Why ZEX (Bullet) looks mispriced: Solana's answer to Hyperliquid
Quote113 words
Bullish call$ZEX−99.1%since this piece, moved against the callHow it played out ↓Argues Bullet is Solana's missing HL-style perp DEX, with 1.2ms latency versus 400ms on Solana L1, integrated lending and a strong team. Notes ZEX trades at a $23m mcap and $124m FDV, which he sees as a favourable risk/reward.
Key claims
Bullet offers 1.2ms latency vs 400ms on Solana L1
ZEX is at $23m mcap / $124m FDV
ZEX is effectively the BULLET token
Loaded up quite a bit of additional $ZEX the past days.
Why?
There is very little awareness about the fact(s) that @bulletxyz:
- Is literally Solana's answer to Hyperliquid
- Is filling the gap for an HL-style DEX in SOL eco
- Offers 1.2ms latency (vs. 400ms on Solana L1)
- Has a unique architecture & top tier infra integrations
- Offers strong product features (e.g. integrated lending)
- Is run by a top tier team with experience & strong backgrounds
+++
Now imagine what happens when ppl understand that $ZEX is $BULLET.
We're still at $23m mcap / $124m FDV.
Definitely NFA, but for me personally, the risk/reward ratio here looks good.
QUOTING @zerokn0wledge_
Why am I so damn bull(et)ish on @bulletxyz? TL;DR on "Solana's Trading Layer" ↓ ➀ WTF is Bullet? Bullet is an application-specific rollup (also referred to as a "network extension") built to solve Solana's 'perps paradox' by bringing a CEX-grade derivatives engine to its ecosy
Why am I so damn bull(et)ish on @bulletxyz? TL;DR on "Solana's Trading Layer" ↓ ➀ WTF is Bullet? Bullet is an application-specific rollup (also referred to as a "network extension") built to solve Solana's 'perps paradox' by bringing a CEX-grade derivatives engine to its ecosy
How the call played out · since 28 Sep 2025
Prices as of 23 Oct 2026This piece takes a view on $ZEX, so that move is read against the call.
Bullet is Solana's answer to Hyperliquid with 1.2ms latency and integrated lending, yet ZEX sits at a $23M market cap.
−99.1%
Moved against the call · over 13 months
- At publication
- $0.118
- Now
- $0.00107
- vs BTC
- −99%
- After 1 month
- −22%
- After 3 months
- −40%
- After 1 year
- −99.0%
- High since
- +15% 03 Oct 2025
- Low since
- −99.3% 29 Sep 2026
Since then
Zero has written 4 more pieces on $ZEX since this one.
- Bullet: Solana ZK perp DEX appchain built on the Sovereign SDKCovers $ZEX
- Dip buys: HYPE, SOL, ZEX, CODEC, ROBA and the reasoningBullish call on $ZEX
- ZEX is BULLET: Bullet's token migrationBullish call on $ZEX
- Bullet: Solana's onchain Nasdaq with 1ms latency, TL;DR of A1 articleCovers $ZEX
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.