Hyperliquid holds $626 million of open Zcash bets, more than Binance's $556.9 million
On a quiet Sunday, Zcash was the second most traded market on Hyperliquid, ahead of ether. CoinGecko's data shows the on-chain exchange now carries the largest pile of open ZEC futures of any venue.
Key points
- Hyperliquid's ZEC perpetual had $626.0 million of open interest, more than Binance's $556.9 million, CoinGecko showed at 6:40 a.m. ET on November 8, 2026.
- ZEC traded $247.8 million on Hyperliquid in 24 hours, behind only bitcoin ($497.2 million) and ahead of ether ($193.5 million).
- ZEC sat at $1,279, the No. 10 coin by market value, up 131.5% in a year but still far below its 2016 record of $3,191.93.
What the numbers show
Open interest measures the dollar value of futures positions nobody has closed yet. Volume counts trading; open interest counts the bets still running.
CoinGecko's list of derivatives markets (read November 8, 2026, 6:40 a.m. ET) counts 99 Zcash (ZEC) futures markets with about $4.49 billion of open interest in total. The biggest single one is not on a centralized exchange. It is the ZEC-USD perpetual on Hyperliquid, an exchange that settles every trade on its own blockchain, with $626.0 million. That is about 14% of all open ZEC bets CoinGecko tracks.
Binance's ZECUSDT contract came second with $556.9 million. A perpetual is a futures contract with no expiry date.
Largest ZEC futures markets by open interest
US$ million
Source: CoinGecko derivatives API, read November 8, 2026, 6:40 a.m. ET
ZEC outtraded ether on Hyperliquid
Over the 24 hours to 6:40 a.m. ET, Hyperliquid's busiest market was bitcoin at $497.2 million of volume. ZEC was next at $247.8 million, ahead of ether at $193.5 million, HYPE at $136.7 million and Solana at $57.4 million, according to CoinGecko's Hyperliquid tickers.
By open interest, ZEC ranked fourth on the exchange. Bitcoin had $3.20 billion, ether $2.20 billion and HYPE $1.72 billion. Solana, a much larger coin by market value, had $497.8 million, less than ZEC.
Less volume, more open bets
Binance still trades far more ZEC. Its contract did $1.20 billion of volume in the same 24 hours, almost five times Hyperliquid's. But Binance's open interest was smaller. Measured against volume, more ZEC positions stayed open on Hyperliquid than on Binance.
CoinGecko does not say who holds those positions or which way they lean. This article uses no wallet-level data.
Where ZEC stands
CoinGecko priced ZEC at $1,279.04 at 6:40 a.m. ET, down 1.1% in 24 hours and up 2.6% in seven days. Its market value of about $21.78 billion ranked it No. 10. The coin is up 131.5% over a year, yet still about 60% below its all-time high of $3,191.93, set on October 28, 2016.
For comparison, ether was at $2,237.91 and bitcoin at $75,916, both nearly flat on the day.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think Hyperliquid has become a main venue for big ZEC bets, not a side market. When the largest open position pool in a coin sits on an on-chain exchange, its liquidations and funding swings can move the whole market.
- The gap between Binance's volume and Hyperliquid's open interest suggests two kinds of traders: fast, short-term flow on Binance and larger, longer-held positions on Hyperliquid. This is our reading of the ratio, not something the data proves.
- A Sunday snapshot can change fast. The ranking is worth checking again once weekday trading returns.
What's next
- Whether Hyperliquid keeps the top ZEC open interest spot during the week
- ZEC funding and liquidations if the price moves sharply
- Whether ZEC stays ahead of ether in Hyperliquid volume
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
