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Tailwind Rewards pay you back a share of the funding you pay on eligible perpetual markets. They reward holding positions, not trading volume. The program starts on November 4, 2026 at 1:00 PM Eastern Time (18:00 UTC) and runs until further notice.

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Eligible markets and rebate percentage

You get back 10% of the funding you pay. The rewards page in the Phoenix app lists the markets currently in the program. Phoenix may change the percentage or the markets; changes are announced in the app and apply from the next rewards day.

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How you earn

Funding on Phoenix settles every hour. See Funding for how the funding rate is derived.
  • The rebate is calculated on each hourly settlement where you pay funding on an eligible market.
  • Each settlement is counted on its own. Your funding payments are never netted against funding you receive, whether in another hour or on another market.
  • Your rebate for the day is the total of those individual payments multiplied by the rebate percentage.
  • There is no minimum, no cap, and nothing to sign up for. Every Phoenix account is automatically eligible.
For example, at 10%: you pay 60 USDC of funding across the morning’s settlements, then funding flips direction and you receive 40 USDC in the afternoon. Your rebate for the day is 6 USDC, 10% of the 60 USDC you paid; the 40 USDC you received does not reduce it.

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Claiming rewards

  • Rewards days run from 1:00 PM to 1:00 PM Eastern Time (18:00 UTC); the cutoff does not shift with daylight saving. Rebates are calculated once a rewards day ends and become claimable within 24 hours.
  • The rewards page in the Phoenix app shows the funding you paid and the rebate you earned for each day, with today’s amount updating hourly as funding settles.
  • Claim rebates from the rewards page. Claiming deposits USDC to your cross-margin balance.
  • Tailwind Rewards and Referral Program rewards are claimed together.
  • Rewards have no vesting period or lockup, and unclaimed rewards do not expire.

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Program rules

  • Abusive behavior such as wash trading or manipulation of funding rates can cause rewards to be withheld.
  • Phoenix may adjust the percentage, add or remove markets, or end the program with notice in the app.

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Support

For questions about Tailwind Rewards, reach out to the team on Discord.

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See also