The final epoch for Zeta is here!
As we evolve into @bulletxyz and prepare for Bullet's mainnet we will be winding down the Zeta Markets platform on the 1st of May.
The final epoch features 1M $ZEX in rewards. https://t.co/2nvCXHu8TF
Zeta Markets
Solana perpetual futures exchange with an on-chain order book that operated from 2021 to 2025
3.3/ 5
Our score
Fair
Chains
Solana
Swap fee
0.02% maker / 0.10% taker
Type
Order bookPerpetuals
Perpetual futures
Yes
Governance token
ZEX
What is Zeta Markets?
Zeta Markets was a decentralized perpetual futures exchange on Solana. Launched in 2021, the protocol brought traditional central limit order book mechanics directly on-chain. Traders could open leveraged long and short positions on major crypto assets with up to 100x leverage.
Team and funding
The protocol was founded in 2021 by Tristan Frizza. In December 2021, the project raised an $8.5 million seed round led by Jump Capital, Race Capital, and Electric Capital.
Trading mechanics and architecture
Unlike automated market makers, Zeta Markets used a central limit order book with settlement and data availability secured through zero-knowledge proofs on Solana. Users connected self-custody Solana wallets to trade perpetual contracts on assets such as BTC, ETH, and SOL. The platform supported advanced order types, including limit orders, trigger orders, take-profit, and stop-loss instructions. Its collateral system allowed users to deposit major tokens, earn yield, and post margin simultaneously.
Fee structure and tokenomics
Base trading fees began at 2 basis points (0.02%) for makers and 10 basis points (0.10%) for takers. Active traders could reduce these fees down to 1 bps maker and 5 bps taker based on 30-day volume or by holding gZEX, a non-transferable governance metric earned through vote-escrow locking of the native ZEX token. The protocol launched ZEX in June 2024, distributing allocations to approximately 80,000 eligible users.
Track record and discontinuation
Over its lifetime, Zeta Markets recorded 628,000,599 cumulative trades and processed over $8 billion in trading volume across more than three years without a security exploit. In May 2025, the team formally wound down and discontinued Zeta Markets to focus core development on Bullet, a trading layer for Solana.
Risks and limitations
Because the platform is discontinued, traders can no longer open positions or interact with the order book. When operational, the platform exposed users to the volatility risks of high leverage, reliance on Solana network uptime, and protocol smart contract risk.
Founders
Tristan FrizzaFounder
Best for:Former Solana perpetuals tradersHistorical DeFi order book researchZEX token governance stakers
Pros and cons
Pros
- Operated exploit-free for over three years of live deployment on Solana
- Offered up to 100x leverage on major perpetual contracts
- Base maker fees started at 0.02%
- Processed more than $8 billion in cumulative trading volume across 628 million trades
Cons
- Permanently ceased operations as of May 2025
- Restricted strictly to the Solana ecosystem with no native EVM chain deployment
Our review
3.3/5
Fair
Zeta Markets delivered low-latency perpetual futures with up to 100x leverage on Solana, but the exchange permanently ceased operations in May 2025.
Founded in 2021 by Tristan Frizza, Zeta Markets operated as a decentralized perpetual futures exchange built natively on Solana. The platform processed over 628 million cumulative trades and $8 billion in trading volume by matching orders on-chain. Traders could access up to 100x leverage across core assets such as SOL, BTC, ETH, and JUP. The project raised an $8.5 million seed round led by investors including Jump Capital, Race Capital, and Electric Capital, and the team ran the protocol exploit-free across more than three years of operation.
Trading architecture relied on a central limit order book with settlement and data availability secured through zero-knowledge proofs on Solana. Default trading fees were set at 0.02% (2 bps) for makers and 0.10% (10 bps) for takers. Active participants could reduce these costs down to 0.01% maker and 0.05% taker fees through rolling 30-day volume tiers or by staking the native ZEX governance token to earn non-transferable gZEX scores.
Zeta Markets had these limitations:
- The platform permanently closed its exchange doors in May 2025 to shift development to the Bullet network, leaving the DEX non-operational.
- <li>Zeta Markets operated exclusively on Solana without native deployment on other chains.</li>.
Specs
| Type | Order book, Perpetuals · unverified |
|---|---|
| Chains | Solana · unverified |
| Swap fee | 0.02% maker / 0.10% taker · unverified |
| Limit orders | Yes · unverified |
| Cross-chain swaps | No · unverified |
| Governance token | ZEX · unverified |
| Perpetual futures | Yes · unverified |
| Max leverage (x) | 100 · unverified |
| Routes across other DEXs | No · unverified |
| Mobile app | Yes · unverified |
| Points or rewards program | Yes · unverified |
Not disclosed by the provider: KYC required, Audited, Open source, MEV protection.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
On-chain central order book
Executes trades via a central limit order book matching engine with settlement anchored directly to Solana.
Leveraged perpetual contracts
Offered up to 100x leverage on perpetual futures across major markets like BTC, ETH, and SOL.
Advanced order types
Supported limit orders, market orders, and automated trigger orders for take-profit and stop-loss executions.
Tiered trading fee discounts
Default rates of 0.02% maker and 0.10% taker scaled down to 0.01% and 0.05% via trading volume or gZEX staking.
Vote-escrow token staking
Allowed users to lock ZEX tokens for up to 4 years to accrue non-transferable gZEX for fee tiers and governance.
Yield-bearing collateral
Allowed multiple major Solana-based assets to serve as margin while generating yield in the background.
Inside Zeta Markets
Orderbook & Matching Engine
Executes on-chain limit orders, market orders, and trigger orders against a central orderbook architecture with low-latency matching.
Margin System
Describes the margin system, liquidations, and insurance fund used by the protocol.
Staking
Allows holders to lock ZEX tokens for up to four years to generate gZEX scores, which confer governance voting rights and fee tier discounts.
Bridging Guide
Provides tutorials for bridging collateral into Solana from networks such as Ethereum and Polygon.
Zeta Markets screenshots
User reviews
No user reviews yet. Have you used Zeta Markets? Share your experience below.
FAQ
Who founded Zeta Markets?
Zeta Markets was founded in 2021 by Tristan Frizza.
Is Zeta Markets still operational?
No, Zeta Markets ceased operations in May 2025 as the development team shifted focus to the Bullet network.
What were the trading fees on Zeta Markets?
Default baseline fees were 0.02% (2 bps) for makers and 0.10% (10 bps) for takers. Traders could lower these fees up to 50% based on 30-day trading volume or staked gZEX balances.
Which blockchains did Zeta Markets support?
Zeta Markets operated exclusively on Solana, though users could bridge assets from Ethereum and Polygon to fund their accounts.
Does Zeta Markets have a token?
Yes, the protocol launched the ZEX governance token on Solana in June 2024, which could be locked into vote-escrow gZEX for governance power and trading discounts.
What leverage did Zeta Markets offer on perpetuals?
The platform supported up to 100x leverage on perpetual contracts across markets such as SOL, BTC, and ETH.
Latest from Zeta Markets on X
2024: The Year We Built Solana's First L2 Network Extension
As we approach public testnet, here’s a look at what we’ve achieved so far building Bullet—a high-performance trading layer for Solana: 🧵 https://t.co/SnsoTJBJn6
As we approach public testnet, here’s a look at what we’ve achieved so far building Bullet—a high-performance trading layer for Solana: 🧵 https://t.co/SnsoTJBJn6
Solana DEXs hit $27bn in volume yesterday, smashing previous ATHs. A year ago, this was unthinkable—IBRL is working.
But today’s congestion shows there’s still work to be done. Bullet, a fully verifiable trading layer, will help Solana keep pace.
But today’s congestion shows there’s still work to be done. Bullet, a fully verifiable trading layer, will help Solana keep pace.
We're going faster
Check out @Tristan0x 's article for an inside look at how Bullet works and how it stacks up against other high-throughput L2s launching this year
Recent public posts from @ZetaMarkets, shown as published. Not reviewed or endorsed by CryptoReview.
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