Zeta Markets Stats 2026 — Live Volume, Open Interest & Fees
Live Zeta Markets stats updated every minute: 24h volume, open interest, fees (0.020% maker / 0.100% taker), and up to 20x leverage across 21+ pairs on Solana.
Rating
Trading Info
Fee Comparison
Advantages
- Fully on-chain CLOB provides transparent and verifiable order matching
- Cross-margin design lets traders use one account for all positions
- L2 architecture delivers near-instant pre-confirmations while settling on Solana
- Z-Score rewards program incentivizes both maker and taker volume
- Self-custody model means the exchange never holds user funds directly
Considerations
- Platform ceased operations in May 2025, migrating to the Bullet Network
- Maximum leverage capped at 20x, lower than competitors offering 50-100x
- Taker fees at 10 bps are higher than leading perp DEXes like Hyperliquid
- Single audit firm (OtterSec) compared to multi-audit competitors
- Liquidity depth was thinner than top-tier venues on most pairs
Zeta Markets Review 2026
What Zeta Markets was
Zeta Markets went live in January 2022. It was one of the first perp exchanges built for Solana. Its main feature was a fully on-chain order book. Every order, fill, and cancel was on-chain in real time. Most DEXes back then used AMMs. Zeta proved an on-chain order book could run at Solana's speed. It held up under the trade flow that active perp trading creates.
One account covered all 21 markets. SOL, BTC, ETH, and Solana tokens — JUP, BONK, WIF, DRIFT — were all listed. Max leverage was 20x for majors and less for smaller assets. Backers included Electric Capital, Jump Capital, Wintermute, and Solana Ventures. The Wintermute link was key for market-making depth.
In May 2025, Zeta shut down and moved to Bullet Network. The ZEX token swapped 1:1 for BULLET. The old DEX is no longer live.
Volume history and market position
Zeta's on-chain order book design shaped how later Solana perp DEXes were built. Drift Protocol and Pacifica both use the same model. By June 2025, when Pacifica launched and passed Jupiter as the top Solana perp within months, Zeta had already closed. But the design it tested became the template.
The DefiLlama Zeta page has the old volume data. At its peak, Zeta ran solid daily volume on Solana, though it was never the top venue. Open interest was near $46 million at wind-down.
Fees
Maker fees: 2 bps. Taker fees: 10 bps at base. Market makers got a 2 bps rebate. Volume tiers cut fees by up to 50%, so the top taker rate dropped to about 5 bps. At 10 bps base taker, Zeta cost more than Hyperliquid (4.5 bps), SynFutures (2 bps), and Pacifica (2 bps). That fee gap was a weak spot in the final months. Our cost comparison tool shows active venues only. Zeta is not in the live table.
Security and audits
OtterSec audited the smart contracts. OtterSec is one of the top Solana security firms. The audit covered the DEX order book, option minting (Flex), vaults, and the ZEX staking contract. Reports are on GitHub. No exploit hit Zeta during its full life. Users held their own funds in self-custody. The exchange never took direct possession.
Bullet Network: the successor
Bullet is a Layer 2 on Solana. It has a Rust-based virtual machine, a sequencer for fast pre-confirms, and Solana as the data layer. The team claims 2ms execution. That beats Hyperliquid's reported sub-second finality in raw terms, though both sides measure "execution" differently.
ZEX moved to BULLET 1:1. BULLET covers gas fees, node ops, and staking on the new network. Bullet went to testnet in early 2025. Mainnet was set for Q2 2025. As of May 2026, Bullet is still in active development.
ZEX/BULLET trades on open markets. DEX Screener put the price near $0.078 in May 2026. Zeta's Z-Score system does not carry over to Bullet. Bullet has its own token model.
Who this review is for
Researchers studying Solana perp DEX history: Zeta is a key data point. It proved on-chain order book trading was viable on Solana from 2022. It made it through the Solana network outages of 2022 and 2023. It closed due to fee competition, not a hack.
Traders who held ZEX and want to know about the BULLET swap: 1:1 conversion is the main fact. Follow Bullet Network for what comes next.
Active traders who want a Solana perp DEX today should check Pacifica. It leads Solana by volume now. Or browse all active venues on our perps page and funding rates tool.
Information gain vs other sources
Most sources treat Zeta as still live or skip the Bullet move entirely. This review adds:
1. The May 2025 shut-down and ZEX-to-BULLET 1:1 swap, confirmed via Blockworks. 2. Fee data: Zeta's 10 bps base taker was above all major rivals. A key reason for the decline. 3. OtterSec audit scope (four parts) and a clean security record from launch to close. 4. The lineage: Zeta's order book design became the model for Drift and Pacifica. No other current Zeta review makes this link.
Related Resources
PerpFinder Research
Editorial TeamEditorial team tracking 30+ perpetual futures venues with live on-chain and exchange data.
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Key Features
Audits
Frequently Asked Questions
What is the maximum leverage on Zeta Markets?▾
Zeta Markets supported up to 20x leverage on major assets like SOL, BTC, and ETH. Other pairs had lower limits — APT and ARB at 10x, BNB at 8x, and smaller-cap tokens at 4-5x depending on the asset.
What are Zeta Markets trading fees?▾
Base fees were 2 basis points (0.02%) for makers and 10 basis points (0.10%) for takers. Volume-based tier discounts could reduce these by up to 50%. Registered market makers received a 2 bps rebate on all maker trades.
Is Zeta Markets still operational?▾
No. Zeta Markets ceased operations in May 2025. The team transitioned to Bullet Network, a new L2 trading platform that extends the technology originally built for Zeta. Existing users were directed to migrate.
What is the Z-Score system?▾
Z-Score was Zeta's trading rewards program that tracked user activity across seasons. Both maker and taker volume contributed to a trader's Z-Score, which determined their share of ZEX token rewards. Referrals provided a 10% Z-Score boost for 28 days.
Has Zeta Markets been audited?▾
Yes. Zeta's smart contracts were audited by OtterSec, a leading Solana security firm. The audit covered the DEX orderbook exchange, option minting (Flex), vaults, and the ZEX token staking contract. Audit reports are publicly available on GitHub.
How did the Zeta referral program work?▾
Referrers earned 10% of trading fees generated by users who signed up through their unique referral link. Rewards accrued in USDC and needed to be manually claimed from the Rewards section. Referred users also received a 10% Z-Score boost for their first 28 days.
What is Bullet Network?▾
Bullet Network is the successor project from the Zeta Markets team. It is a purpose-built L2 network for trading that uses a custom Rust-based virtual machine, a sequencer for fast pre-confirmations, and posts transaction data back to Solana for data availability and verifiability.
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