Zcash fell 9% in two days. Open bets on its six biggest futures markets fell 40%
ZEC slid from $1,279 to about $1,160 since November 8. Over the same stretch, open interest on Hyperliquid, OrangeX, CoinW, Gate, OKX and Bybit dropped from $2.51 billion to $1.50 billion, CoinGecko data show.
Key points
- ZEC traded at $1,160.05 at 12:47 a.m. ET on November 10, 2026, down 5.7% in 24 hours and 9.3% below the $1,279 CoinGecko showed on November 8.
- Open interest on the six biggest ZEC perpetual markets LC Insight tracked on November 8 fell from $2.51 billion to $1.50 billion, about 40%.
- Hyperliquid's ZEC-USD open interest fell from $626.0 million to $486.8 million, putting it just behind Binance's $515.3 million.
- Funding was positive on 73 of 84 ZEC perpetuals, so traders betting on a rise were still paying those betting on a fall.
What moved
Zcash (ZEC), a privacy coin and the No. 10 crypto asset by market value on CoinGecko, traded at $1,160.05 at 12:47 a.m. ET on November 10, 2026. That was down 5.7% in 24 hours, with a 24-hour range of $1,142.73 to $1,232.85. Two days earlier, at 6:40 a.m. ET on November 8, it stood at $1,279.
The bigger change was in futures. Open interest is the dollar value of futures bets that are still open. It shows how much money is riding on a coin's next move.
Bets closed across the big venues
On November 8 we reported the seven largest ZEC perpetual markets by open interest on CoinGecko's derivatives list. A perpetual is a futures contract with no expiry date. At 12:46 a.m. ET on November 10, the same list showed every one of the six besides Binance had shrunk.
- Hyperliquid ZEC-USD: $626.0 million to $486.8 million (minus 22%)
- OrangeX: $503.5 million to $360.3 million (minus 28%)
- CoinW: $498.4 million to $208.1 million (minus 58%)
- Gate: $486.9 million to $194.2 million (minus 60%)
- OKX: $188.6 million to $153.4 million (minus 19%)
- Bybit: $204.9 million to $96.0 million (minus 53%)
Together they fell from $2.51 billion to $1.50 billion, about 40%. The 9.3% price drop explains only a small part, because open interest is counted in dollars. Most of the fall means positions were closed, by choice or by forced liquidation.
ZEC perpetual open interest, November 8 vs. November 10
US$ million
Source: CoinGecko derivatives API, read November 8, 2026, 6:40 a.m. ET and November 10, 2026, 12:46 a.m. ET
Binance trades the most, but shows no open interest
Binance's ZECUSDT contract traded $1.80 billion in 24 hours, the most of any ZEC market on CoinGecko's list. Its open interest figure was missing from CoinGecko's list at 12:46 a.m. ET. When it came back at 1:03 a.m. ET, it read $515.3 million, down 7.5% from $556.9 million on November 8. So Binance lost far fewer open bets than the six venues above, and we keep it out of the 40% figure.
Across all 84 ZEC perpetuals on the list, 24-hour volume was about $13.0 billion. At 12:46 a.m. ET, the 80 markets that reported open interest held about $2.22 billion, before Binance's figure returned.
Who pays whom
Perpetuals use a funding rate, a small fee paid every few hours, to keep the contract price near the spot price. When it is positive, traders holding long (rising) bets pay those holding short (falling) bets.
Funding on ZEC was positive on 73 of 84 perpetuals, negative on 9 and zero on 2. OKX, Bybit and Bitget showed 0.01%, a common default rate. Hyperliquid, which charges funding every hour, showed 0.00125%. So even after the drop, more traders were still paying to stay long than to stay short.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the 40% drop in open bets matters more than the 9% price fall. Less borrowed money on a coin usually means smaller forced moves in both directions in the next days.
- Positive funding after a slide suggests many traders still hold long bets. If the price keeps falling, those positions are the ones at risk.
- Hyperliquid now sits close behind Binance in ZEC open interest. That shows how much Zcash trading now runs on onchain exchanges.
What's next
- Whether Binance's ZEC open interest figure returns on CoinGecko
- Funding turning negative, a sign shorts are crowding in
- ZEC holding above its 24-hour low of $1,142.73
- Hyperliquid ZEC open interest against $486.8 million
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.
