Zeta Markets Stats: Volume, Fees & OI Data
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
Zeta Markets launched in January 2022 as one of the first perpetual futures exchanges built natively on Solana. The core differentiator was its fully on-chain central limit order book, which gave traders the transparency of DeFi without sacrificing the order-matching mechanics of a centralized exchange. Cross-margin accounts allowed users to trade multiple perpetual contracts from a single collateral pool, simplifying risk management compared to isolated-margin systems.
The platform supported 21 perpetual markets including SOL, BTC, ETH, and a range of Solana ecosystem tokens like JUP, BONK, WIF, and DRIFT. Leverage ranged from 4x to 20x depending on the asset, with majors like SOL and BTC at the top end. Fees started at 2 bps for makers and 10 bps for takers at the base tier, with volume-based discounts reducing those by up to 50%. Registered market makers received a 2 bps maker rebate, making it attractive for professional liquidity providers.
Zeta introduced the Z-Score system to drive user engagement and distribute ZEX token rewards. Both maker and taker volume counted toward a trader's Z-Score, with referrals providing a 10% boost. The ZEX token launched via airdrop in 2024, distributing governance rights to active traders. Backing from Electric Capital, Jump Capital, Wintermute, and Solana Ventures gave the project credibility and access to institutional market-making support from early on.
In May 2025, Zeta Markets ceased operations on its original platform as the team transitioned to Bullet Network, a purpose-built L2 for trading that extends the technology Zeta pioneered. Smart contracts were audited by OtterSec, and the platform maintained self-custody throughout its operation. While no longer active as a standalone DEX, Zeta's on-chain CLOB architecture influenced the broader Solana DeFi landscape and proved that order book exchanges could work on-chain at scale.
Related Resources
Frederick Cormack
VC & Crypto Derivatives AnalystDerivatives analyst with 8+ years in crypto & venture capital. Tested every protocol on PerpFinder with real funds.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.
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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Visit Zeta Markets — 10% of feesTrading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.