How progress works
Your tier can move up during the month as your volume grows. At the start of a new calendar month, Cove recalculates your tier from the previous month’s activity and starts tracking a fresh monthly progress period. Earned rewards stay yours. Future cashback and referral rates may move up or down depending on your latest monthly volume.Cashback tiers
Cashback tiers are based on your personal monthly trading volume. Cashback is paid in the native chain token and credited instantly after each eligible trade.Cashback progress is based only on your own trading volume. Referral activity does not change your cashback tier.
How cashback is calculated
Cashback is based on the net fee generated by each eligible trade, not on trading volume or the gross platform fee alone. Before calculating a reward, Cove subtracts the execution costs it covered for that trade, such as network gas and any required bridging costs.Net fee = Cove platform fee − sponsored execution costs
1
Cove collects the platform fee
The fee depends on the trade size and network. On most chains, the standard trading fee is 1%.
2
Sponsored costs are deducted
Cove subtracts the gas and bridging costs it paid to execute the trade.
3
Your cashback is updated
If the net fee is positive, your tier’s cashback rate is applied to the remaining amount. If the sponsored costs are higher than the fee, the difference appears as a negative cashback adjustment.
Why cashback can decrease
A trade can cost more to execute than it generates in platform fees, especially when trading small amounts on EVM networks during periods of higher gas prices.Example: a $4 sell on Base
Example: a $4 sell on Base
The trade generated $0.04 in platform fees but cost $0.53 to execute. Because Cove sponsored the network fee, the $0.49 shortfall was deducted from the cashback balance.
Negative adjustments keep gas sponsorship sustainable and prevent automated abuse. Trades that generate more in fees than they cost to execute continue to add positive cashback.
Referral fee tiers
Referral tiers are based on monthly referred trading volume, counted from your direct referrals during the current calendar month. Referral rewards are single-level: only users you directly invite count toward your referred volume.Referral progress is based only on trading volume from users you directly invited. Your own trades do not change your referral tier.
Accessing your referral link
Click Refer & Earn from the main menu. Cove opens a panel displaying your unique referral URL and tracking statistics, including your active referrals.