EVEDEX affiliate program review: 30% for life, counted after cashback, and a penalty of a year’s commissions

EVEDEX is a perpetual futures venue that calls itself a hybrid exchange: orders are matched off-chain, settlement happens on Arbitrum, and traders keep funds in their own smart accounts. Its affiliate program is open to every account from sign-up, publishes a starting rate of 30% and promises it for the referral’s lifetime. The catch is in two places. The 30% is counted after EVEDEX takes 5% for expenses and pays the referee’s cashback. And the affiliate agreement rewritten on 16 September 2026 lets EVEDEX demand a year of your commissions back for breaking rules as broad as promoting “any other product or business”. We read the program documentation, three versions of the agreement, the platform terms, the help centre, EVEDEX’s blog and its Trustpilot profile on 13 November 2026. Our score is 5/10.

Who runs the program

The affiliate agreement defines “EVEDEX” as “EVEDEX Ltd. (Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, LC01 101, Saint Lucia)”, and the interface terms say the trading interface “is made available by EVEDEX Ltd.” No document gives a company number, and we could not confirm the company in a public register. The general terms of use (last modified 24 February 2026) say services “may be provided by different entities depending on the Service and/or your location”, and the Prime subscription terms attribute the affiliate uplift to an unnamed “other entity”. No regulator or licence appears anywhere; the terms open with “WE ARE NOT REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR COMMODITY FUTURES EXCHANGE COMMISSION IN ANY CAPACITY.”

EVEDEX’s press release of 29 August 2025 is datelined Dubai and quotes Thomas Kralow as “EVEDEX Chairman”; the founders’ letter in the docs is signed only “The EVEDEX Founding Team”. The company’s Points post dates its early testnet activity from 1 June 2024. The press release describes a soft launch on 4 August 2025 and a “Full Beta Mainnet” on 29 August 2025, and the Points post dates the mainnet phase from 5 December 2025. On 1 July 2026 the exchange moved off its own Layer 3 chain, Eventum, onto Arbitrum. The Internet Archive holds the affiliate agreement from July 2025.

On scale, CoinGecko reported $1.05 billion of 24-hour volume, $870 million of open interest and 54 pairs on 13 November 2026, while DefiLlama counted $3.91 million of value locked in EVEDEX’s contracts, all of it on Arbitrum. The two measure different things, but reported open interest is about 220 times the collateral DefiLlama sees. EVEDEX’s own pages say “TOP 10 DEX on DefiLlama & CoinGecko” (homepage), “#6 decentralized exchange” and “600M+ Monthly Trading Volume” (invite page). That monthly figure is below the daily one CoinGecko shows, and the same invite page still advertises “our proprietary L3 network built on Arbitrum Orbit” four months after the move to Arbitrum.

Commission structure

The program page (last updated 14 April 2026) is short: “We offer a starting commission of 30% from the fees the exchange collects from your referrals.” It lists three ways to raise that: leveling up your account, “Unlocking skills in the Influencer branch”, and a Prime subscription “which increases your referral commission rate by an additional 5%.” Creators with “over 5,000 subscribers on YouTube, Telegram, etc.” can apply for “personalized terms and conditions”. No page says what a level or an Influencer skill is worth; the skill page only says the branch “Provides extra affiliate commission boosts”. The invite page advertises “30% Affiliate commissions” and, lower down, “earn up to 60% lifetime commissions”; the August 2025 press release said “up to 60% based on performance”. The ceiling is a marketing figure with no published route to it.

What “fees the exchange collects” means is set out in four images on the same page, which we opened. EVEDEX describes the fee flow in stages: the trading fee, then “Exchange Expenses (5%)”, then “User Cashback” (“For example, 10%”), and only then: “After cashback allocation, the remaining amount is distributed to the affiliate (e.g. 40%).” The worked example takes $10 million of volume at an average 0.03% fee, so $3,000 in fees. It removes $150 for expenses and $285 for cashback, then pays the affiliate 40% of the remaining $2,565: $1,026. That is 34.2% of the gross fee, not 40%. The example’s final table then leaves the exchange $1,410.75, so its four rows add up to $2,871.75 rather than $3,000. One of the figures is wrong, and the page does not say which.

Cashback is not a fixed 10%. The fee page gives taker and maker fees “capped at” 0.045% and 0.015%. Cashback runs from 0% at level 1 to 35% at level 50 with Prime, and a referred user gets “+10% cashback for their first 30 days” on top, according to EVEDEX’s cashback post of 25 March 2026. Under the program page’s formula, the more cashback your referee earns, the less you earn. Per $1,000 of taker volume at the starting rate:

Referee’s cashback	Base after 5% and cashback	Affiliate at 30%	Share of gross fee
0% (level 1, no Prime)	$0.4275	$0.128	28.5%
10% (new referee, first 30 days)	$0.385	$0.115	25.7%
35% (level 50 with Prime)	$0.278	$0.083	18.5%

Maker volume pays a third as much. At 60% with a 10% cashback referee, the figure would be $0.231.

Prime costs $35 a month or $348 a year, and EVEDEX describes its affiliate uplift three ways: “an additional 5%” on the program page, “up to 5% extra” on the Prime page, and “Additional 5% to affiliate commissions” in the subscription appendix. Read as five extra percentage points, it pays for itself at about $1.6–1.8 million of referred taker volume a month, depending on the referee’s cashback.

Clause 6.1 of the agreement creates “Sub-Affiliates”, but no page says what you earn from them. Referrers also earned Points toward the planned EVE token until EVEDEX stopped generating new Points on 7 September 2026.

Older help articles carry other numbers. An article last updated 24 April 2025 uses “10% of trading fees from each referral” as its example. A loyalty article last updated 25 January 2026 still says “EVEDEX plans to launch its affiliate program in Q2 2025”, on-chain, with “Commission payouts through smart contracts”. Quote the program page and the agreement, not the help centre.

Attribution and cookies

Attribution is the program’s strongest point. The program page says: “There is no expiration period for your referrals – once a user signs up through your link, you will earn commissions from their trading activity for their lifetime.” Every account can generate “up to 100 links for different services” in the partner portal, and a February 2026 update added short links to specific EVEDEX sections with the referral code embedded. The binding happens at sign-up through a link or code, so there is no cookie window to compare; the cookie policy lists no referral cookie.

The contract leaves EVEDEX the final word. Clause 4.3: “We may, at our sole discretion, accept or decline any Referral introduced by you”. On sub-affiliate disputes, “our decision shall be final and conclusive” (6.1). Self-referral is banned (5.1.1: commission “for a self-trading account or through the use of multiple accounts controlled by you”), and only one affiliate account is allowed (8.1.1). Referees do not need identity checks to trade; the homepage says “No KYC. No accounts”, and the program page says “no additional verification is required” to start referring.

Payouts

Commission is not paid out unasked. The help article on the program (last updated 21 July 2025) says rewards “must be claimed manually via your profile dashboard” and that you “can collect it anytime”. The fee-flow images describe “Real-Time Calculations” and “Daily Finalization”. Clause 7.5 sets the currency: “Payment of the Commissions will be made in cryptocurrency to your EVEDEX account.” The creator application form asks for a single wallet and warns: “Only this wallet will be eligible to receive rewards for referrals”.

What we could not find:

• No minimum claim amount is published. The cashback help article says a withdrawal must exceed the network gas cost.
• No chain list for commission payouts is published.
• No payment schedule beyond “anytime” is published.

The clauses around payment all point one way:

Clause	What it says
7.1	Commission is calculated “based on internal data of EVEDEX”
7.2	EVEDEX may “amend the Commission rates, calculation rules and other terms at our own discretion at any time”
7.3	Discrepancies must be raised “within 10 (ten) working days”, or “our calculations shall be final and conclusive”
7.4	“Commissions shall remain payable for a minimum of 90 days. If unclaimed within that period, they may be forfeited at EVEDEX’s discretion.”
4.6	EVEDEX may require identity, residence, beneficial ownership and tax documents and “withhold payment of any Commission” until they are provided
7.6	On any breach, EVEDEX may withhold commissions and “recover from the Affiliate any amount of the payments that we had previously made”
5.3, 7.9	Clawed-back amounts can be set off against future commissions

Claim at least monthly; the 90-day forfeiture is in every version of the agreement we read. The identity clause is new in September 2026 and sits awkwardly next to a product sold on “No KYC”.

The terms that bite

The current agreement (last updated 16 September 2026) is longer and harsher than the one the Internet Archive captured on 15 February 2026, which was itself dated May 2025. Key Opinion Leader status, individual “Engagement Terms”, identity checks, a 24-hour takedown duty, a disparagement ban, the perpetual content licence and both liquidated-damages clauses were added in September 2026.

The clause that matters most for a publisher is 9.3: “For any breach by the Affiliate of Section 5 (Prohibited Activities) or Section 8 (Affiliates’ Obligations), EVEDEX has the right to demand from the Affiliate, and the Affiliate is obliged to pay to EVEDEX, liquidated damages in an amount equal to the total Commissions paid or payable to the Affiliate in the twelve (12) months preceding the breach.” Section 5 is a list of 30 items, several of which ordinary affiliate content breaks:

Clause	Banned activity
5.1.4	“purchasing search ads for ‘EVEDEX'”
5.1.8	content that “advertises or promotes any other product or business, except products and businesses of EVEDEX or its affiliates”
5.1.21	anything that “has any negative effect on EVEDEX, its reputation, products, business”
5.1.22	anything “otherwise considered unfair, offensive or inappropriate, at our sole discretion”
5.1.25	“any statement that deviates from our official messaging, without our prior express approval”
5.1.27	content “reasonably likely to reach” persons in a Restricted Jurisdiction
5.1.28	content that “disparages EVEDEX”

Read literally, a comparison page with EVEDEX and two other exchanges breaches 5.1.8, and an honest review mentioning the 90-day forfeiture could breach 5.1.21. Clause 5.1.8 was already in the 2025 version; what is new is that 9.3 now prices a breach at a year of commissions. KOLs also accept a non-compete for the term of their Engagement Terms (8.2.3), and every affiliate accepts $5,000 in liquidated damages for a material confidentiality breach (9.4).

The rest of the contract:

• Termination. EVEDEX may end the agreement “by sending you a notice effective immediately, without cause” (14.1). You need 30 days’ written notice, and a KOL cannot leave before the Engagement Terms expire (14.2).
• Changes. Unilateral amendments “take effect on the date of publication”, and continued participation is acceptance (15.20).
• Your content. EVEDEX takes “an irrevocable, perpetual, worldwide, royalty-free, transferable and sub-licensable licence” to anything you publish for the program, and you waive moral rights (10.2, 10.5). It can order removal within 24 hours (5.4).
• Liability. EVEDEX’s liability is capped at 12 months of your commissions (13.3.1). Class actions are excluded (15.19).
• Restricted countries. The agreement lists none; Restricted Jurisdictions are those “notified by us or published on the Platform from time to time”. The terms of use exclude the US, Canada, sanctioned jurisdictions and UK retail (“THE SERVICES ARE NOT FOR UK RETAIL”).
• Law and forum. The agreement chooses the law of England and Wales and gives the courts of Saint Lucia exclusive jurisdiction (15.16–15.17). The terms of use it “supplements” send disputes to LCIA arbitration in London.

The drafting is also loose. Clauses 7.9, 9.5 and 14.4 cross-refer to clauses 4.7, 7.10 and 7.11, which do not exist in the current text.

What affiliates report

We found no affiliate-side reports: no Reddit, Bitcointalk or AffiliateFix thread about EVEDEX commissions, non-payment or account closures. That means no outside evidence on how claims and the new clauses work in practice.

Trustpilot shows the warning “This company’s rating is unavailable due to a breach of our guidelines” and the note “We’ve removed a number of fake reviews for this company.” On 13 November 2026 the page held 36 reviews, 28 from the last 12 months, split 66% five-star and 25% one-star; the profile has been claimed since April 2025, uses no paid Trustpilot features, and EVEDEX had replied to 4 of its 10 negative reviews, the last on 5 October 2026. None concerns the affiliate program, but three touch what an affiliate promises an audience. A September 2026 reviewer wrote that EVEDEX “requires KYC if you are profitable”, which EVEDEX denied in an October reply. An October 2026 reviewer wrote that sign-up bonuses are decided by “an algo that runs some unknown calculations”. An August 2026 one-star describes a position closed by auto-deleveraging at a 50% loss and two months of support replies. Three positive reviewers say they heard of EVEDEX from bloggers.

Beyond Trustpilot, the only EVEDEX affiliate content we found is the usual run of referral-code pages offering fee discounts.

EVEDEX against the alternatives

The nearest comparisons are the perp venues we have already reviewed. Fees are each venue’s base taker rate; the per-$1,000 figure applies the headline share and, for EVEDEX, the 5% deduction and a 10% referee cashback.

Program	Default rate	Published ceiling	Taker fee	Per $1,000 taker	Attribution	Payout
EVEDEX	30% of fees after 5% and cashback	“up to 60%” (route unpublished)	0.045%	$0.115 at 30%	Lifetime	Manual claim to EVEDEX account, minimum not published, 90-day forfeiture
edgeX	Not published (application)	Up to 60%	0.045%	Up to $0.27 at the ceiling	No lifetime promise	Daily settlement on the retail side; affiliate timetable unpublished
Pacifica	Not published (selective)	Up to 40%	0.040%	Up to $0.16 at the ceiling	Not stated	Weekly credit under the retail rule; no affiliate payout terms
Aster	10%, splittable with the referee	20% from VIP 1 referees for approved affiliates	0.04%	$0.04	365 days	Next day, in the fee asset

EVEDEX is the only one of the four that publishes a starting rate anyone gets without applying, and the only one that promises lifetime attribution. edgeX and Pacifica advertise higher ceilings but no floor, and you have to be approved. Aster’s 10% is small but spelled out, with a fixed 365-day window. For the wider field, see our launch comparison of exchange affiliate programs. If you buy traffic rather than post to an audience, crypto ad networks such as Coinzilla are the usual route; search ads on the brand name are banned by 5.1.4.

Verdict

EVEDEX does three things our rubric rewards: the rate is published, anyone can start at it, and attribution is for life. The contract undoes much of that. The 30% is calculated off-chain from “internal data” on a base that shrinks with the referee’s cashback, and EVEDEX can change it “at any time”. The route to the 60% headline has no published numbers, and payouts carry no stated minimum but a 90-day forfeiture. EVEDEX can terminate without cause. The September 2026 rewrite makes a year of commissions the price of breaking rules that forbid promoting other businesses or saying anything with “any negative effect” on EVEDEX. There are no payout complaints, but no affiliate evidence of any kind either, and Trustpilot withholds the brand’s rating.

A lifetime 30% with a public floor would sit at 6 to 6.5 on its own, with Lighter and Ostium. The fee base after cashback, the 90-day forfeiture and clause 9.3 bring it down. Our score is 5/10, half a point below edgeX and Pacifica. The program suits a creator who promotes EVEDEX alone, claims every month and never writes a comparison. It does not suit a review site or a multi-exchange channel, because the contract treats both as a breach.

FAQ

How much does the EVEDEX affiliate program pay?

The published starting rate is 30% of fees, applied after a 5% expense deduction and the referee’s cashback: about $0.115 to $0.128 per $1,000 of referred taker volume. Levels, Influencer skills and Prime raise it, but only Prime’s 5% is quantified. The invite page advertises “up to 60%”.

Are EVEDEX commissions really lifetime?

The program page says referrals have “no expiration period” and that you earn “for their lifetime”. The agreement still lets EVEDEX decline any referral, change rates at any time and end the agreement without cause, so lifetime holds only while you remain in the program.

How and when are EVEDEX affiliate commissions paid?

You claim them by hand from the dashboard, in cryptocurrency, to your EVEDEX account, and can do so “anytime”. No minimum, chain list or fixed schedule is published. Unclaimed commissions may be forfeited after 90 days, and EVEDEX may withhold payment until you pass identity and tax checks.

Is the EVEDEX affiliate program legit?

The program is live and documented, and the contracting company is named: EVEDEX Ltd., Saint Lucia. No licence is named. We found no affiliate payout complaints, and no affiliate reports of any kind. Read clauses 5, 7 and 9.3 of the agreement before you publish anything.

What is the difference between the EVEDEX referral and affiliate programs?

There is one program. Every account joins it on sign-up at the 30% starting rate. Creators with large audiences can apply through the partner form for individual “Engagement Terms”, which make them Key Opinion Leaders and bring extra duties: approval of content where the terms require it, a non-compete and confidentiality.

Can I promote EVEDEX alongside other exchanges?

Not under a literal reading of the agreement. Clause 5.1.8 bans content that “advertises or promotes any other product or business”, and clause 9.3 lets EVEDEX demand 12 months of commissions as liquidated damages for any breach of Section 5. Get written permission before you put EVEDEX links on a comparison page.

adbench.io earns nothing from the programs discussed here. We do not use referral links.

Sources

The figures above come from these pages, published by the companies themselves unless noted. "Checked" is the date we last read each page.

1. EVEDEX docs, Affiliate Program: 30% starting commission, lifetime referrals, 100 links, Prime +5%, fee-distribution images (last updated 14 April 2026) checked 13 Nov 2026
2. EVEDEX Affiliate Agreement, EVEDEX Ltd., Saint Lucia (last updated 16 September 2026) checked 13 Nov 2026
3. EVEDEX Affiliate Agreement, Internet Archive capture of 15 February 2026 (text dated 15 May 2025) checked 13 Nov 2026
4. EVEDEX Affiliate Agreement, Internet Archive capture of 8 July 2025 checked 13 Nov 2026
5. EVEDEX help centre, How the affiliate program works: manual claim from the dashboard (updated 21 July 2025) checked 13 Nov 2026
6. EVEDEX help centre, Loyalty and affiliate programs: terms, rewards and payout conditions (updated 25 January 2026) checked 13 Nov 2026
7. EVEDEX help centre, How to invite friends and get a reward: 10% example (updated 24 April 2025) checked 13 Nov 2026
8. EVEDEX help centre, How to use rewards: cashback up to 50%, gas-cost minimum (updated 23 December 2025) checked 13 Nov 2026
9. EVEDEX docs, Trading Fees: taker 0.045%, maker 0.015%, cashback table to 35% checked 13 Nov 2026
10. EVEDEX docs, Prime Subscription: $35 a month, $348 a year, up to 5% extra on affiliate commissions checked 13 Nov 2026
11. EVEDEX Subscription Agreement, Prime appendix (additional 5% to affiliate commissions by other entity) checked 13 Nov 2026
12. EVEDEX docs, Level Progression and Skill Allocation: Influencer branch checked 13 Nov 2026
13. EVEDEX Terms of Use, global: US, Canada, UK retail excluded; LCIA arbitration (last modified 24 February 2026) checked 13 Nov 2026
14. EVEDEX Terms of Use, interface: made available by EVEDEX Ltd. checked 13 Nov 2026
15. EVEDEX Cookie Policy, global (effective 24 March 2025): no referral cookie listed checked 13 Nov 2026
16. EVEDEX docs, Letter from the Founders (signed The EVEDEX Founding Team) checked 13 Nov 2026
17. EVEDEX invite page: 30% affiliate commissions, up to 60% lifetime, +10% cashback for 30 days, 600M+ monthly volume checked 13 Nov 2026
18. EVEDEX homepage: TOP 10 DEX, No KYC, up to 50% fees back checked 13 Nov 2026
19. EVEDEX partner portal landing page checked 13 Nov 2026
20. EVEDEX creator (KOL) application form: single payout wallet checked 13 Nov 2026
21. EVEDEX blog, How EVEDEX cashback works: +10% for referred users' first 30 days (25 March 2026) checked 13 Nov 2026
22. EVEDEX blog, Points Program, The Greatest Season: testnet from 1 June 2024, mainnet from 5 December 2025, no new Points from 7 September 2026 checked 13 Nov 2026
23. EVEDEX blog, Mainnet Updates #8: referral short links (7 February 2026) checked 13 Nov 2026
24. EVEDEX blog, EVEDEX Migrates to Arbitrum L2 on July 1, 2026 checked 13 Nov 2026
25. GlobeNewswire, EVEDEX Beta Mainnet press release, Dubai, Thomas Kralow quoted as Chairman (29 August 2025) checked 13 Nov 2026
26. CoinGecko, EVEDEX exchange page: 24-hour volume, open interest, 54 pairs checked 13 Nov 2026
27. DefiLlama, Evedex protocol page: $3.91 million TVL on Arbitrum checked 13 Nov 2026
28. Trustpilot, EVEDEX profile: rating withheld for a guidelines breach, 36 reviews, 28 in the last 12 months checked 13 Nov 2026
29. edgeX affiliate page: up to 60% commission, application required checked 13 Nov 2026
30. Pacifica docs, Referral and Affiliate Program: up to 40%, selective checked 13 Nov 2026
31. Pacifica docs, Trading Fees: 0.040% taker at tier 1 checked 13 Nov 2026
32. Aster docs, Referral Program: 10% default, 20% for approved affiliates from VIP 1 referees, 365 days, next-day credit checked 13 Nov 2026
33. Aster docs, Fees: 0.04% taker on general crypto perpetuals checked 13 Nov 2026

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