Affiliate Program KPIs (Cumulative as of September 30, 2025)
The following metrics reflect the total results since the program’s start:
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Total Affiliates: 530 | VIP Affiliates: 140
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Total Referred Trading Volume: $6.03B
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Referred Trading Volume by VIP Affiliates: $3.90B (65%)
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Total Referred Users: 5123 | Referred Users by VIP Affiliates: 1340 (26%)
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Total Referred Fees: $1.51M | VIP Referred Fees: $1.04M (69%)
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Affiliate Commissions Earned: $197K | VIP Affiliates Commissions Earned: $115K (58%)
Final Report: VIP Affiliates Closing with Momentum
This final report concludes Kuyen Labs’ mandate managing the dYdX VIP Affiliate Program, a stage that demonstrated how affiliates can serve as a cornerstone of growth when paired with active management and innovation.
Across the grant period, affiliates consistently played an important role in dYdX’s acquisition and trading activity. Within this channel, VIP affiliates stood out as the high-impact segment, accounting for approximately 28% of referred traders while contributing 44% of all referred trading volume. This balance shows how regular affiliates provided scale while VIPs delivered depth and quality, together shaping a healthier distribution of contributions.
Beyond averages, Kuyen Labs also introduced structural improvements that reinforced the program’s long-term potential. The Booster Program, first proposed and executed under this grant, became a standard format to drive competition, acquisition, and retention. Complemented by targeted outreach, the rollout of personalized referral links, and the careful handling of partner selection, these initiatives strengthened the program’s foundations. While a large share of creators requested upfront payments to produce content and attract traders, Kuyen Labs focused on building relationships with those aligned with the program’s 100% performance-based model. This approach ensured that incentives remained sustainable while bringing in partners who could deliver long-term value to dYdX.
As this chapter comes to an end, the program closes with clear momentum and a proven framework. Kuyen Labs leaves dYdX with a stronger affiliate base, innovative incentive mechanisms, and a legacy that confirms affiliates, and especially VIPs, as a cornerstone of sustainable long-term growth.
Performance Analysis
1. Affiliate-Generated Trading Volume (Monthly Data: Dec 2024 - September 2025)
Throughout the period, affiliate-driven trading volumes reflected broader market dynamics, with fluctuations in activity but a decisive rebound in the final quarter of the program. After stabilizing in mid-year, contributions began to climb steadily, reaching $355M in July and $422M in August. September confirmed this recovery, with affiliates referring $789M in trading volume, equal to 11% of total platform activity, the highest share recorded since December.
VIP affiliates played a central role in this rebound. Their referred volume reached $340M in September, accounting for 43% of affiliate-driven flow, a sharp improvement compared to August and their second-strongest performance of the year. This momentum underscored the effectiveness of targeted outreach and the capacity of the VIP tier to deliver consistent, high-quality contributions when aligned with the program’s performance-based framework.
| Month | Total Trading Volume | Affiliates Referred Trading Volume | Affiliates Share | VIPs Referred Trading Volume | VIPs Share (of Affiliates) |
|---|---|---|---|---|---|
| December | $16.9B | $1.8B | 11% | $1.7B | 93% |
| January | $10.4B | $809M | 8% | $680M | 84% |
| February | $7.8B | $74M | 1% | $3.5M | 5% |
| March | $7.8B | $242M | 3% | $107M | 44% |
| April | $5.8B | $217M | 3.7% | $141M | 65% |
| May | $5.4B | $207M | 3.7% | $32M | 15% |
| June | $4.7B | $172M | 3.6% | $2.8M | 1.6% |
| July | $7.9B | $355M | 4.4% | $47M | 13% |
| August | $8.4B | $422M | 5.2% | $104M | 24.6% |
| September | $7.1B | $789M | 11% | $340M | 43% |
2. New Trader Acquisition (Monthly Data: Dec 2024 - September 2025)
Affiliate-driven acquisition went through a period of modest contribution in the first half of the year, but momentum began to shift in June when their share more than doubled. Growth accelerated sharply in July, and after stabilizing in August, September set a new benchmark, with affiliates responsible for 71% of all new traders on dYdX, the highest level recorded to date.
Within this overall surge, VIP affiliates showed a decisive rebound. They represented 20% of total referrals in September, marking their second-best performance of 2025 and the fourth-strongest month since the program began. While non-VIP affiliates drove scale, the recovery of VIPs highlighted their continued importance in bringing high-value traders and reinforcing the balance between quantity and quality.
| Month | New Traders on dYdX | New Referred Users | Affiliates Share | New VIP Referred Users | VIPs Share (of Affiliates) |
|---|---|---|---|---|---|
| December | 2,800 | 231 | 8% | 148 | 64% |
| January | 2,000 | 119 | 6% | 55 | 46% |
| February | 1,200 | 60 | 5% | 21 | 35% |
| March | 1,180 | 56 | 5% | 19 | 34% |
| April | 1,470 | 96 | 6.5% | 40 | 42% |
| May | 1,527 | 75 | 5% | 23 | 31% |
| June | 2,316 | 277 | 12% | 23 | 8.3% |
| July | 2,850 | 1,849 | 64% | 37 | 2% |
| August | 3,549 | 937 | 28% | 39 | 4.1% |
| September | 1,224 | 872 | 71% | 175 | 20% |
September VIP Review
September represented a clear inflection point for the program, with affiliates generating 11% of total dYdX trading volume, the highest share since December. Within that, VIPs contributed 43% of affiliate-driven activity, marking their second-best performance of the year and signaling a strong recovery after the slowdown of mid-2025.
A recurring challenge in outreach has been the demand from many prospects for upfront payments, outside the program’s fully performance-based model. In September, however, targeted conversations and selective onboarding proved effective in bringing in creators aligned with the program’s vision. This shift was a decisive factor behind the improvement in VIP contributions compared to August.
At the same time, the pipeline of potential VIPs continued to expand, with several high-potential profiles in advanced conversations and approaching approval. This ensured that momentum was not only about immediate results, but also about building continuity for the future.
The combination of stronger overall affiliate activity, the rebound of VIPs, and the ability to attract the right type of partners showed how the program could close this stage with renewed strength, leaving dYdX with a healthier balance between scale and quality.
Affiliate Booster Program
In September, the clear protagonist was Sprint 6 of the Booster Program, which became the main driver of activity and engagement during the month. To participate, users needed to complete the sprint registration and refer to at least three new qualified traders, each generating more than $1,000 in trading volume and completing three or more trades. These requirements kept the focus on quality referrals and ensured that results were tied to real trading activity.
The sprint concluded on September 29 with 256 new qualified traders and $115.4M in referred trading volume. The concentration of performance was particularly visible in the top 10 participants, who together accounted for more than $113M of that volume. The leaderboard was led by CheeryGrizzlyDDN with $23.7M, followed by ExtraTurtleBXQ with $20.6M and WiseShadeWQN with $19.3M, while the rest of the top 10 contributed between $2.2M and $18.2M, earning prizes from $3,500 down to $350.
Beyond the metrics, Sprint 6 reflected the consolidation of a growth initiative originally proposed by Kuyen Labs. The Booster Program was designed as a way to expand the incentive strategy, bringing in new formats that went beyond the traditional affiliate model.
As the grant period concludes, the Booster stands as a clear example of Kuyen Labs’ contribution to dYdX’s broader growth strategy. Over these months, Kuyen not only managed the VIP Affiliate Program but also introduced the idea of the Booster as a complementary mechanism, reinventing how incentives could engage different types of users and positioning this format as a lasting tool for future campaigns.
Conclusion
With this final report, Kuyen Labs concludes its management of the dYdX VIP Affiliate Program, closing a cycle in which Kuyen Labs’ role extended beyond day-to-day management, encompassing the introduction of new frameworks that expanded dYdX’s growth strategy. From reshaping affiliate outreach to designing and launching the Booster Program, the program was transformed into a lasting engine of sustainable expansion.
In its final stage, the affiliate program showed clear momentum, with three consecutive months of growth across key metrics. September closed with affiliate-referred trading volume up +83% MoM, VIPs expanding their share of affiliate flow by +72% MoM, and new referred traders increasing +50% MoM. These results confirmed that re-engagement efforts and incentive innovation translated into tangible outcomes, while reaffirming the strategic importance of the VIP tier in driving quality contributions. They also demonstrated that referral incentives are a proven and effective driver of sustainable growth within the ecosystem.
Beyond metrics, Kuyen Labs’ contribution included targeted outreach to onboard high-fit creators, operational improvements such as personalized referral links, and transparent handling of frictions like upfront requests and max caps. The Booster Program, proposed and implemented under this grant, proved to be a replicable mechanism that combined competition, acquisition, and retention, setting a new standard for incentive design in the ecosystem.
As this chapter closes, Kuyen Labs leaves dYdX with a revitalized VIP base, a proven set of incentive frameworks, and a record of growth through diverse market conditions. This legacy demonstrates our ability to deliver measurable impact, adapt strategies to shifting contexts, and design initiatives that strengthen long-term user acquisition and engagement.