ABSTRACT Chemical and topological short-range ordering are important for glass formation in metallic alloys. Yet, it remains little understood from the viewpoint of the electronic bonding among the constituent elements of the alloys. In this work, we study CuxZr100−x, (46 ≤ x ≤ 70) metallic glasses, where the atomic packing efficiency and the electronic structure of the full icosahedra, the key short-range order structures, have been investigated in detail. To capture a realistic picture of the electronic bonding in the icosahedra in the as-quenched metastable state, DFT study of the electronic structure of the icosahedra extracted from classical molecular dynamics simulation is carried out. Results for the CunZr13−n , (4 ≤ n ≤ 9) clusters reveal that Cu6Zr7, Cu7Zr6 and Cu8Zr5 are the most abundant, electronically stable in Cu50Zr50 , Cu58Zr42 and Cu64Zr36, respectively. These three clusters also exhibit pseudo-gap in the density of states at the Fermi level – a feature linked with glass-forming ability according to the nearly-free electron approach. The partial density of states demonstrates the effect of small changes in the stoichiometry of the clusters on the s, p and d states of Cu and Zr in Cu–Cu and Cu–Zr bonding and hence, the stability of the clusters.