> For the complete documentation index, see [llms.txt](https://docs.level.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.level.finance/incentive-programs/referral-program/incentive-emissions.md).

# Incentive Emissions

Traders and Referrers get a Rebate/Discount based on their [Tier](/incentive-programs/referral-program/referral-tiers.md).

Referral rewards apply automatically for trading fees incurred by the following actions:

* Executing a Swap
* Opening or increasing the size of a Leverage Trade position
* Closing or decreasing the size of a Leverage Trade position
* Having your Leverage Trade position liquidated
* Borrowing fee paid when increasing or decreasing a position

Based on your Referral Tier, these points are redeemable for preLVL every week. All preLVL rewards gained through this program have a **7-day vesting period** on the chain of your preference.