diff --git a/protocol/x/affiliates/keeper/keeper.go b/protocol/x/affiliates/keeper/keeper.go
index ee068a7265..92554b8f1c 100644
--- a/protocol/x/affiliates/keeper/keeper.go
+++ b/protocol/x/affiliates/keeper/keeper.go
@@ -343,34 +343,42 @@ func (k Keeper) GetAffiliateWhitelist(ctx sdk.Context) (types.AffiliateWhitelist
 	}
 	return affiliateWhitelist, nil
 }
+
 func (k Keeper) AggregateAffiliateReferredVolumeForFills(
 	ctx sdk.Context,
 ) error {
 	blockStats := k.statsKeeper.GetBlockStats(ctx)
 	referredByCache := make(map[string]string)
+
 	for _, fill := range blockStats.Fills {
-		// Add taker's referred volume to the cache
-		if _, ok := referredByCache[fill.Taker]; !ok {
-			referredByAddrTaker, found := k.GetReferredBy(ctx, fill.Taker)
-			if !found {
-				continue
+		// Process taker's referred volume
+		referredByAddrTaker, cached := referredByCache[fill.Taker]
+		if !cached {
+			var found bool
+			referredByAddrTaker, found = k.GetReferredBy(ctx, fill.Taker)
+			if found {
+				referredByCache[fill.Taker] = referredByAddrTaker
 			}
-			referredByCache[fill.Taker] = referredByAddrTaker
 		}
-		if err := k.AddReferredVolume(ctx, referredByCache[fill.Taker], lib.BigU(fill.Notional)); err != nil {
-			return err
+		if referredByAddrTaker != "" {
+			if err := k.AddReferredVolume(ctx, referredByAddrTaker, lib.BigU(fill.Notional)); err != nil {
+				return err
+			}
 		}
 
-		// Add maker's referred volume to the cache
-		if _, ok := referredByCache[fill.Maker]; !ok {
-			referredByAddrMaker, found := k.GetReferredBy(ctx, fill.Maker)
-			if !found {
-				continue
+		// Process maker's referred volume
+		referredByAddrMaker, cached := referredByCache[fill.Maker]
+		if !cached {
+			var found bool
+			referredByAddrMaker, found = k.GetReferredBy(ctx, fill.Maker)
+			if found {
+				referredByCache[fill.Maker] = referredByAddrMaker
 			}
-			referredByCache[fill.Maker] = referredByAddrMaker
 		}
-		if err := k.AddReferredVolume(ctx, referredByCache[fill.Maker], lib.BigU(fill.Notional)); err != nil {
-			return err
+		if referredByAddrMaker != "" {
+			if err := k.AddReferredVolume(ctx, referredByAddrMaker, lib.BigU(fill.Notional)); err != nil {
+				return err
+			}
 		}
 	}
 	return nil
diff --git a/protocol/x/affiliates/keeper/keeper_test.go b/protocol/x/affiliates/keeper/keeper_test.go
index aeb9efd139..7a417cbdd6 100644
--- a/protocol/x/affiliates/keeper/keeper_test.go
+++ b/protocol/x/affiliates/keeper/keeper_test.go
@@ -781,6 +781,29 @@ func TestAggregateAffiliateReferredVolumeForFills(t *testing.T) {
 				})
 			},
 		},
+		{
+			name:           "2 referrals, takers not referred, maker referred",
+			referrals:      2,
+			expectedVolume: big.NewInt(300_000_000_000),
+			setup: func(t *testing.T, ctx sdk.Context, k *keeper.Keeper, statsKeeper *statskeeper.Keeper) {
+				err := k.RegisterAffiliate(ctx, maker, affiliate)
+				require.NoError(t, err)
+				statsKeeper.SetBlockStats(ctx, &statstypes.BlockStats{
+					Fills: []*statstypes.BlockStats_Fill{
+						{
+							Taker:    referee1,
+							Maker:    maker,
+							Notional: 100_000_000_000,
+						},
+						{
+							Taker:    referee2,
+							Maker:    maker,
+							Notional: 200_000_000_000,
+						},
+					},
+				})
+			},
+		},
 	}
 
 	for _, tc := range testCases {