Polymarket referral code (2026): $25 credits, and what they are not
Polymarket US's refer-a-friend program pays bonus credits, not cash: $25 to the referrer and $25 to the new user after the new user signs up with the code and deposits at least $10. Each account can earn up to 14 referral bonuses. Credits can only be used to trade; the resulting balance becomes withdrawable when the position settles or is closed.
The terms in the venue's own words
Refer-A-Friend: the referrer gets a '$25 bonus credit for each qualifying referral' and the friend gets a '$25 bonus credit' after signing up with the code and depositing at least $10; 'Each user can earn up to 14 referral bonuses'; credits 'can only be used towards trades, and may be withdrawn upon position settlement or liquidation'. A separate affiliate Referral Incentive Program exists (affiliate@polymarket.com) whose payout terms are not published.
Polymarket (global) is a different program on a venue US accounts cannot use. There, referrers with $10,000+ lifetime volume earn 10% of direct referrals' net trading fees (5% indirect) for 30 days, paid daily in pUSD. Pages offering a "Polymarket referral code" to US readers with those terms are describing the offshore venue.
How this compares
Kalshi and Polymarket US both pay in credits that can only be traded; neither pays cash for a referral. The full three-venue comparison, including the affiliate programs, is on the referral programs page; fees at any price are on the calculator.