Access
Polymarket Perps invite codes
You do not need one. The code that used to be the entire door came off when Perps opened to the public, and most of what is written about Perps invite codes describes a product that no longer works that way.
Short answer
No invite code is required to trade Polymarket Perps. Access was gated during early access; it is not now. Connect a wallet, fund it with pUSD, trade.
Codes still exist as referral codes. Using one changes nothing about what you pay — same volume-tiered schedule, same leverage, same everything — it only decides who receives 20% of the fees you were going to pay anyway, weekly. There is no bonus for the person using the code.
A code applies to an account exactly once, and the account keeps the first one forever. You cannot switch later and you cannot refer yourself. So it is worth one moment of thought and no more than that.
What a Polymarket Perps code actually does now
During early access a code was the only way in, which is why so much of what is written about it treats the code as the product. Perps is open now, and the code does one job: it attributes your account to a referrer.source
The link is the code with a URL wrapped around it. Both forms do the same thing.source
https://polymarket.com/perps?c={code}Arriving without one is a valid choice and costs you nothing. Funding with pUSD, picking a margin mode, placing the first order: the walkthrough is here.
What it does not do
A Perps referral code does not give you:
- A signup bonus. Polymarket’s referral program pays the referrer and nobody else. There is no documented credit, deposit match or starting balance for the invited trader.source
- A fee discount. Fees are set by the published volume ladder and nothing else. A new account pays 0.0400% taker and 0.0125% maker whether it walked in through a code belonging to a stranger, a friend or a website.source The full schedule, and what it costs at leverage.
- Better leverage or bigger limits. Leverage ceilings and risk tiers are properties of each market, not of your account’s referral status.source
- Any relief from geography. See the last section.
If someone is selling a Perps code, they are selling you something Polymarket gives away and pocketing 20% of your fees for it. Codes are free. Every one of them.
One code, once, forever
A code can be applied to an account exactly once, and the account keeps the first code it is given.source It is a two-second decision — paste whatever code was in the first tweet you found — with a permanent consequence.
Know which of the three situations you are in before you paste:
- A friend gave you theirs. Use it. The revenue share costs you nothing you were not already paying, and it goes to somebody you know.
- You found one at random. Any valid code works identically. There is no such thing as a better one, so pick the one attached to something that was useful to you.
- Somebody wants payment for one. Do not. They already get paid, weekly, out of your fees.
What the referrer gets, in numbers
The referrer earns 20% of the trading fees paid by the traders they referred, paid out weekly, with no cap on what a single referred trader can generate.source Against the fee ladder, that comes out as:
| Referred trader’s 30-day volume | Their fee rate | Fees they pay | Referrer’s 20% |
|---|---|---|---|
| $10K | 0.0400% | $4 | $0.80 |
| $100K | 0.0400% | $40 | $8 |
| $1M | 0.0370% | $370 | $74 |
| $10M | 0.0350% | $3,500 | $700 |
| $100M | 0.0270% | $27,000 | $5,400 |
Two things fall out of that table. First, a casual referred trader is worth very little — a few dollars a month — which is why the codes being handed out freely are being handed out freely. Second, the number is a share of fees, not of profit or loss: a referred trader who loses money still generates fees, and a referrer earns exactly the same from them as from one who wins. Nobody in this arrangement is rooting for your account to blow up. They are rooting for it to trade.
We are on the same side of that table as everybody else writing about Perps. Our disclosure sits under the button at the foot of every page.
How many people you can invite
Invite capacity is not fixed. It starts small and expands, first on activity and then on volume.source
| Unlocked by | Total invites |
|---|---|
| Getting access | 10 |
| 10 active invites | 25 |
| $100K eligible volume | 100 |
| $500K eligible volume | 250 |
| $1M eligible volume | 500 |
The expansion from 10 to 25 is automatic once your first 10 invites are active — there is nothing to apply for.source Above that, $1M of eligible volume gets you to 500, which is the standard ceiling.
It is not your prediction-market code
Perps referrals are a separate program from Polymarket’s prediction-market referrals, with different codes and separate tracking.source A code that works on one will not do anything useful on the other, and a referral history built up on prediction markets does not carry over: on Perps you start at 10 invites like everybody else.
The two products share a brand and an account system and almost nothing else. Perps has its own order book, its own collateral, its own fee schedule and, as it turns out, its own referral plumbing. The comparison is here. The full explanation of the product is here.
The thing no code fixes
Access and geography are two independent gates, and a code opens exactly one of them. Polymarket does not permit Perps order placement from United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk or Luhansk. That restriction applies to placing orders; reading prices, funding rates and market data is not restricted.source
No referral link or tier of anything changes that, and this site will not tell you how to get around it. Where Perps can and cannot be traded.
Questions people ask
Do I need an invite code to trade Polymarket Perps?
No. Perps is open — the code requirement came off when it left early access. Connect a wallet, fund it and trade. Codes still exist as referral codes, which pay whoever gave you one, but nothing is gated behind having one.
Does a Polymarket Perps referral code give me a bonus or lower fees?
No. There is no signup bonus for the person being invited, no fee discount and no rebate. You pay the same published volume-tiered schedule as everybody else — 0.0400% taker and 0.0125% maker on a new account — whether you use a code or not. The only thing a code changes is who gets paid a share of the fees you were going to pay anyway.
Is the Polymarket Perps invite code the same as the referral code?
They were one string when a code was also the way in. With the gate off there is only a referral code — it attributes you to whoever gave it to you and nothing else. Anything still calling itself an invite code is a referral code.
Can I change my Polymarket Perps referral code later?
No. A code is applied to an account exactly once, and the account keeps the first code it was given. You cannot switch to a different referrer afterwards, and you cannot refer yourself.
How much does a Polymarket Perps referrer earn?
20% of the trading fees their referred traders pay, with payouts made weekly and no cap on how much a single referred trader can generate. At the entry fee tier that works out to roughly $8 for every $100K of taker volume a referred trader does.
How many people can I refer on Polymarket Perps?
You start with 10. Once those are active the limit expands automatically to 25 in total, and after that it rises with eligible volume: 100 at $100K, 250 at $500K and 500 at $1M, which is the standard maximum. Eligible volume is your own volume plus your direct referrals only.
Does my Polymarket prediction-market referral code work on Perps?
No. Perps referrals are a separate program from Polymarket's prediction-market referrals, with different codes and separate tracking. Somebody who has referred people to prediction markets for years starts from zero on Perps.
Will a referral code let me trade Perps from a restricted country?
No. The code gate is gone; the geographic one is not, and they were always independent. Polymarket does not permit Perps order placement from United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk or Luhansk, and no code changes that. Market data remains readable from anywhere.