When you start earning

In short

You earn rewards on a day when both of these are true:

1. Your trading account averaged at least $10,000 over that UTC day.
2. Your miner has qualified, once, with its first three trades worth $1,000 together.

Both are checked again every day. There is no waiting period: you can register, qualify and earn on the same day. A day that falls short earns nothing, and the next day that meets both earns again.

Being eligible is all the volume reward needs. The skill reward asks for more: a proven 90-day record and some activity over the last 30 days. See How rewards work.

The $10,000 daily average

The account is your linked trading wallet’s perpetuals account on Hyperliquid, and its value is what Hyperliquid reports for it: your margin plus or minus your open positions’ profit and loss. The day is the UTC day, from 00:00 to 24:00 UTC.

The average is taken over the whole day, not at one moment. Hyperliquid records your account value about every two hours; the validators join those recorded points with straight lines and take the average of the line across the 24 hours. The day’s edges are filled in from the points just before and just after.

Some examples:

$12,000 all day

Average $12,000: eligible.

$6,000 until noon, $16,000 after

Average about $11,000: eligible.

$5,000 all day, with $50,000 added for one hour

Average about $7,100 at most, and a one-hour visit may fall between two recorded points: not eligible. Money moved in for a short while doesn’t make a day count.

A new account opened in the afternoon

The hours before its first recorded value count as zero, so it needs well over $10,000 for the rest of the day, or it starts earning the next day.

A loss that takes the account under $10,000

Only the day’s average matters. A dip for a few hours may still leave the average above $10,000; if the average ends below, that day earns nothing.

If Hyperliquid recorded fewer than four values inside the day, or the record of an account that existed before the day doesn’t reach back to the start of the day, the average is unknown, and an unknown average is never guessed: the day doesn’t count. A validator that simply can’t reach Hyperliquid waits and scores the day later instead, so a network problem never costs you the day.

The three qualifying trades

A new miner qualifies with its first three trades, worth $1,000 together. Only trades that count for the subnet count here: perpetual trades through Kokoah, not with your own accounts or other registered traders.

A trade is one execution: everything one order fills in one coin and side at one instant. An order that fills against several resting orders at once is one trade, not several. Trades are counted in order and across days, until both numbers are reached.

The trade that completes both numbers earns credit, and so does every trade after it. The trades before it earn nothing.

$200, then $300, then $600

Three trades worth $1,100: the $600 trade qualifies you and earns credit; the first two don’t.

$100, $100, $100, then $900

Three trades are only $300, so counting goes on: the fourth trade reaches $1,200 and qualifies you.

You qualify only once. The qualification stays with your miner, even on days your account is below $10,000, until its identity changes (see below).

A day you don’t qualify

• Your trades, volume, account value and skill are still recorded, as on any day.
• The day’s trades earn no credit, and you take no share of that day’s rewards.
• Your earlier credit fades as on a day without trades: it keeps 70% of its value.
• Nothing is owed later for the missed day.
• You are never shut out: the first day back at $10,000 or more earns again, from that day’s trades.
• The leaderboard shows each trader’s eligibility for the latest scored day and, when not eligible, the reason: not yet qualified, average below $10,000, or average unknown.

What starts it again

Your fee credit and your qualification belong to one identity: one miner key linked to one trading address, from one registration. They start again from zero when that identity changes:

• You move your miner to a new trading address (allowed once every 60 days).
• You swap your miner’s hotkey.
• Your miner is registered again.

What can’t be escaped stays with your miner: its skill record, its pay history and any penalty. Coming back under a new identity never earns more.

A different miner that links your wallet later, after your miner has left the subnet, starts from zero in everything, and any penalty stays with the wallet.