Zcash is seeing a sharp increase in derivatives trading activity.
According to ZECStats data from Hyperliquid, $ZEC recorded approximately $397.6 million in 24-hour perpetual trading volume, compared with roughly $2.2 billion for Bitcoin.
That puts ZEC at an impressive 18.1% of BTC’s perpetual volume on the platform — despite the enormous difference in market capitalization.
📈 The bigger story is the acceleration.
ZEC perpetual volume has climbed from roughly $38 million in mid-August to around $400 million, representing an increase of more than 1,000% within a month.
The surge also coincides with the launch of Grayscale’s Zcash ETF (ZCSH) in late August, bringing additional institutional visibility and liquidity to ZEC. While the ETF cannot be identified as the sole cause of the increase, the timing highlights a broader rise in market participation around Zcash.
For ZEC, this is another signal worth watching: liquidity and trading activity are expanding far faster than they were just weeks ago.
📊 Source: ZECStats / #Hyperliquid
📅 September 15, 2026
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