Most cashback works the same way, and most crypto users have quietly stopped believing in it. A flat rate appears at launch, it looks generous, and a few months later it gets trimmed once the budget behind it runs thin. The rate was never really yours; it was a line item someone chose to fund until they didn't.
For Liquid Banking, we wanted to build something that couldn't be taken back. So we started from a different question: what if your cashback wasn't paid out of a marketing budget at all, but grew out of the way you already use your account? That single shift changes everything about how Liquid Banking rewards you. It means the more you use the account, the more it gives back, and the rate holds because it's tied to your activity rather than borrowed against a budget.
It starts the moment you tap your card
Every Liquid Banking user earns 0.20% back on all card spend, from the very first transaction, with no tiers to unlock and no minimum to hit. That's the floor, and nobody sits below it.
From there, you lift the rate yourself through four boosters, each adding a flat 0.20%. Two reward holding: keep $1,000 in USD, USD+, or USD+ supplied as Morpho collateral, and you're a Holder; keep $10,000 and you're a Holdmaxxer. Two reward spending: put $1,000 through your card over a rolling 30 days and you're a Spender, $10,000 and you're a Spendmaxxer. Stack all four on top of the base and your everyday rate reaches a full 1.0% on absolutely everything you buy.
What matters here is how reachable that is. In the old world, only the largest depositors ever approached the top rate. Now any genuinely active user gets there at ordinary thresholds, and because the spend boosters run on a rolling 30-day window, staying active is all it takes to stay at the top. This full percent isn't a limited-time promotion either. It's simply how the everyday layer works, and it's built to stay that way.
Then trading turns the everyday into something bigger
This is where Liquid Banking does something no card has done before. Your everyday rate is the baseline, but your trading is the engine, and the more you trade, the higher the cashback rate on your spending climbs, all the way to 12%.
It works on a rolling 30-day volume ladder. Cross $1M in volume and your spend starts earning 3%. At $5M it's 5%, at $10M it's 8%, at $25M it's 10%, and from $50M upward you're earning a remarkable 12% back on what you buy. Below $1M, your everyday rate simply carries you, so you're never earning nothing.
The number that turns heads is the 12%, but the number that makes it credible is what powers it. Your rewards are driven by your own trading activity, not by a promotional pot that eventually empties. That's the whole point: the rate isn't a bet on your behaviour that we might have to walk back later, it's tied directly to what you already do on the platform. Trade more, earn more, and the rate holds because it was never borrowed against a budget in the first place.
The rates combine in the simplest possible way, always tilted in your favour. On the portion of your spending that falls within your rolling 30-day volume cap, you earn the trading rate, which takes over because it's higher. Everywhere else, your everyday rate applies. And when a campaign rate is running, that counts too. You never have to calculate or choose between them. On every dollar you spend, you simply earn the best rate available to you, whether that's your everyday rate, your trading rate, or a campaign.
What that actually looks like
Numbers on a ladder are abstract, so consider three people who use Liquid Banking in completely different ways.
The first never trades at all. She keeps $1,500 in USD+ and puts around $1,400 a month through her card on groceries, transport and the occasional dinner out. That's enough to make her a Holder and a Spender, so her everyday rate sits at 0.60%, and her spending quietly returns about $8 a month, roughly $100 over a year, for doing absolutely nothing differently. Modest, but it's real, it's automatic, and it never asks anything of her.
The second trades occasionally. He holds $2,000, spends about $2,000 a month on his card, and moves $1M of volume over a rolling 30 days, which is well within reach for anyone actively trading. That volume unlocks the 3% tier, applied to spending up to $3,300. His $2,000 of spend sits comfortably inside that, so all of it earns 3% rather than his 0.60% everyday rate. That's $60 for the month instead of $12, five times more cashback on exactly the same shopping, simply because he traded.
The third is a genuinely active trader, and this is where the model shows what it can do. She moves $5M of volume over a rolling 30 days, keeps $10,000 in USD+, and spends $4,000 on her card. The $5M unlocks the 5% tier with a $10,000 spend cap, and since her $4,000 falls well within it, every dollar earns 5%. That's $200 in cashback for the month, against the $32 her everyday rate would have returned. She didn't change a thing about how she spends. She just let her trading do the work.
Push her further and the mechanics stay just as clean. If that same trader put $12,000 through her card, the first $10,000 would earn 5% and the remainder would drop to her everyday rate, which by then has climbed to the full 1.0% because that level of spending lights up every booster. She'd finish the month with $520. The cap shapes the economics without ever leaving her worse off; past it, she simply lands on the best everyday rate the system offers.
And your network pays you too...
The same principle, reward the activity that's actually there, extends to referrals, which is why the program looks nothing like the old points-for-signups model. When you bring someone in, you earn a share of two things they generate: a cut of the trading revenue from their volume, and a cut of the cashback they earn on their own spending. Your rate climbs with your network's combined 30-day volume, from 5% under $1M, to 8% between $1M and $10M, to 12% above $10M.
Referral earnings start immediately, the moment your referee signs up, with no waiting period. The cashback side settles as their card spending clears, the same way all card rewards do.
Picture the most ordinary version of this. You refer one friend who trades a modest $1M over a rolling 30 days and spends $2,000 on his card, earning himself $60 in cashback. That single referral puts you at the 8% tier, so you take 8% of the trading revenue he produces, around $20, plus 8% of his cashback, another $5. Roughly $25 landed in your account for a person you told about the app once, and it repeats every month they stay active, for a full year.
Now let that grow the way it naturally does. Bring in five friends who trade at that same everyday pace and your network is moving $5M over a rolling 30 days between them. You're still at the 8% tier, but now you're earning from five streams at once: about $100 from their combined trading, plus a cut of all the cashback they're each collecting, for something in the region of $125 a month, recurring. Cross $10M of combined network volume and the whole thing steps up to 12%.
Refer a trader and you earn from their volume; refer a spender and you earn from their cashback. Each referral pays you for a full 12 months, so a network you build once keeps rewarding you month after month across the year that follows.
Cashback that gets stronger the more you use it
Step back and the whole design rhymes. Everyday spending, trading and referrals each reward activity that already creates value, which is precisely why none of it has to be nerfed. Every rate you see is built to last rather than borrowed from a budget, so the system doesn't weaken over time the way you've come to expect. It gets stronger the more you trade, the more you spend, and the more you grow your network.
That's the cashback crypto users have been asking for. Not a headline rate designed to look good for a quarter, but a model built to last. Welcome to the new cashback on Liquid Banking. The engine that pays you back.
