ZO Perps Review: Is Its Sui DEX Worth Using?

ZO is a perpetuals decentralized exchange on Sui. You can take long or short positions, and the homepage advertises leverage of up to 75x. ZO says trades use oracle prices rather than an automated-market-maker curve, and promotes near-instant execution with little or no price impact. Those are project claims, not a guarantee that every order will behave as expected in all market conditions.

The platform also promotes Smart ZO Agents, which can monitor markets and automate trading actions, plus an SDK for developers building agents and related tools. For liquidity providers, ZO describes depositing supported assets to mint ZLP, with potential revenue from trading fees and agent usage. That is not a guaranteed return: pool exposure and the way revenues are distributed matter. If you only want to swap tokens or hold assets, a perpetuals protocol may add unnecessary complexity.

ZO does not publish a clear fee schedule in its public-facing material. Before opening a position, check the app for trading fees, funding payments, borrowing costs, and any charges tied to agents or liquidity operations. Perpetual contracts commonly use funding payments between traders to keep contract prices aligned with the underlying market, but ZO’s exact rates and calculation rules should be confirmed in its current interface or documentation.

You will also need SUI to pay Sui network transaction fees. The project advertises near-zero slippage, but that does not mean using the protocol is free. Leverage has a separate cost in risk: a small adverse price move can have a large effect on your margin, especially at high leverage. Compare the total cost and liquidation threshold for the specific market before you approve a transaction. Do not assume an advertised execution feature removes funding, network or liquidation costs.

ZO describes its protocol as decentralized and non-custodial, so it is not presented as a conventional exchange holding a customer account balance. You still rely on smart contracts, oracle feeds, protocol controls and your own wallet security. A non-custodial design does not eliminate the possibility of contract bugs, oracle problems or losses from a position being liquidated.

Two audits are listed for the protocol, but the auditor names, report dates, scope and findings are not specified in the project details. Treat that as limited assurance rather than proof that the system is risk-free. The project does not publish a licence in the information reviewed here. Before connecting a wallet, read the current terms and check what permissions each transaction requests. Use a wallet with only the funds you intend to risk, and avoid granting approvals you do not understand.

ZO runs on Sui and says it can be used through mobile wallets; it also mentions access through chat apps. That does not establish that every wallet or chat integration is supported, so confirm compatibility through the official app before signing anything. The site describes execution at roughly 300 milliseconds, but actual confirmation and trading experience can depend on network conditions and the specific transaction.

ZO documentation identifies SUI, DEEP, USDC, WAL and CETUS as collateral assets. Verify that the asset and market you want are currently enabled, and check the token and network carefully before transferring funds. The public information does not set out withdrawal limits or a detailed withdrawal process. Review the app’s current instructions and terms before depositing, including how you close positions and retrieve collateral. Keep enough SUI in your wallet for network fees.

The main drawback is the gap between ZO’s broad performance claims and the practical details a trader needs before using leverage. Fees, funding calculations, withdrawal limits, and detailed liquidation rules are not clearly published in the public-facing material. Audit listings are not a substitute for reading the reports, and no licence is identified. These omissions make it harder to compare the real cost and safeguards with other derivatives platforms.

ZO’s high advertised leverage is also unsuitable for casual experimentation: liquidation can happen quickly, and automated agents do not make a strategy safe or profitable. ZLP providers face a different risk from traders, because their deposited assets are exposed to the protocol’s pool mechanics and activity. If you proceed, start only after checking the live rules and fees, and use an amount you can afford to lose. Perpetual trading is not appropriate for everyone.