CoW Swap Affiliate Program Terms & Conditions

Last Updated: February 2026

Welcome to the CoW Swap Affiliate Program (the “Program”). These Terms and Conditions (“Affiliate Terms”) constitute a binding agreement between you (“Affiliate” or “you”) and CoW Business Limited, a company incorporated in the British Virgin Islands (“Company”, “we”, or “us”), which provides the user interface for CoW Swap.

By generating an affiliate link or code, you agree to these Affiliate Terms in addition to the standard CoW Swap Terms and Conditions.

1. Purpose of the Program

The Program is a referral marketing initiative designed to incentivize word-of-mouth promotion of CoW Swap to new retail traders. It is not an investment scheme, a partnership, or a professional brokerage arrangement. Rewards are provided solely for marketing and referral services.

2. Definitions

• Affiliate: An individual or entity that generates unique links or codes to refer new users to CoW Swap.

• Trader: A user who accesses CoW Swap via an Affiliate’s link or code.

• Qualifying Swap: A successful trade executed on the CoW Protocol, excluding pairs for which the applicable protocol fee is lower than 1.9bps.

• Volume: The total USD value of Qualifying Swaps, calculated using CoW Protocol’s standard “lower-of-two” token valuation method to ensure accuracy and prevent manipulation.

• Reward: The incentive paid in USDC to both the Affiliate and the Trader based on achieved Volume milestones.

3. Eligibility & Restrictions

• Restricted Jurisdictions: You may not participate if you are located in, or a citizen of, any jurisdiction prohibited by the main CoW Swap Terms.

• Wallet Binding: A Trader is “bound” to an Affiliate for a maximum of 90 days from their first trade after clicking a link or entering a code.

4. Reward Structure

Subject to Program adjustments, the initial reward structure is as follows:

• Rate: 10 USDC for every 250,000 USD in cumulative Volume generated.

• Beneficiaries: Both the Affiliate and the referred Trader receive this amount.

• Caps:

  • Time Cap: 90 days of attribution per wallet.

  • Volume Cap: Rewards cease once a referred wallet exceeds 50,000,000 USD in volume.

• New Wallets Only: Rewards apply only to wallets that have not previously traded on CoW Swap.

5. Payout Mechanics

• Distribution: Rewards are distributed weekly.

• Chain: Payments are typically made on Ethereum Mainnet, though we may offer other chains at our discretion.

• Transparency: Payout transactions are recorded on a public blockchain and are visible to the community.

6. Affiliate Conduct & Prohibited Acts

To protect the integrity of CoW Protocol and CoW Swap, Affiliates must not engage in:

• Self-Referral / Sybil Attacks: You may not refer yourself or create multiple wallets to “farm” rewards.

• Misleading Claims: You must not represent the Program as a financial product, investment opportunity, or “guaranteed income.”

• Spam: You must not distribute links via unsolicited email or “spammy” social media tactics.

• Financial Advice: You must not provide financial, investment, or tax advice in connection with the Program.

• Offensive Speech: While you are permitted to customise your affiliate code , you agree that any such code must not contain language that is discriminatory, racist, harassing, obscene, or otherwise disrespectful, nor may it infringe upon the intellectual property rights of any third party. We reserve the sole and absolute discretion to deactivate any code; and disqualify the associated Affiliate from the Program; that we deem to be in violation of these standards or harmful to the CoW Swap or CoW Protocol brand reputation.

7. Modifications & Termination

We reserve the right to modify the following parameters at any time:

• Reward amounts and volume triggers.

• Time and volume caps.

• Excluded token pairs.

• Revenue split percentages,

• These Terms.

We reserve the right to disqualify any Affiliate or Trader and forfeit their unpaid rewards if we detect fraudulent activity, wash trading, or a breach of these terms.

8. Limitation of Liability & Disclaimers

• “AS IS”: The Program and tracking interface are provided “AS IS.” We do not guarantee that links will always track perfectly or that the UI will be error-free.

• No Fiduciary Duty: Participation does not create a fiduciary relationship.

• Liability Cap: To the maximum extent permitted by law, our total liability for any claim related to the Program is limited to the Rewards paid to you in the preceding three months.

9. Governing Law

These Affiliate Terms are governed by the laws of the British Virgin Islands. Any disputes shall be resolved through binding, individual arbitration as detailed in the CoW Swap Terms and Conditions.