Bullet
C Tier
LATEST UPDATE · OCTOBER 27, 2026
Points 'coming soon' (docs); ZEX lock window closes Nov 13, 2026; $40m+ daily volume and $4m OI (Oct 27); zero fees since Oct 15; US barred. Grok: Tier C, #31; 'Bullet has no existing token, ZEX is being shut down'.The numbers
Expected FDV
$40m
$10m – $120m
Airdrop pool
$4m
Unknown; 10% assumed
Team score
6/10
founders, exits, backers, flags
Wallets earning
Unverified; $40m+ daily volume and $4m+ open interest (official, Oct 27, 2026) on ~$1.5m TVL
fewer is better for you
Token window
None; 'Bullet Points' are 'coming soon' (docs: 1M points a week, Mondays 12:00 UTC, formula undisclosed); the terms say points are no promise of 'any token generation event'
$10m$100m$1b$10b
How we got the FDV: Zeta raised $13.5m in total (Electric Capital led a $5m token round, May 2024) and ZEX is being wound down, so this is a clean-slate token at best. Comps: Drift ~$14m, Zeta ~$1m (CoinGecko, Oct 27). Assumption.
A zero-fee Solana perp venue from the Zeta team doing $40m a day with points still unannounced. Worth a small non-US account now; the team already broke one token promise.
Zero fees, Solana speed, stocks and commodities as well as crypto, and the points program is explicitly not launched yet (the docs sketch 1M points a week, paid Mondays), so anything you do now is pre-program. Locking old ZEX buys a retroactive boost from Jul 13. Founder Tristan Frizza (@Tristan0x) ran Zeta Markets, which raised $8.5m led by Jump Capital with Electric Capital and Wintermute. Volume hit $10m a day on Oct 9 and $40m on Oct 27, with 30-day volume of $478m on DefiLlama and JLP now accepted as collateral. Referrers get 10% of referees' points.
Cut it if: points launch as a flat per-volume race, or the $40m a day turns out to be a handful of zero-fee bots (volume is ~10x open interest and TVL is tiny).
Who's farming it: @0xkekov (Oct 16) lists Bullet among perp DEXs with no token. Grok flags the volume-to-TVL ratio as zero-fee churn. SolanaFloor (Jul 16) quoted ZEX holders calling the migration reversal 'exploitation'; ZEX fell 63%.
What is Bullet?
A zero-fee perpetuals exchange on Solana from the Zeta Markets team (founder Tristan Frizza): stocks, commodities, indices and crypto, up to 500x in 'degen mode', gated mainnet since July 2026 and zero fees since Oct 15. Zeta Foundation is winding down the ZEX token and says there will be 'no automatic or guaranteed 1:1 migration'; locking ZEX on Bullet (window Jul 13 to Nov 13, 2026) grants early access, a VIP fee floor and a retroactive points multiplier. Bullet Points are 'coming soon' with an undisclosed formula. US and Singapore barred.
Airdrop parameters
POINTS / CLAIM END
Points not launched
ALLOCATION
Nothing announced
METHOD
Points not live; docs plan 1M points per 7-day epoch, formula undisclosed; ZEX lock = 1.05–2x boost backdated to Jul 13; referrals 10% of points
TGE
None
ACCESS
Gated mainnet: get in by locking ZEX, depositing into any vault (no code needed since Oct 15), a referral link or an affiliate code. US and Singapore users and citizens are barred by the terms (reduce-only if detected); Canada and UK not named; KYC at Bullet's discretion; Privy login. Deposit USDC on Solana (1 USDC minimum) or bridge via Relay from Ethereum, Base, Arbitrum, Optimism or Bitcoin; BTC, ETH, SOL and JLP as collateral. Zero maker and taker fees; Bullet keeps 5% of funding payments; vaults cost 10 USDC to create. Locking ZEX (snapshot Jul 10) grants early access, a VIP fee floor and a 1.05–2x points boost backdated to Jul 13; the lock is permanent and closes Nov 13, 2026. Web only.
CHAIN
Solana
How to farm
01
Get in without a code
Deposit into any vault, use a referral link, or lock ZEX. Not for US or Singapore.
02
Decide on the ZEX lock by Nov 13
Permanent and irreversible; only for ZEX held at the Jul 10 snapshot. A boost on points that don't exist yet is a bet on the team.
03
Trade the markets with depth
Zero fees mean the only cost is spread and the 5% funding haircut. Hold some open interest; OI fees come later.
04
Re-read when Bullet Points launch
The retroactive window and formula decide whether early trading counted.