Make CeFi Great Again

Make CeFi Great Again

Welcome to Zarnu - the first fully transparent and publicly auditable CEX.
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2,843 traders have already joined us.

Make CeFI Great Again

Welcome to Zarnu - the first fully transparent and publicly auditable CEX.
Try Demo
Start Trading

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Zarnu is a 100% transparent CEX, whose solvency is enforced by its users, through a new and innovative way of doing proof of reserves.

Collectively Secure

Just like open source code, Zarnu's security relies on the collective due diligence of thousands of users.

Completely Trustless

Zarnu's proof of reserves can be verified independently, and without trusting Zarnu.

Universally Auditable

Anyone with an account on Zarnu can verify Zarnu's solvency - at any point in time.

How It Works

Zarnu's Proof Of Reserves

All deposits, withdrawals and wallets related to Zarnu are included in its proof of reserves. Users are collectively incentivized to verify that their transactions have been included in the proof, and alert others if not.


Zarnu's proof of reserves is completely trustless, and does not require trusting Zarnu, or trusting an external auditor.


All of the transactions and wallets represented in the proof can be verified on an immutable blockchain.


Zarnu's users are collectively incentivized, through their asset exposure to Zarnu, to verify Zarnu's proof, and ensure that it is valid.


Any indiviudal can verify Zarnu's proof - at any point in time. No special permissions are required to perform the verification.

Zarnu App

Trade your favorite coins while on the go.

With Zarnu's Android App, you can trade your favorite coins while on the go. With Zarnu's iOS App, you can trade your favorite coins while on the go.
Market Preview

Top Markets on Zarnu


24-hour Statistics

Platform statistics for the previous 24 hours.


Frequently Asked Questions

How is Zarnu's proof of reserves trustless?

To understand why Zarnu's proof of reserves is completely trustless, we need to look at the 6 ways Zarnu could possibly manipulate the proof:

  • 1) Include bogus deposits.
    This would not work in Zarnu's favor, as it would only increase Zarnu's liabilities towards its users.

  • 2) Exclude certain deposits.
    This would work in Zarnu's favor, but would be discovered as soon as one the affected users verifies their deposits, and finds them missing from the proof.

  • 3) Include bogus withdrawals.
    This would also work in Zarnu's favor, but would be discovered as soon as someone runs the proof through a verification script, identifying the bogus withdrawals on the blockchain, and discovering that they were sent from a wallet not included in the proof.

  • 4) Exclude certain withdrawals.
    Like 1), this would not work in Zarnu's favor, as it would only increase Zarnu's liabilities towards its users.

  • 5). Misrepresent transaction values.
    This could work in Zarnu's favor, but like 3), it would be discovered as soon as someone runs the proof through a verification script, comparing the values claimed by Zarnu with the values stored on the blockchain.

  • 6). Include wallets that Zarnu does not control.
    This would work in Zarnu's favor, but since Zarnu maintains a very limited amount of wallets, that it uses to process withdrawals, a new wallet (that does not process withdrawals) would quickly be discovered by its users.

To sum up, as long as users do their own due diligence, by regularly verifying their deposits, checking the list of proof-included wallets, and running the proof through an open source verification script, there is no way Zarnu could possibly get away with manipulating the proof. As such, you don't need to trust Zarnu.
What incentivizes users of Zarnu to verify the proof?

Zarnu's users are collectively incentivized, through their asset exposure to Zarnu, to verify Zarnu's proof, and ensure that it is valid.

Like with open source software, Zarnu becomes more secure, the more users it gets.

While it is possible for open source software with thousands of users to have malware, the probability of having it is much lower than in closed source software. The same is true for Zarnu - while it is possible for Zarnu's proof to be invalid, the probability of it being invalid is extremely low, and becomes even lower, the more users it gets.

How can I find out if a wallet is a Zarnu-controlled wallet?

Zarnu includes all of its wallets in the wallet section of its proof of reserves.

If a wallet is not represented there, it's safe to assume that it's not a Zarnu-controlled wallet.

If the wallet is represented there, you can click on the wallet. This will allow you to check the transactions of the wallet on the block explorer. If the transactions there are not included in the proof of reserves, it's possibly that the wallet is not a Zarnu-controlled wallet, and that Zarnu has fraudulently included the wallet in its proof of reserves. In that case, the proof of reserves is invalid, and you should alert other users immediately.

Should I trust the numbers on Zarnu's proof of reserves?

Zarnu's proof of reserves is completely trustless.

You can add together all of the deposits and withdrawals there (double-checking their values on the block explorer for extra comfort) and figure out whether the numbers are real or not.

In practice, adding thousands of transactions together can be a bit cumbersome. That's why our frontend does it for you.

If you don't trust the code of our frontend, you can extract all of the transactions through our API, and run them through an open source script. The script will quickly reveal if the numbers on the proof of reserves are real or not. If you also don't trust the transaction values returned by our API, you can look up the individual transactions on the blockchain, and verify their values yourself.

Won't it take too long to verify all of Zarnu's wallets?

Since Zarnu processes withdrawals from two wallets only - its hot wallet and its cold wallet - the total amount of wallet addresses, across all assets, is extremely limited. In fact, it only takes a couple of small withdrawals to verify all of them.

How is Zarnu's proof of reserves better than a Merkle Tree proof of reserves?

A Merkle Tree proof of reserves can easily be gamed by the exchange. To do so, the exchange simply borrows funds from a different exchange, prior to recording the proof, and returns the funds once the proof is done. By making the proof real-time, the exchange is no longer able to game the system.

What makes Zarnu safer than other CEX's?

Zarnu features the world's first universally trustless and publicly auditable proof of reserves. Users can verify in real-time, that Zarnu is solvent, and that it holds the funds that it claims to hold. The verification can be done in a completely trustless manner, without relying on an external auditor, and without trusting Zarnu. This ensures that customer funds never leave their designated cold wallets, and provides complete transparency into the wallet structure of Zarnu.

If FTX would have had a similar proof of reserves from its beginning, users would have quickly discovered the fraud of their CEO - and left the platform for good.

What do I need to create an account?

Demo accounts do not require any personal information.

Live accounts require a valid email address. You may, optionally, set a password as well. If you choose not to set a password, your email address will be used to validate your logins.

What do I need to start trading?

For a demo account, nothing.

For a real account, you will need one of the following stablecoins:

  • USDC
  • USDT
  • BUSD
  • DAI

The stablecoin can be on any of the following networks/blockchains:

  • Ethereum ERC20
  • BSC BEP20
  • Polygon
  • Avalanche
What is the minimum deposit and minimum withdrawal?
Minimum deposit: 0.1 USD.

Minimum withdrawal: 1 USD.
How can I fund my account?

Immediately upon signing up, you will receive your own personal deposit address. You can fund your Zarnu account by sending stablecoins (USDC,BUSD,USDT,DAI) to this address. Zarnu supports a variety of stablecoins and networks.

Is there an app?

Yes. Zarnu is also available as an Android app. Download it here.

On iOS, Zarnu is available as a Progressive Web App (PWA). A PWA is a relatively new type of app that does not require any downloads or installation - you simply add it to your phone. Instructions on how to add it to your phone can be found here.

Does Zarnu support fiat (USD,EUR,CNY,JPY) deposits and withdrawals?

Zarnu does not currently support fiat. However, we expect to add support for fiat in Q1 2023.

Despite not supporting fiat, it is still possible to fund a Zarnu account with a credit card or bank transfer. You simply buy crypto from one of our partners - and they will transfer the crypto directly to your Zarnu account.

What is a hybrid order book?

A hybrid order book is a combination of the classic order book that you know from traditional crypto exchanges, and the DOM (Depth of Market).

The DOM is generally superior to the classic order books, when it comes to scalping and daytrading, as you can click yourself in and out of trades, and visualize your orders in real-time, as the price moves up and down. However, it often comes at the cost of being too bulky, and taking away too much focus from other important UI elements (such as the tape and the chart). On Zarnu, we have solved this by integrating the DOM with the order book, providing you with a clean and minimal order book, as you know it from Binance or Coinbase, and adding a ton of DOM-related features (such as point-and-click trading and order visualization).

What is Blitz Mode?

Blitz Mode is a special trading mode (for pro's only) that enables you to get in and out of trades in a minimal amount of clicks.

While Blitz Mode is activated, you can submit orders with a single tap on the order book, or two taps on the chart. The order quantity is selected in advance, using a slider.

It's very easy to make mistakes, while Blitz Mode is enabled, which is why we do not recommend it for newbies.

How does Zarnu's advanced charting work?

Zarnu's Tradingview charts are fully interactive.

This means that you can submit new orders, close positions and place stop losses or take profits directy from the chart.

To do so, simply right click on the chart, and select Limit Order (to place a new order), Trigger Order (to place a stop loss or take profit) or Close Position (to close your position). If you have Blitz Mode enabled, the action will be executed immediately (taking into account your selected buy or sell quantity) - if not, you will be prompted for confirmation.

Note: Interactive charts are only available on desktop.

What's the leverage available on Zarnu?

Zarnu theoretically supports leverage up to 100x on all futures markets. However, most of our traders tend to use a much more conservative amount of leverage - generally ranging between 5x and 10x.

How does Zarnu's automatic stop loss / take profit work?

Zarnu can calculate your stop loss for you, and add it to your position automatically.

In doing so, it will take into account your current timeframe (lower timeframes will yield tighter stops - and vice versa), your profit or loss target (target number of pips, configurable in the order settings) and your risk reward ratio (also configurable in the order settings). Upon reviewing these details, it will calculate the price for the stop loss, and submit it to the matching engine. Similar functionality is also available for take profits.

How can I configure my order quantity?

To configure your order quantity, use the quantity sliders (available in the trading interface, just below the order quantity input field).

If the slider is set to 10%, the quantity of new orders submitted during Blitz Mode will automatically be scaled to match 10% of your available funds.

Note: There are four quantity sliders in total: One for market buy orders, one for market sell orders, one for limit buy orders and one for limit sell orders. All four of them will need to be configured separately (it is not possible to combine them into one).

Can I try out Zarnu before depositing?

Yes. Zarnu provides a fully-fledged demo environment (the Zarnu Testnet).

You can use this demo environment to get familiar with Zarnu, before making a deposit, and engaging in live trading.

Access the Zarnu Testnet here.

How is my profit calculated?

For long positions, the profit/loss (P/L) is calculated as follows:

P/L (Long) = (Exit Price - Entry Price) * Position Size

For short positions, the profit/loss (P/L) is calculated as follows:

P/L (Short) = (Entry Price - Exit Price) * Position Size

How is my Entry Price calculated?

The Entry Price of your position is calculated by taking the volume weighted average fill price (VWAP fill price) of the orders that increased the size of your position. The formula is as follows:

Entry Price = Position Size / ((Qty_1/Price_1)+(Qty_2/Price_2)...+(Qty_n/Price_n))

where Qty_n is the quantity of your n'th order and Price_n is the price of your n'th order.

If you are long, only buy orders contribute to your Average Entry Price. Sell orders can be ignored in this case.

If you are short, only sell orders contribute to your Average Entry Price. Buy orders can be ignored in this case.


You place an order to go long $20,000 worth of BTC at a price of 10,000. Your order gets filled, and a new long position is opened.

The Average Entry Price of this position is now:

(Position Size / (Qty_1/Price_1)) = (20,000/(20,000/10,000)) = 10,000.

You then place another order to go long $40,000 at a price of 12,000. The Average Entry Price is now:

(Position Size / (Qty_1/Price_1)+(Qty_2/Price_2)) = (60,000/(20,000/10,000)+(40,000/12,000)) = 11,250.

Do the futures contracts on Zarnu expire?

The futures contracts available on Zarnu are all perpetual. They never expire, and there is no settlement. You can keep your position for as long as you want. A mechanism called Funding keeps the price of the contract aligned to the spot price of the underlying asset.

Vanilla futures (futures with expiries) are not currently supported, but will be added in a future update.

What is funding?

Funding is an hourly exchange of money between longs and shorts. The purpose of this exchange is to keep the price of the contract aligned with the spot price of the underlying. The amount exchanged is determined by the Funding Rate. If the Funding Rate is positive, the contract is trading at a premium to spot, and longs pay shorts. If the Funding Rate is negative, the contract is trading at a discount to spot, and shorts pay longs.

What is the Funding Rate?

The Funding Rate determines the amount to be exchanged between longs and shorts during each funding period. If the Funding Rate is 0.1% at the end of a funding period, longs pay 0.1% of their position size to shorts. If the Funding Rate is -0.1%, shorts pay 0.1% of their position size to longs.

How does funding affect my trading?

Funding slightly changes the payoff matrix of market participants in the futures market. If the Funding Rate is significantly positive for a sustained amount of time (as seen during the peak of bull runs), shorts may end up being profitable in spite of the price of Bitcoin going up. The trading P&L on long positions would need to appreciate by an amount equal to the total amount of funding paid in order for longs to break even in this scenario. A funding rate that is far away from zero opens up unique arbitrage opportunities, such as Spot Futures Arbitrage and Cross Exchange Funding Arbitrage.

What is the Mark Price?

The Mark Price is a manipulation-resistant price that Zarnu uses in order to minimize the impact of market manipulation and prevent unnecessary liquidations.

What is the Index Price?

The Index Price is an average of a collection of prices from the top 10 spot exchanges:

  • Coinbase Pro
  • Kraken
  • Bitstamp
  • Bittrex
  • Poloniex
  • Gemini
  • Binance
  • Kucoin
  • Bitfinex
  • Itbit
Where does Zarnu get its pricing data from?

The pricing data used for the calculation of the Zarnu Index Price, and the Zarnu Mark Price, is derived from ten of the world's top spot exchanges. The data is fully transparent, and can be seen in real-time here.

The formulas used for the calculation of the Zarnu Mark Price and Zarnu Index Price can be found in our References.

What measures can I use to secure my account?

Zarnu accounts can be secured with Two Factor Authentication (2FA), withdrawal limits, IP pinning and device whitelisting. For the best security, we recommend that you enable TOTP-based Two Factor Authentication, add a withdrawal limit and only whitelist your own trusted devices.

You should also ensure that the access to your email address is properly locked down with a strong password and Two Factor Authentication.

Are there any fees charged on liquidations?

Zarnu does not charge any fees on liquidations. If your position is liquidated, it will be closed out incrementally, until your Maintenance Margin satisfies the Minimum Maintenance Margin requirements for the contract you are trading. In the vast majority of liquidations, only 10% of your position size will need to be closed out. Once this is done, your position exits liquidation. Note: Incremental liquidation is not available for positions that are below 0.01 BTC in size. Positions that are below 0.01 BTC in size are liquidated in full, at their bankrupcty price.

Can I use Zarnu to automate my trading?

Zarnu supports automatic calculation of order quantities, stop losses and take profits.

For the technically-savvy, Zarnu also offers a fully-fledged REST and websocket API. Through these API's, you can do almost everything that you could otherwise do through the Zarnu website.

The futures contracts on Zarnu are USD-margined but I can't deposit USD. How does that work?

Zarnu automatically converts stablecoin deposits (USDC, USDT, BUSD, DAI) into USD at time of deposit. At time of withdrawal, the USD is converted back to stablecoin.

This frees the user from any stablecoin-related risks while he is trading on Zarnu.

What blockchain networks are supported by Zarnu?

Zarnu currently supports the following networks/blockchains:

  • Ethereum
  • Binance Smart Chain (BSC)
  • Polygon
  • Avalanche
What stablecoins are supported by Zarnu?

Zarnu currently supports the following stablecoins:

  • USD Coin (USDC)
  • Tether (USDT)
  • Binance USD (BUSD)
  • Multi-collateral DAI (DAI)
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