diff --git a/CHANGELOG.md b/CHANGELOG.md
index 94601e6824..7a1f17ede3 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -312,6 +312,7 @@
 - [9541](https://github.com/vegaprotocol/vega/issues/9731) - Add filtering for party to the referral fees API.
 - [9751](https://github.com/vegaprotocol/vega/issues/9751) - Make sure that LP fee party accounts exists.
 - [9762](https://github.com/vegaprotocol/vega/issues/9762) - Referral fees API not filtering by party correctly.
+- [9775](https://github.com/vegaprotocol/vega/issues/9775) - Do not pay discount if set is not eligible
 
 ## 0.72.1
 
diff --git a/core/referral/engine.go b/core/referral/engine.go
index ee9b9504e5..a61c697823 100644
--- a/core/referral/engine.go
+++ b/core/referral/engine.go
@@ -558,6 +558,10 @@ func (e *Engine) computeFactorsByReferee(ctx context.Context, epoch uint64, take
 		e.factorsByReferee[party] = refereeStats
 		setStats.RefereesStats[party] = refereeStats
 
+		if e.isSetEligible(setID) != nil {
+			continue
+		}
+
 		for i := tiersLen - 1; i >= 0; i-- {
 			tier := e.currentProgram.BenefitTiers[i]
 			if refereeStats.DiscountFactor.IsZero() && epochCount >= tier.MinimumEpochs.Uint64() && runningVolumeForSet.GTE(tier.MinimumRunningNotionalTakerVolume) {