Kuyen Labs presents an analysis of the VIP tier of the dYdX Affiliate Program covering June and July 2025. This report examines the VIP tier performance within the larger dYdX affiliate program and the dYdX ecosystem, highlighting key achievements, challenges, and strategic next steps.
Affiliate Program KPIs
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Total Affiliates: 291 | VIP Affiliates: 113
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Total Referred Trading Volume: $4.84B
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Referred Trading Volume by VIP Affiliates: $3.57B (74%)
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Total Referred Users: 3,356 | Referred Users by VIP Affiliates: 587 (17%)
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Total Referred Fees: $1.17M | VIP Referred Fees: $855K (73%)
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Affiliate Commissions Earned: $92K | VIP Affiliates Commissions Earned: $48K (52%)
Overview: Where Does the Affiliate Program Stand?
Over the approximately nine months of the dYdX Affiliate Program’s operation, it has moved through periods of high activity and quieter moments impacted by broader market conditions. The first 2 to 3 months of the program saw very high activity, with a large number of new users joining and referred volume making up a significant portion of dYdX’s total.
After that initial strong start, activity began to slow down and level out into a more steady and consistent base. There has also been a shift in affiliate contribution; some affiliates who were highly active at the beginning have slowed down, while others who were quieter initially are now showing more regular performance. Despite this evolution, the VIP affiliates continue to be a strong fallback for the overall affiliate program. A critical lesson has been the importance of cultivating deep connections with committed affiliates who bring in real users that remain active on the platform.
Performance Analysis
1. Affiliate-Generated Trading Volume (Monthly Data: Dec 2024 - July 2025)
After March, the total trading volume on dYdX saw a decline, which also affected the referred trading volume from affiliates. The data for July marks a clear change from this trend, showing a significant recovery where total trading volume on dYdX increased to $7.9B, with affiliates referring $355M of that volume. VIP affiliate activity has shifted; while VIPs brought in 65% of affiliate volume in April, that share fell to 15% in May and stood at 13% in July. The launch of the Booster Program at the end of June was a strategic initiative to activate non-VIP affiliates and prompt VIP participation.
| Month | Total Trading Volume | Affiliates Referred Trading Volume | Affiliates Share | VIP 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% |
2. New Trader Acquisition (Monthly Data: Dec 2024 - July 2025)
The number of new users referred by affiliates remained fairly stable, making up around 5-6% of all new traders on dYdX for several months. A significant change occurred in June, when the affiliate share of new traders more than doubled to 12%. This was followed by a more dramatic shift in July, when the affiliate share surged to 64%. The role of VIP affiliates in user acquisition has also changed; they were responsible for 64% of referred users in December, but that share dropped to 31% by May, indicating that other affiliates are playing a bigger role in bringing new traders to the platform.
| Month | New Traders on dYdX | New Referred Users | Affiliates Share | New VIP Referred Users | VIP Share (of Affiliates) |
|---|---|---|---|---|---|
| December | 2800 | 231 | 8% | 148 | 64% |
| January | 2000 | 119 | 6% | 55 | 46% |
| February | 1200 | 60 | 5% | 21 | 35% |
| March | 1180 | 56 | 5% | 19 | 34% |
| April | 1470 | 96 | 6.5% | 40 | 42% |
| May | 1527 | 75 | 5% | 23 | 31% |
| June | 2316 | 277 | 12% | 23 | 8.3% |
| July | 2850 | 1,849 | 64% | 37 | 2% |
Strategic Initiatives
Expanding Outreach
Fuul has been ramping up its growth strategy, taking the affiliate program into new territory. Over the past two months alone, outreach efforts have connected with 700+ potential affiliates, expanding well beyond the traditional crypto creator space to include traders with niche communities and educational voices with highly engaged audiences. While many prospects expressed a preference for upfront cash-only deals, these efforts have opened the door to fresh and diverse profiles. As a direct result, Fuul successfully whitelisted 11 new VIP affiliates in the past month, with several more in active conversations and close to joining.
This combination of high-volume outreach and quality partnerships is shaping Fuul’s vision: building a stronger, more diverse program powered by affiliates who deliver real, long-term value.
Affiliate Booster Program
To drive consistent engagement, dYdX introduced the Affiliate Booster Program, a weekly competition designed to reward affiliates who bring in new active traders. With a total prize pool of up to $50K USDC, the program adds a competitive edge to affiliate growth.
In Sprints 1–2, rewards were granted to the top 10 affiliates ranked by the number of newly referred users who executed their first trade. Each week distributed $11,900 in prizes on a tiered basis, with leaderboard resets ensuring fresh competition.
In Sprint 3, the format evolved: affiliates were ranked by the total cumulative trading volume of their newly referred users. To appear on the leaderboard, affiliates needed at least one new referral and $10,000+ in combined volume, while the prize pool remained unchanged.
Real-time rankings were showcased on Fuul’s leaderboard and shared with the community, ensuring affiliates could track their performance and push for top positions.