Summary
With the upcoming conclusion of Surge Season 15 on June 30, 2026, the six-month Surge renewal period approved by the dYdX community in December 2025 has officially come to an end.
We want to thank the dYdX community for their continued engagement, feedback, and governance participation throughout this period.
Background
In December 2025, the dYdX community approved a six-month renewal of the Surge Rewards Program, authorizing up to $6M in DYDX from the Community Treasury to be distributed across six monthly seasons (Seasons 10-15). CLC was granted the mandate to manage program operations, including reward design, calculations, and distribution proposals, with support from dYdX Labs.
The program’s stated goals were to:
- Incentivize sustained and organic trading activity on dYdX through economically sustainable incentives
- Preserve user familiarity through the established Surge brand and fee-rebate model
- Maintain transparency and predictability in reward mechanics
- Distribute funds monthly via governance, keeping the dYdX community in control at all times
Program Recap (Seasons 10–15)
Across the six-month renewal, three core incentive programs ran in various combinations throughout the cycle:
Fee Rebates & Fee Holidays
Season 10 opened with 50% rebates on all positive trading fees, which transitioned in Season 11 to targeted fee holidays. BTC and BONK perpetuals ran fee-free from February through June, following community approval of BONK as an official dYdX integration partner. BTC and SOL perpetuals were also fee-free in January.
Loss & Liquidation Rebate Program
Launched as a pilot in December 2025, this program provided partial rebates on realized losses and liquidation losses in non-BTC perpetual markets and operated continuously across all six seasons. It represented one of the more novel incentive mechanisms introduced during the renewal period, offering downside protection alongside the more traditional volume-based rewards.
BONK Trading Competitions
Beginning in Season 11, CLC partnered with BONK to run a series of P&L-based trading competitions on bonk.trade. These included the BONKuary PnL Open ($100K, February), March BONKness ($50K, March) and the BONK RWA Trading Competition (weekly events in May and June).
Community Treasury Utilization
Over five seasons (Seasons 10-14), CLC requested a total of 5,866,590.10 DYDX from the Community Treasury for distribution to eligible traders. Season 15 distribution is pending the conclusion of the season and a separate governance proposal.
Rewards were distributed via a claim-based flow implemented on dydx.xyz, with eligible users notified through in-app and web notifications and directed to a dedicated claims page.
| DYDX | |
|---|---|
| Total requested from Community Treasury | 5,866,590.10 |
| Distributed to traders | 3,167,179.93 |
| Returned to Community Treasury | 541,241.86 |
| Held for pending distribution | 2,158,168.31 |
The remaining 2,158,168.31 DYDX is currently held at the rewards distribution address (dydx1lxjqtqzsnnxygkax03d8ygxrm7er23xjqpg4e6, dydx1yf03ykkfzmgvddvmsrsq30djr70v0an3u3f76g) and will be returned to the Community Treasury for future community initiatives once the pending distribution process concludes.
Pending Items
Following the end of Season 15, CLC will submit a final distribution proposal for Season 15 rewards and distribute the rewards to the eligible traders. We will provide a final accounting in the Season 15 distribution proposal by August 1, 2026.
CLC would like to thank all traders who participated across Seasons 10-15.