How rewards work

The daily rewards

Every day the subnet gives out 7,200 of its own tokens (α). 41%, that is 2,952 α, goes to the miners, 41% to the validators and 18% to the subnet’s owner, locked on the chain so it is never sold. The miners’ part is paid out in full every day, in two rewards:

Volume reward: 80%, 2,361.6 α a day

For activity. Shared among the day’s eligible miners by the Kokoah fees they paid.

Skill reward: 20%, 590.4 α a day

For a proven edge. Shared among traders and agents whose record passes a strict 90-day test, by their skill weight.

On a day nobody is in the skill reward, it joins the volume reward.

Who earns on a day

You earn on a day when both of these hold:

Real capital at work

Your trading account’s average value over the UTC day is at least $10,000. It is worked out from Hyperliquid’s own recorded history of your account across the whole day, never from one moment, so money moved in for a minute changes nothing. If Hyperliquid recorded fewer than four points that day, the average is unknown and the day doesn’t count.

Qualified once

A new miner qualifies with its first three trades worth $1,000 together. The trade that completes both counts earns credit; the two before it don’t. A trade is one execution: an order that fills against several resting orders at once is one trade. There is no waiting period, and the qualification stays until your miner’s identity changes.

On a day that falls short, your trading is still recorded, but it earns no credit, your earlier credit fades as on a quiet day and you are paid nothing for it. Nothing is owed later, and you are never shut out: the first day back at $10,000 earns again. A new trading address, a hotkey swap or a new registration starts credit and qualification again.

Being eligible is all the volume reward needs. The skill reward asks for more, as explained below.

Every detail, with examples, is in When you start earning.

The volume reward

Your credit for a day is the Kokoah fee paid on your perpetual trades while you were eligible: 0.025% of each fill, maker or taker alike. Spot trades are recorded but never count. The volume reward is shared among the day’s eligible miners in proportion to their smoothed credit, so your share grows in step with the fees you pay.

Credit is smoothed: 30% of a day’s fees count that day, 21% the next day, and each later day 70% of the day before. Every dollar of fees counts exactly once in total; smoothing only spreads it, so one very busy day can’t swing the ranking. Splitting one account into many, or merging many into one, changes nothing, because the share follows the fees.

The skill reward

The skill reward is for traders and agents who prove a real, steady edge. You take part on a day when all of these hold:

• You are eligible that day (see above).
• You were active over the last 30 days: at least 10 round trips (a coin’s position closed or turned around), Kokoah trades on at least 7 days, and an average account value of at least $500.
• You pass the entry test: your last 90 daily returns pass a strict statistical test, showing with 95% confidence that your risk-adjusted return beats a modest benchmark. A day whose return isn’t known (its account value couldn’t be read) is skipped, and the test reaches one day further back. With fewer than 90 days of record you can’t pass yet, and a lucky streak doesn’t pass.
• You have no mirror penalty (see What never counts below).

Your share of the skill reward follows your skill weight. Three things set it:

Your skill score, from 0 to 1

Measured from your own daily returns: your account value’s daily change with deposits, withdrawals, transfers and off-market fills taken out, each day capped at ±10%. It asks whether your last 60 days are statistically better than luck, and whether your recent gains over the last 30 days clearly outweigh your losses; two or more days that lost more than 10% in the last 60 halve the second part. Only the part above 0.25 counts: a score of 0.25 or less adds nothing, and a score of 1 counts in full.

Your volume, up to $1,000,000

The weight grows with your eligible trading volume through Kokoah over the last 30 days and is full from $1,000,000: at $250,000 it counts a quarter. Volume beyond $1,000,000 adds nothing to the skill reward.

The agent bonus, 10%

A verified trading agent’s skill weight is 10% higher. See Trading agents.

For example, a score of 0.7 counts 0.6 of the full weight: it is 0.45 above the floor of 0.25, out of the 0.75 from the floor to 1. With $500,000 of eligible volume in 30 days that is halved to 0.3, and a verified agent gets 0.33.

Each account is judged on its own record. Accounts that trade alike, copies of another trader included, each keep their own skill weight: copy trading is never punished.

An example day

Three eligible miners have paid the same smoothed Kokoah fees. Trader A has passed the entry test with a skill weight of 0.8. Agent B has also passed, with 0.8 before the agent bonus, so 0.88. Trader C has no 90-day record yet.

• The volume reward, 2,361.6 α, splits three ways: 787.2 α each.
• The skill reward, 590.4 α, splits between A and B as 0.8 to 0.88: 281.1 α and 309.3 α.
• A is paid 1,068.3 α, B 1,096.5 α and C 787.2 α: all 2,952 α is paid out.

What never counts

Rewards are for real trading. These never count:

• Trades placed outside Kokoah: only fills whose order carried Kokoah’s builder code count.
• Spot trades: the subnet scores perpetual futures only.
• Trades with yourself: between your sub-accounts, addresses on the same Bittensor wallet, or addresses that fund or transfer with each other. They count as one trader and never earn from trading each other.
• Trades with other registered traders: the subnet doesn’t pay for volume between its own miners. They don’t get anyone reported, since anyone can trade against anyone’s orders.
• The part of a trade priced more than 0.5% away from the market: it is valued at the market price.
• Positions that mirror each other between one owner’s accounts (accounts on one Bittensor wallet, or a main account and its sub-accounts): net positions in a coin at each day’s end that move opposite to each other (correlated below −0.8) on at least 10 of the last 30 days. Accounts of different owners are never compared. If more than a quarter of an account’s positions are mirrored, it loses that share of its credit; above half, it is also reported, and it and the owner’s other accounts are out of the skill reward for 30 days. The penalty stays with the trading wallet.
• Profit on a day you were a big part of a coin’s market: when your own trades were more than a quarter of that coin’s trading volume on Hyperliquid that day, the day’s profit doesn’t count for the skill reward, but a loss does. The Kokoah fees on those trades still count for the volume reward.

When you are paid

The validators score each UTC day after it ends, usually within a few hours. Your pay then arrives on your miner every tempo (about every 72 minutes) until the next day is scored, as the subnet’s token staked to your miner and owned by your Bittensor wallet. Keep it staked or move it whenever you like.

Burns and buybacks

The miners’ part is paid out in full. Only on a day when no miner has earned anything at all does it go to a dedicated burn key, and it is burned on the Bittensor chain, never sold. Kokoah spends its revenue, the Kokoah fees on every trade routed through it and, later, the revenue from strategies built on verified agents, on buying back the subnet’s token and burning it, one public transaction each time. Both appear on the chain and on the Buybacks page.

The exact numbers

Every formula and parameter is in The pay rule in formulas. Validators compute it all from public Hyperliquid and Bittensor data, so anyone can check the result.