ZO Perps Review 2026: Oracle-Priced Perps on Sui

ZO Perps is a decentralized perpetuals exchange on the Sui blockchain, built by the team behind ZO and operated under Tsuki Inc. according to the site footer. It offers crypto, commodity and index perpetuals with up to 75x leverage, and it pitches itself as an intelligent protocol with AI-driven trading agents.

Its main design choice is oracle pricing. Trades execute at feeds from providers such as Pyth, with no AMM curve, which the project says means zero slippage and no MEV. Sui's roughly 300ms finality is cited as the reason execution feels close to a centralized exchange.

DefiLlama has tracked ZO since April 2025 in its derivatives category and shows about $71,000 in TVL, down about 5% over the week. The homepage claims $6.7 million TVL and $2.5 billion in cumulative volume, which differ greatly from the tracked figure. A social post from the project also reports about $18.85 million traded in one week.

ZO is a perpetual futures exchange. A perpetual is a derivative that tracks an asset's price with no expiry, letting traders go long or short with leverage. Positions are opened with collateral and can be liquidated if losses approach that collateral.

Instead of an order book or AMM curve, ZO fills trades at prices from decentralized oracles such as Pyth. Because of this, the project says there is no price impact and little room for front-running. The other side of each trade is taken by a shared liquidity pool.

Liquidity providers deposit stablecoins and other supported assets and receive ZLP. They earn a share of trading fees and agent usage revenue, and their return depends on volume and trader outcomes. On top of this sit ZO Agents, which automate trade ideas and monitor positions, and an SDK for developers building their own agents.

The homepage does not publish a trading fee table, funding rates or liquidation penalties. Users would find these in the documentation or in the trading interface before opening a position.

Liquidity providers earn a share of trading fees and agent usage revenue through ZLP, so fee income is what funds their yield. Because pricing is oracle-based, there is no AMM price impact, but fees and funding still apply.

DefiLlama lists two audits for ZO, but the homepage does not name the auditors or link reports, so scope and findings should be checked in the documentation. The platform is non-custodial in the usual DEX sense, with users connecting their own wallet, though positions and the ZLP pool are held in smart contracts that carry bug risk.

Oracle dependence is a core risk: a faulty or delayed price feed could cause bad fills or liquidations. The small tracked TVL also means a thin buffer if the pool takes losses. Public sources mention no incidents, and no licence or regulatory status is published. Derivatives trading may be restricted in some jurisdictions, and leveraged trading can lose your whole deposit.

ZO Perps is for active derivatives traders already using Sui wallets, for liquidity providers comfortable with taking the other side of trader positions, and for developers interested in building automated trading agents with the SDK. It is not suited to beginners or to anyone who cannot afford to lose their deposit.