More importantly, however, rebates do not relate to the value of the transaction. In other words, making a transaction worth $500,000 does not mean you will receive $250,000 in rebates.
This is different from the referral program that is currently in place by Coinbase Bermuda Technologies Limited. The referred users are entitled to a fee discount of 10% on native, same-chain swaps.
The people who referred them will earn a share of 25% of the profits that those trades made. The referral does not apply to residents of different countries including Italy, UK, Malta, Philippines and Singapore.
Why Coinbase is paying traders to stay
This move comes after Coinbase’s decision in September to rebrand Base App to Coinbase Wallet and narrow down on trading activities, including perpetual futures powered by Hyperliquid, prediction markets, and tokenized stocks.
Coinbase has a lot at stake. The company had a record 10.3% share of global crypto trading in the second quarter, as reported in July. This number encompasses including spot, derivatives and stablecoin transactions. Average $USDC holdings across the company’s products reached $20 $ billion at that time.
Coinbase is no longer a bet just on the price of Bitcoin.
– CEO Brian Armstrong said.
Competition is intensifying. CoinGecko found that top centralized exchanges’ spot trading volume fell 14.2% to $1.65 trillion in the third quarter. DEXs’ share of spot volume, meanwhile, doubled from 6.9% in January 2024 to 13.6% in January 2026.
Keeping traders active in Coinbase Wallet may also strengthen its $USDC business: Coinbase says it captured roughly half of $USDC economics over the past year.
What loyalty research says about stickiness
In a 2025 SAGE Open study, it was reported that perceived usefulness was instrumental in customers’ interest in blockchain loyalty programs. Juniper Research listed incentives, including cashback, as the ones making wallets stand out in cutthroat markets. Analyst Thomas Wilson described rewards and gamification as “vital to success.”
However, traders going after fee discounts are equally likely to follow a better offer from a competitor. Coinbase still has to show whether rebates, once the novelty wears off, lead to repeat activity.
Who gets left out
Chainalysis measured $9.4 trillion in global crypto activity in the year ended June 2026, down only 1.6% despite a 50% market-cap decline. Transfers under $100 grew 78.4%, underscoring retail users’ resilience.
Those traders are unlikely to approach a $500,000 rolling threshold. They can earn lower rebates, but Coinbase’s most generous reward favors its biggest customers—not the small users helping sustain crypto adoption.
