Zeta Markets Referral Code — Shut Down, Now Bullet

There is no active Zeta Markets deal. Zeta shut down in May 2025 after the team pivoted to Bullet Network, and the old Solana DEX no longer processes trades. This page stays live as a record for traders who used Zeta or held ZEX, and to point you at what replaced it. See our Bullet review for the successor venue.

What Zeta Markets was

Zeta went live in January 2022 as one of the first perp exchanges built for Solana, running a fully on-chain central limit order book when most DEXes still used AMMs. One cross-margin account covered its 21 markets (SOL, BTC, ETH, and Solana ecosystem tokens) at up to 20x leverage on majors. Backers included Electric Capital, Jump Capital, Wintermute, and Solana Ventures.

Fees were 2 bps maker and 10 bps taker at base, with volume tiers cutting up to 50% and a 2 bps rebate for registered market makers. That 10 bps base taker rate ended up well above rivals, and fee competition, not a hack, is what wound the venue down. OtterSec audited the contracts, and Zeta ran its full life without an exploit.

The Z-Score program and the ZEX token — how it ended

Z-Score was Zeta's trading rewards system: maker and taker volume built a score that determined ZEX allocations, with referrals adding a temporary boost. The ZEX token generation event came in June 2024, distributing tokens to Z-Score holders across seasons.

When the team moved on, ZEX holders swapped 1:1 into BULLET. Z-Scores themselves did not carry over; Bullet runs its own token model. If you still hold ZEX, the 1:1 BULLET conversion is the operative fact; check Bullet's official channels for claim mechanics.

The pivot to Bullet

Bullet is a Layer 2 on Solana: a Rust-based virtual machine, a sequencer for fast pre-confirmations, and Solana as the data layer, with the team claiming ~2ms execution. It extends the technology Zeta built. Bullet remains in active development rather than a fully public venue, so treat it as an early-stage successor, not a drop-in replacement. Details in our Bullet review.

Where Zeta traders went

The playbook Zeta pioneered (an on-chain order book at Solana speed) became the template for the venues that followed. For live Solana perp trading today, Pacifica leads the chain by volume with the same CLOB-style model, and our perps directory lists every active venue we track with current fees and volume.

If you used Zeta — a checklist

Funds: Zeta was self-custodial and users were directed to withdraw at wind-down; nothing remains to claim through the trading UI. ZEX: swapped 1:1 to BULLET. Z-Score: closed, no carry-over. Referral: the old program is void. No code or link earns anything on Zeta today, which is why this page no longer shows an active deal.

Frequently Asked Questions