What ZEN actually absorbs, and when it doesn't — the day's volume shape, book depth, and HL's share of global flow.
Shaded = the quiet set: 00, 02–03, 06, 10, 23 UTC — the 6 lowest-volume hours of ZEN's day over 28 days. Quiet hours carry 13.9% of daily flow.
HL share 2.9% vs Binance + OKX perps. Venue symbols are identity-checked by price parity, never name-matched.
| Taker | Fee | Spread + impact | All-in | Cost |
|---|---|---|---|---|
| Buy (lifts asks) | 4.5bp | 15.8bp | 20.3bp | $20.30 |
| Sell (hits bids) | 4.5bp | 14.4bp | 18.9bp | $18.90 |
This order is 193% of a quiet-hour p25 hour. Estimate — model-based: uniform book density within the measured 50bp band, base-tier taker fee, no builder fee. Not calibrated against fills yet.
Day shape — average share of ZEN's daily volume per 15 minutes, UTC, over 28 days. The shaded band is the quiet set: the 6 hours where a resting order meets the least flow.
Quiet 1h p25 — the 25th percentile of hourly USD volume inside those quiet hours. The hour that actually happens at 3am, not the average one.
Venue split — 24h perp volume by venue, joined through price-parity checked symbol mappings. “Not listed” means exactly that — never a guessed zero.
Cost to trade — base-tier taker fee plus a modeled walk of the measured 50bp book, both sides shown. A model until calibrated against our own fills; sizes past the measured band say so instead of extrapolating.