ZM perps: where to trade Zoom perpetual futures
8 tracked venues list ZM perps.
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The cheapest place to trade ZM perps right now is Binance (ZMUSDT): 19.90 bps all-in for a $10,000 market buy at the standard taker fee, measured 12:17 UTC on 2026-10-24.
The next two venues are Bitget 39.69 bps and Gate 81.64 bps. 4 of 8 ZM markets gave a measured cost.
The Binance fee in this cost is a promotion for every account. Binance can end it.
Promo rate for eligible accounts: MEXC (ZMSTOCK_USDT) shows 17.22 bps at a 0.000% taker fee that only some accounts get (MEXC: stock futures listing notice, checked 2026-09-25). MEXC does not state the ZM fee for other accounts, so this cost is not ranked.
ZM perps list on 8 tracked venues: 6 centralized exchanges, 1 Hyperliquid HIP-3 deployment, 1 other decentralized venues.
Maximum ZM leverage runs from 10x on trade.xyz (xyz:ZM) to 50x on MEXC (ZMSTOCK_USDT).
ZM funding and open interest
Funding now runs from -8.4% a year on trade.xyz to 0.0% on OKX, across 8 ZM markets. A positive rate means that longs pay shorts.
8 ZM markets report open interest, $2.2 million in total. MEXC holds 65% of it ($1.4 million).
Measured ZM cost for a $10,000 buy
- Binance19.90
- Bitget39.69
- Gate81.64
- Bybit101.62
Where to trade Zoom perpetual futures
| Venue | Market | Max leverage | Funding now | Annual rate now | 7-day mean, annual | Open interest | Book cost (bps) | Taker fee | All-in (bps) | Promo rate, eligible accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| Binance | ZMUSDT | 20x | 0.0000% / 8 h | 0.0% | +5.1% | $218K | 15.90 | 0.040% (docs, promotion for all accounts) | 19.90 | — |
| Bitget | ZMUSDT | 20x | 0.0000% / 8 h | 0.0% | +2.1% | $6,824 | 33.69 | 0.060% (API) | 39.69 | — |
| Gate | ZM_USDT | 20x | 0.0000% / 8 h | 0.0% | +4.4% | $62K | 74.14 | 0.075% (API) | 81.64 | — |
| Bybit | ZMUSDT | 25x | 0.0000% / 8 h | 0.0% | +12.4% | $66K | 98.87 | 0.028% (docs, promotion for all accounts) | 101.62 | — |
| MEXC | ZMSTOCK_USDT | 50x | 0.0000% / 8 h | 0.0% | +5.1% | $1.4M | 17.22 | Not stated for all accounts | — | 0.000% = 17.22 bps (eligible accounts, source, 2026-09-25) |
| trade.xyz | xyz:ZM | 10x | −0.0010% / 1 h | −8.4% | −3.2% | $254K | — | 0.0090% (API, live) | — | — |
| OKX | ZM-USDT-SWAP | 20x | 0.0000% / 8 h | 0.0% | +7.8% | $157K | — | 0.050% (docs) | — | — |
| Aster | ZMUSDT | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $1,120 | — | 0.013% (docs) | — | — |
Method: a $10,000 ZM market buy fills against each public ZM book.
The ZM book cost is that fill price against the mid, in bps. The ZM all-in cost adds the standard taker fee that every new account gets.
A ZM promo rate that only eligible accounts get is shown in its own column and is never ranked.
A ZM book price does not prove that the venue accepts ZM orders at that time, so check the ZM hours table.
Annual ZM funding is the rate per hour times 8,760, with no compounding. The ZM markets come from venue APIs read on 2026-09-25.
ZM trading hours and price source by venue
| Venue | Market | Hours | Price source |
|---|---|---|---|
| Aster | ZMUSDT | 24/7, 5% band off-hours | Several, with Pyth |
| Binance | ZMUSDT | 24/7, book EWMA weekends | Unnamed data vendors |
| Bitget | ZMUSDT | 24/7, book EMA off-hours | Pyth, dxFeed, Massive, Intrinio |
| Bybit | ZMUSDT | 24/7 | Index with Pyth |
| Gate | ZM_USDT | Index holds last close | Paid feeds, crypto venues |
| MEXC | ZMSTOCK_USDT | Varies, no trades closed | Not named in docs |
| OKX | ZM-USDT-SWAP | 24/7 book, anchored weekends | Several providers |
| trade.xyz | xyz:ZM | 24/7, bounded off-hours | Relayer, Blue Ocean ATS |
Find your liquidation price with the liquidation price calculator for ZM. Compare all tickers on the stock perps hub. Read how trade.xyz lists ZM on Hyperliquid.
Where to Trade Zoom (ZM) Perpetual Futures
Fees and leverage limits apply venue-wide; check ZM terms with the venue.
Zoom (ZM) market overview
The Narrative Trap
Zoom Communications is a profitable SaaS business trading at a significant discount to its 2021 peak valuation. The equity's story is one of post-pandemic normalization: durable seat retention from enterprises, steady free cash flow generation, but limited multiple expansion potential given competition from Microsoft Teams and slowing net revenue retention.
This makes the perp a mean-reversion instrument more than a momentum vehicle. Traders using it tend to be positioning around earnings beats or misses relative to muted expectations, not chasing a secular growth theme.
As a synthetic cash-settled perpetual on Hyperliquid, the ZM perp inherits Zoom's after-hours earnings risk. Zoom typically reports after US market close and frequently guides conservatively. A guidance raise can gap the perp before US equity markets open, with no offsetting position available in the underlying during that window.
Funding Character and Liquidity
Stock perps with low directional excitement tend toward neutral to mildly negative funding. When the broader tech tape sells off, ZM funding can spike negatively as long-biased holders exit and shorts pay less premium.
Persistent negative funding on ZM is informative: it reflects institutional-equivalent positioning leaning short on valuation grounds, which in turn creates the conditions for short squeezes on any upside surprise.
Liquidity on this perp is thinner than on Hyperliquid's core crypto markets. Bid-ask spreads widen outside US equity hours, and slippage on larger orders should be expected. Traders treating this as a high-frequency instrument rather than a directional swing trade will encounter friction that erodes the edge.
Catalysts: quarterly earnings (revenue, operating margin, remaining performance obligations), any M&A speculation given Zoom's cash position, and broader enterprise software sector re-rating events. Macro interest rate moves also influence the valuation multiple, making Fed meeting cycles indirectly relevant to ZM positioning.
Frequently Asked Questions — Zoom (ZM)
What open interest data is available for ZM?
1 venue report positive ZM open interest in this read.
The ZM total leaves out venues outside the read.
How does a Zoom perpetual futures contract differ from the underlying asset?
A Zoom perpetual tracks the Zoom price, with no expiry date and no ownership of Zoom.
Check each venue for Zoom trading hours and the price source.
Category: Stocks