Trade Zcash on Hyperliquid
One of Hyperliquid's largest markets outside the big three, and one of its most volatile.
Zcash's ZEC perpetual is a validator-operated, USDC-margined linear perp on Hyperliquid, priced from a weighted median of ZEC spot prices on major exchanges, with hourly funding and tier-0 fees of 0.045% taker / 0.015% maker. In the 24 hours to 2026-11-04 10:16 UTC, ZEC traded $517M with $666M open interest at a mark of $1,310.50 (Hyperliquid API).
Live market data
ZEC Hyperliquid core perp - Mark price
- $1,310.50
- 24h change
- +14.09%
- 24h volume
- $517M
- Open interest
- $666M
- Funding (1h)
- +0.0015%
- Funding (annualized)
- +13.4%
- Max leverage
- 10x
- Taker / maker fee
- 0.045% / 0.015%
Validator-operated market. Fees are tier 0 before staking or referral discounts.
Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.
What the ZEC perp tracks
ZEC is a core Hyperliquid perp on the Hyperliquid oracle index of zcash spot, built like every core crypto oracle: a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid, published by validators every 3 seconds.
On our November 4, 2026 snapshot ZEC was Hyperliquid’s fourth-largest core market by volume, after BTC, ETH and HYPE, and moved more than 10% in a day. That combination (large size, big swings) is why its maximum leverage is low (live figure above).
Funding
Funding is paid every hour, peer to peer. Its interest component is fixed at 0.00125% an hour (0.01% per 8 hours, about 11.6% a year paid by longs to shorts) and the premium component follows the gap between the perp and the oracle. The live card shows the current hourly rate for ZEC and the same rate annualized. A rate at the baseline means the perp is trading close to its oracle; a much higher rate means longs are crowded and are paying for it.
Fees
Core perps pay Hyperliquid’s base schedule: 0.045% taker / 0.015% maker at tier 0, falling with your 14-day volume. HYPE staking takes 5% to 40% off, and a referral code takes 4% off on your first $25M of volume (ours). On a $10,000 market order that’s $4.50 at tier 0 before discounts. Some wallets and apps that route orders to Hyperliquid add their own builder fee on top; the official app adds none.
Volatility and liquidation
A smaller asset’s oracle depends on fewer liquid spot venues. Sharp moves on one exchange can move the oracle and trigger liquidations fast. Use isolated margin if you want a ZEC loss ring-fenced from the rest of your account. Related: Bitcoin, Solana.
Contract specs
ZEC · Hyperliquid (validator-operated)
| Tracks | The Hyperliquid oracle index of zcash (ZEC) spot, quoted in USDT terms and margined in USDC (a quanto contract). |
|---|---|
| Price source | Validators publish the oracle every 3 seconds as a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid. |
| External hours | 24/7. Crypto spot never closes, so there is no internal-pricing session. |
| Outside those hours | Not applicable. |
| Max leverage | 10x (live from the API) |
| Margin mode | Cross or isolated (your choice); live from the API |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | Hyperliquid Docs: Contract specifications (reviewed November 4, 2026) |
How to trade it
- Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places. If you're in a restricted place, stop here.
- Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
- Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
- Open the market. Search for
ZECon app.hyperliquid.xyz. It sits with the other core perps. - Choose margin mode and leverage. Cross margin shares collateral across positions; isolated ring-fences it. Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
- Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.
Risks
- The oracle is a blend of exchange prices. A sharp move or outage on the big spot exchanges feeds straight into the mark price that triggers liquidations.
- Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
- Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
- Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.
Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.
Questions people ask
Can you trade Zcash on Hyperliquid?
Yes. ZEC is a validator-operated Hyperliquid perp, margined in USDC, trading 24/7 with hourly funding.
Can Americans trade this on Hyperliquid?
No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that.