (the Section 3 expand). Official documents, as amended through July 2026: Bybit Affiliate Program T&C (§7.4, §9.2–9.4, §9.8–9.9, §20.6) https://affiliates.bybit.com/v2/en/agreement/ · MEXC Affiliate Agreement (§3.4, §11.2, §11.4–11.5) https://affiliates.mexc.com/agreement · Binance Affiliate Program Standard Terms (Cl. 4.4, 9) and program announcements (VIP-3 notice, June 2023) https://www.binance.com/en/about-legal/terms-binance-affiliate-program · Bitget Affiliate Program Policy https://www.bitget.com/support/articles/12560603824255 · OKX Affiliate Program Rules https://www.okx.com/en-us/help/okx-affiliate-program-rules · BloFin Affiliate Program T&C https://support.blofin.com/hc/en-us/articles/7032397203471 · Phemex Referral Commission Program T&C (§1.2–1.4, §3.2) https://phemex.com/help-center/referral-program-terms-conditions · KuCoin Referral terms https://www.kucoin.com/referral · Gate Affiliate & Referral Program Rules https://www.gate.com/referral/super-rebate · CoinEx Referral Reward Rules https://www.coinex.com/en/help/sections/articles/7244521333273 · Coinbase Affiliates https://www.coinbase.com/affiliates · Kraken Affiliate program https://www.kraken.com/affiliate/apply · BingX Affiliate Privilege https://bingx.com/en/act/template/2410 · Bitfinex Affiliate Program https://support.bitfinex.com/hc/en-us/articles/360036965234-The-Bitfinex-Affiliate-Program. Full audit: CEX Affiliate & Referral Program Terms: A Clause-Level Audit of Structural Unfairness to KOLs, Wickery research, July 2026.
  22. FCA retail CFD leverage caps and estimated UK consumer savings (£267M–£451M/year). UK Financial Conduct Authority, Policy Statement PS19/18 (permanent product-intervention measures, effective August 1, 2019), making permanent ESMA's 2018 leverage caps (30:1 major FX, 2:1 crypto). https://www.fca.org.uk/publications/policy-statements/ps19-18-restricting-contract-difference-products-sold-retail-clients ↩︎
  23. Robinhood gamification complaint and settlement (celebratory-imagery ban, $7.5M). Massachusetts Securities Division administrative complaint, Docket No. E-2020-0047 (December 16, 2020) — "used gamification strategies to manipulate customers"; settled January 2024 for $7.5M with a requirement to cease celebratory imagery tied to the frequency of trading for Massachusetts accounts. ↩︎
  24. FINRA record $70M Robinhood sanction (false and misleading account displays, incl. a −$730,000 balance). FINRA Letter of Acceptance, Waiver, and Consent No. 2020066971201 (June 30, 2021): $57M fine plus ~$12.6M restitution — the largest financial penalty in FINRA history. https://www.finra.org/media-center/newsreleases/2021/finra-orders-record-financial-penalties-against-robinhood-financial
  25. The "vs. CEX referral" benchmark — how it's computed. Every "vs. CEX referral" figure on this page (the calculator output, the table column, and the chart segment) is the same formula: monthly notional volume × 0.05% (Binance's published VIP-0 futures taker fee, non-discounted) × 30% (Binance's base futures affiliate rev-share) — i.e. ~0.015% of notional. Both inputs are the standard published rates; real-world effective takes run lower still, because commissions are computed on fee-discounted referees and end entirely for referees who reach VIP 3 — so the benchmark is deliberately generous to the CEX side. Verify each input: Binance futures fee schedule (VIP-0 taker 0.05%) https://www.binance.com/en/fee/futureFee · Binance Affiliate Program terms and rates https://www.binance.com/en/blog/community/join-the-binance-affiliate-program-376015737666441216 · Binance June 2023 VIP-3 referral discontinuation announcement https://www.binance.com/en/support/announcement/binance-vip-program-standard-referral-and-affiliate-programs-update-vip-3-9-users-to-enjoy-40-off-spot-and-margin-trading-fees-28356ec3f2e241eeb8aa0d9c5c524df5 ↩︎
  26. Operator and trader account-freeze receipts (the quote rail, cards 4–7). Trustpilot reviews, confirmed verbatim on the exchanges' public listing pages: MEXC affiliate UID 55437035 and the "180-day Risk Control" review at https://www.trustpilot.com/review/www.mexc.com · Bybit UID 165111382 at https://www.trustpilot.com/review/bybit.com (Trustpilot does not expose stable per-review permalinks; quotes verified against the listing pages as of July 2026 — reviewer status claims are the reviewers' own). The $2,082,614 MEXC freeze: X post by @pabloruizoka, July 13, 2025 https://x.com/pabloruizoka/status/1944304301557301355 with the 365-day support message corroborated by Cointelegraph https://cointelegraph.com/news/mexc-frozen-funds-white-whale-campaign — figures are the claimant's; MEXC disputes wrongdoing. ↩︎
  27. Hyperliquid tradeable markets — crypto perps plus builder-deployed equities, indices, commodities, and FX (HIP-3). Hyperliquid documentation, HIP-3: Builder-deployed perpetuals (mainnet October 13, 2025) — the permissionless mechanism by which builders list new perp markets. Asset availability changes as builders deploy; the live market list on any Hyperliquid frontend is the authoritative inventory. https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals ↩︎
  28. First officially licensed S&P 500 perpetual (March 2026). S&P Dow Jones Indices press release, March 18, 2026: the S&P 500® licensed to Trade[XYZ] for the first and only officially licensed perpetual derivative contract based on the index, trading on Hyperliquid. Availability per the announcement: eligible non-US investors. https://press.spglobal.com/2026-03-18-S-P-Dow-Jones-Indices-Licenses-S-P-500-R-to-Trade-XYZ-for-Perpetual-Contracts-on-Hyperliquid ↩︎
  29. Hyperliquid silver perp: $1.25B+ 24-hour volume, third most active market on the exchange (January 2026). CoinDesk, January 27, 2026 — during the silver squeeze, silver logged over $1.25 billion in 24-hour volume on Hyperliquid, behind only bitcoin and ether. A point-in-time volume during an exceptional squeeze, not a steady-state figure. https://www.coindesk.com/markets/2026/01/27/hype-token-surges-24-as-silver-futures-volume-soars-on-hyperliquid-exchange ↩︎
  30. Gold + silver perps at roughly 1% of COMEX volume within four months of launch. Monarq Asset Management, Price Discovery While the World Sleeps (2026) https://medium.com/@Monarq_Mgmt/price-discovery-while-the-world-sleeps-c489a0a08dd1 — corroborated by trade-press coverage of the same figure. The comparison is combined gold + silver HIP-3 volume against COMEX (the dominant global futures venue for both metals), not against all global venues; point-in-time (early 2026) and reported as growing. Figures are the analyst's own. ↩︎
  31. CEX futures taker fee actually charged at VIP 0–VIP 1 (0.10%) vs the advertised headline rate. The headline rates the exchanges publish: Bybit non-VIP taker 0.055% (source 21), Bitget taker 0.06% (source 22), Binance regular-account taker 0.05% (https://www.binance.com/en/fee/futureFee). 0.10% is the rate the Wickery founders were actually charged trading their own Bybit and Bitget accounts at VIP 0–VIP 1 — the same undisclosed markup on both venues (see FAQ Q5). Firsthand evidence: account fee statements shown on-screen during the 20–30 minute partner briefing call, the same disclosure path as sources 7 and 14. The published schedules linked here are the advertised side of the comparison; the delta between them and the charged rate is the point the chart makes. ↩︎
  32. Hyperliquid open interest ($11B+, the 2026 high); second among all derivatives exchanges — centralized included — by open interest, and the largest decentralized venue by a wide margin. The ranking: CoinGecko, Top Derivatives Exchanges by 24h open interest — Hyperliquid #2 behind only Binance, ahead of every other CEX (as of July 24, 2026), https://www.coingecko.com/en/exchanges/derivatives · The 2026 high: total open interest peaked at $11.07B — CryptoBriefing, July 13, 2026, https://cryptobriefing.com/hyperliquid-rwa-open-interest-hits-4b-total-peaks-at-11b-for-2026/ · The DEX gap: Hyperliquid holds more open interest than its major perp-DEX rivals combined — CoinDesk, January 19, 2026, https://www.coindesk.com/markets/2026/01/19/hyperliquid-extends-lead-in-perp-dex-race-as-rivals-volumes-fade · Rankings and figures move with markets; stated as of the dates above — the CoinGecko table linked here is the live standing. ↩︎
  33. What "trailing 14-day volume" measures — and how to estimate yours. Trailing 14-day volume is the total notional value of every trade your community places through your frontend — position size × price, entries and exits both — summed over the rolling last 14 days. It is the number Hyperliquid's tier mechanism reads. To estimate yours: take the monthly volume your current exchange's referral dashboard already attributes to your audience and halve it. As a rough illustration, 100 active traders each turning over $10,000 a week is ≈ $2M in trailing 14-day volume. ↩︎
  34. Attention-induced trading underperforms: −4.7% 20-day abnormal returns on the stocks retail crowds piled into. Barber, Huang, Odean & Schwarz, "Attention-Induced Trading and Returns: Evidence from Robinhood Users," Journal of Finance 77:6 (2022), pp. 3141–3190 — "Robinhood investors engage in more attention-induced trading than other retail investors… intense buying by Robinhood users forecasts negative returns. Average 20-day abnormal returns are -4.7% for the top stocks purchased each day." https://doi.org/10.1111/jofi.13183 ↩︎

Numbers not separately cited above — the Binance June 2023 VIP-3 referral notice (quoted verbatim in Section 3) and the BlackHatWorld threads (cited inline with thread IDs) — are sourced inline at the point of claim.