diff --git a/lib/airdrop/sql.test.ts b/lib/airdrop/sql.test.ts
index 8b75ce2..7d81122 100644
--- a/lib/airdrop/sql.test.ts
+++ b/lib/airdrop/sql.test.ts
@@ -245,6 +245,32 @@ describe("weightedSpendQuery against PGlite", () => {
     expect(Number(rows[1].community_total)).toBe(300);
   });
 
+  it("ref count input capped at 10 (11 refs same as 10)", async () => {
+    await resetFixtures();
+    const refInserts = Array.from({ length: 11 }, (_, i) =>
+      `('ref${i}', '2026-07-01')`
+    ).join(",");
+    const buyInserts = Array.from({ length: 11 }, (_, i) =>
+      `('ref${i}', 'buy', 60, '${IN_CAMPAIGN}')`
+    ).join(",");
+    const relInserts = Array.from({ length: 11 }, (_, i) =>
+      `('alice', 'ref${i}')`
+    ).join(",");
+
+    await db.exec(`
+      INSERT INTO pl_activations (address, activated_at) VALUES
+        ('alice', '2026-07-01'), ${refInserts};
+      INSERT INTO pl_points (address, action, points, created_at) VALUES
+        ('alice', 'buy', 100, '${IN_CAMPAIGN}'), ${buyInserts};
+      INSERT INTO pl_referrals (referrer_address, referred_address) VALUES ${relInserts};
+    `);
+
+    const rows = await runQuery(config);
+    const alice = rows.find(r => r.address === "alice")!;
+    expect(Number(alice.qualified_refs)).toBe(11);
+    expect(Number(alice.multiplier)).toBe(3.0);
+  });
+
   it("multiplier is capped at REFERRAL_MULTIPLIER_CAP", async () => {
     await resetFixtures();
     const refInserts = Array.from({ length: 20 }, (_, i) =>
diff --git a/package-lock.json b/package-lock.json
index 3ad95d8..683641f 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "plotlink",
-  "version": "1.41.2",
+  "version": "1.41.3",
   "lockfileVersion": 3,
   "requires": true,
   "packages": {
     "": {
       "name": "plotlink",
-      "version": "1.41.2",
+      "version": "1.41.3",
       "workspaces": [
         "packages/*"
       ],
diff --git a/package.json b/package.json
index 4f86885..5925730 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "plotlink",
-  "version": "1.41.2",
+  "version": "1.41.3",
   "private": true,
   "workspaces": [
     "packages/*"
diff --git a/supabase/migrations/00041_weighted_spend_function.sql b/supabase/migrations/00041_weighted_spend_function.sql
index e7290e3..293e093 100644
--- a/supabase/migrations/00041_weighted_spend_function.sql
+++ b/supabase/migrations/00041_weighted_spend_function.sql
@@ -51,11 +51,11 @@ AS $$
       COALESCE(qr.ref_count, 0) AS qualified_refs,
       eb.has_fc_bonus,
       LEAST(
-        1 + (COALESCE(qr.ref_count, 0) + eb.has_fc_bonus) * p_multiplier_per_ref,
+        1 + LEAST(COALESCE(qr.ref_count, 0) + eb.has_fc_bonus, 10) * p_multiplier_per_ref,
         p_multiplier_cap
       ) AS multiplier,
       eb.buy_volume * LEAST(
-        1 + (COALESCE(qr.ref_count, 0) + eb.has_fc_bonus) * p_multiplier_per_ref,
+        1 + LEAST(COALESCE(qr.ref_count, 0) + eb.has_fc_bonus, 10) * p_multiplier_per_ref,
         p_multiplier_cap
       ) AS weighted_spend
     FROM eligible_buys eb