Model predictive control based wave power extraction algorithms have been developed and found promising for wave energy converters. Although mostly proven by simulation studies, model predictive control based algorithms have shown to outperform classical wave power extraction algorithms such as linear damping and reactive control. Prediction models and objective functions have, however, often been simplified a lot by for example, excluding power take-off system losses. Furthermore, discrete fluid power forces systems has never been validated experimentally in published research. In this paper a model predictive control based wave power extraction algorithm is designed for a discrete fluid power power take-off system. The loss models included in the objective function are based on physical models of the losses associated with discrete force shifts and throttling. The developed wave power extraction algorithm directly includes the quantized force output and the losses models of the discrete fluid power system. The experimental validation of the wave power extraction algorithm developed in the paper shown an increase of 14.6% in yearly harvested energy when compared to a reactive control algorithm.