Zeta Markets
Zeta Markets is a Solana-based decentralized exchange offering on-chain perpetual futures, options, and futures trading to crypto-native traders and DeFi users, with up to 100x leverage and multi-collateral support. The platform is evolving into Bullet, a Solana Layer 2 network extension purpose-built for trading.
- Company typePrivate
- Founded2022
- HeadquartersNewyork, United Kingdom
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Zeta Markets does
Zeta Markets is a decentralized exchange (DEX) built on the Solana blockchain that offers on-chain perpetual futures, options, and futures trading to crypto-native traders and DeFi users. Founded in 2022 and incorporated in the Republic of Panama as Zeta Protocol Platform Corp, the platform operates as a self-serve, no-KYC application accessible globally via web browser, where users connect Solana-compatible wallets (Phantom, Solflare, Backpack) to trade up to 100x leverage perpetual contracts. The company has processed 628 million+ cumulative trades and $8 billion+ in cumulative trading volume across listings including BTC, SOL, ETH, JUP, and PYTH perpetuals, with $25 billion in total open interest.
The platform's core technology is built on Solana using Anchor/Rust backend code with a React/TypeScript frontend, originally leveraging Serum-based order book matching. Zeta is evolving into Bullet, which it describes as Solana's first Layer 2 network extension purpose-built for trading, settling trades up to 2400x faster than Ethereum and featuring ZK proof-based settlement and data availability on Solana L1. Risk management includes an insurance fund and socialized loss mechanisms, and the platform has operated exploit-free for over three years following a Kudelski Security audit. Multi-collateral support allows users to deposit various tokens, maintain spot exposure, and earn yield while trading. The native $ZEX application token is migrating on a 1:1 basis to $BULLET, which will serve as the network token for gas fees, node operations, and staking.
Zeta's revenue model is transaction-based: protocol fees (0.3% on options/futures, 0.1% on perpetuals, plus liquidation penalties and funding rates) are charged and retained by the on-chain Protocol smart contracts rather than the corporate entity. Value capture at the company level appears to flow through tokenomics and treasury rather than direct fee revenue. Go-to-market is community-led and product-led, leveraging Discord, Telegram, Twitter/X, trading rewards programs (Z-Score, maker rewards), referral incentives, content creator partnerships, and educational documentation. The primary customer segments are crypto traders and DeFi users seeking capital-efficient on-chain derivatives, plus a secondary segment of developers and algorithmic traders using TypeScript and Python SDKs. The platform is restricted in approximately 30 jurisdictions including the United States.
Zeta Markets firmographics
Firmographics- Name
- Zeta Markets
- Legal name
- Zeta Protocol Platform Corp
- Website
- https://zeta.markets
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Zeta Markets is a Solana-based decentralized exchange offering on-chain perpetual futures, options, and futures trading to crypto-native traders and DeFi users, with up to 100x leverage and multi-collateral support. The platform is evolving into Bullet, a Solana Layer 2 network extension purpose-built for trading.
- Ownership category
- akta.pro rank
Zeta Markets industry classification
Industry- Product category
- Decentralized Derivatives Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Perpetuals & Derivatives DEXs (FSADABAE)
- akta.pro secondary industries
- Derivatives, Perpetuals & Options Protocols (FSADAMAC), Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC), Derivatives Trading Venues (perps, futures, options) (FSAPADAE)
Keywords
Where Zeta Markets is headquartered
LocationHeadquarters
- HQ city
- Newyork
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Zeta Markets business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Trading Fees - Options and Futures: Lower of: (a) 0.3% x Fluctuating Token Market Price x Underlying Amount, or (b) 5% x Contract Price x Number of Contracts. Fees are charged by and retained by the Protocols, not Zeta.
- Trading Fees - Perpetuals: 0.1% x Contract Price x Number of Contracts. Lower rate for perps compared to options/futures.
- Liquidation Fees: When a user's position is liquidated: 25% of User Maintenance Margin goes to the liquidator, 10% goes to the Protocol's Insurance Pool.
- Funding Rates (Perpetuals): Funding rates are applicable to users trading perps. Rates programmed as part of the Protocols.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Options and Futures Trading Fee |
| Transaction based/ take rate | Pay-as-you-go | Perpetuals Trading Fee |
| Unit Pricing | Pay-as-you-go | Margin Account Creation |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels7 records
Zeta Markets product offering
Product offeringCore offering
Zeta Markets operates a decentralized derivatives exchange on Solana offering on-chain perpetual futures, options, and futures trading with up to 100x leverage. The platform uses cross-margin and multi-collateral support, with USDC as the settlement currency. It is evolving into Bullet, Solana's first Layer 2 network extension purpose-built for trading, secured by ZK proofs on Solana L1.
Product overview
Zeta Markets is a Solana-based decentralized derivatives exchange offering perpetual futures, options, and futures trading. The platform operates under the Zeta brand for its Layer 1 product and is evolving into Bullet, Solana's first Layer 2 network extension purpose-built for trading. The ecosystem includes the $ZEX token (evolving into $BULLET), developer tools (TypeScript and Python SDKs), and a REST Data API. The platform supports up to 100x leverage, cross-margin trading with USDC collateral, and is secured by ZK proofs. Total cumulative trading volume exceeds $8 billion with 628 million cumulative trades.
Differentiator
Problem solved
Functional benefit
Products and services
- Zeta DEX (Zeta Markets) A decentralized exchange on Solana offering on-chain perpetual futures, options, and futures trading with up to 100x leverage, cross-margin, and multi-collateral support. Features capital-efficient trading with USDC as collateral and settlement currency, targeted at crypto-native traders and DeFi users.
- Bullet (L2 Network Extension) Solana's first network extension purpose-built for trading. Built as Solana's Layer 2 solution providing ultra-fast, reliable DEX operations resistant to L1 congestion, settling trades up to 2400x faster than Ethereum with ZK proof security on Solana L1.
- Zeta TypeScript SDK Open-source TypeScript library for interacting with Zeta program smart contracts on both Devnet and Mainnet. Includes examples for basic trading, market making, liquidation, and subscription functionality, targeted at developers building algorithmic trading bots.
- Zeta Python SDK Python SDK for interacting with Zeta markets, enabling programmatic trading, market making bot development, and liquidation bot construction. Documented at zetamarkets-py.readthedocs.io.
- REST Data API REST API providing public market data including trades and statistics for Zeta Markets. Trading via REST is not supported; the API is read-only.
Quantifiable outcome
- Settles trades up to 2400x faster than Ethereum
- +4 more outcomes
Companies that use Zeta Markets
Customer profileSegments2 records
Ideal customer profiles2 records
Zeta Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Zeta Markets partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and major.
- Kudelski SecuritycoreConducted security audit of Zeta Markets. Full audit report available on GitHub.
- Pyth NetworkmajorOracle provider for Zeta's price feeds. PYTH market available for trading on Zeta with dedicated staking rewards campaign.
- JupitermajorJupiter (JUP) perpetual market available on Zeta DEX. Integration partner in Solana ecosystem.
- TradingViewmajorTradingView charting integration provides real-time price visualization and analysis tools for Zeta traders.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
Zeta Markets competitors and assessment
Company assessmentDirect peers
- Drift Protocol: Solana-based decentralized perpetuals and spot exchange. Direct Solana-ecosystem competitor offering similar leverage, order book, and yield-bearing collateral features for the same crypto-native audience.
- GMX: Decentralized perpetual futures exchange on Arbitrum/Avalanche. Comparable as a DeFi perps venue with similar leverage and self-custody value proposition, though using a GLP liquidity model rather than order book.
- Hyperliquid: Largest on-chain perpetual futures DEX by volume and open interest. Directly comparable to Zeta as a perps-only venue competing for the same crypto-native trader flow, with Hyperliquid operating on its own L1.
- Aevo: Decentralized exchange focused on options and perpetual futures. Comparable product mix to Zeta (perps + options), targeting similar sophisticated crypto traders on an alternative L2 stack.
- Mango Markets: Solana-native decentralized derivatives and lending platform. Comparable as a Solana-based venue offering perps, spot margin, and lending — competing for the same ecosystem-native traders.
- Jupiter Perps: Perpetuals product from Jupiter, the leading Solana DEX aggregator. Competes directly with Zeta for Solana perps flow, leveraging Jupiter's massive existing user base and distribution.
- dYdX: Established decentralized perpetual futures exchange with its own app-chain. Competes with Zeta for institutional and pro crypto derivatives traders on similar product (perps, margin, order book).
Broad incumbents
- Binance: World's largest centralized crypto exchange with deep derivatives liquidity. Represents the incumbent CEX whose flow Zeta aims to attract via self-custody and Solana-speed execution.
- Bybit: Large centralized derivatives exchange. Comparable as a venue where crypto traders execute perpetual futures and options at high leverage; represents the CEX competitor Zeta is positioning against on performance and UX.
Others
- Pyth Network: Solana-ecosystem oracle network that provides price feeds to Zeta. Comparable as an enabling infrastructure peer within the same Solana DeFi stack rather than a direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Zeta Markets social profiles
Digital presenceZeta Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Zeta Markets leadership team
Management profileNumber of profiles
Zeta Markets funding detail
Funding detailFunding overview
Funding rounds2 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Zeta Markets M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Zeta Markets
What does Zeta Markets do?
Zeta Markets operates a decentralized derivatives exchange on Solana offering on-chain perpetual futures, options, and futures trading with up to 100x leverage. The platform uses cross-margin and multi-collateral support, with USDC as the settlement currency. It is evolving into Bullet, Solana's first Layer 2 network extension purpose-built for trading, secured by ZK proofs on Solana L1.
Is Zeta Markets a public or private company?
Zeta Markets is a private company. It is classified as venture growth investor backed and is currently operating.
When was Zeta Markets founded?
Zeta Markets was founded in 2022. It employs 11 to 50 people.
Where is Zeta Markets based?
Zeta Markets is headquartered in Newyork, United Kingdom, in the Europe region.
How does Zeta Markets make money?
Four revenue lines are on record. Trading Fees - Options and Futures are the primary driver. The others are trading Fees - Perpetuals, liquidation Fees and funding Rates (Perpetuals).
Who are Zeta Markets's main competitors?
Direct peers on record are Drift Protocol, GMX, Hyperliquid, Aevo, Mango Markets, Jupiter Perps and dYdX. Broad incumbents are Binance and Bybit. Pyth Network is listed as an others.
Does Zeta Markets have an API?
Yes. Zeta Markets offers a TypeScript SDK for Devnet and Mainnet, enabling developers to interact with the Zeta program smart contract. The SDK is open-sourced and can be used to build market making bots, liquidators, and other trading applications. A Python SDK is also available for developers. Additionally, a REST Data API is provided for retrieving public data such as trades and statistics, though trading via REST is not supported. Developer documentation is at docs.zeta.markets/build-with-zeta/sdks.
What industry is Zeta Markets in?
Zeta Markets's product category is Decentralized Derivatives Exchange. Its primary akta.pro industry code is FSADABAE, Perpetuals & Derivatives DEXs, with a secondary code of FSADAMAC, Derivatives, Perpetuals & Options Protocols. Its NAICS code is 523210 and its SIC code is 6200.