NADO review — live volume, OI & fees
Live NADO stats updated every minute: 24h volume, open interest, fees (0.010% maker / 0.035% taker), and up to 100x leverage across 25+ pairs on .
Verdict
6.0/10 · how we rankRanked #13 of 83 perp DEXes by 24h volume (1.3% share, 2026-09-08 snapshot). Taker fee 0.035% is below the DEX median of 0.04%.
Best for
Avoid if
Last editorial review 2026-08-11 · live protocol stats refresh every minute — rating is our editorial assessment, not an objective fact.
Key Metrics
- Fees (maker / taker)
- 0.010% / 0.035%
- Max leverage
- 100x
- Markets
- 25+ pairs
- Chain
- Launch date
- 2024-08
Venue terms from the registry. Daily volume series since 2026-06-05; latest observed day 2026-09-08.
NADO — daily reported perp volume
Speed-first architecture with an active points campaign targeting early farmers. 25 markets, 100x leverage, 1/3.5 bps base fees. Launched August 2024; no audit published. 10% point bonus for referred users via code HNWmuDG. Airdrop & points program
Position vs market
- 1Hyperliquid Perps31.0%
- 2Aster Perps10.9%
- 3Variational10.3%
- 4Apex Omni7.2%
- 5edgeX V25.9%
- 6Lighter Perps5.7%
- 7GMTrade3.9%
- 8Grvt Perps3.1%
- 9Pacifica Perps2.5%
- 10Lighter Robinhood Perps1.9%
Share of reported 24h volume across the 83 ranked perp DEXes in the 2026-09-08 snapshot. See all 83 venues
Taker fee vs other perp DEXes
Show all 37 venues▾
Published base-tier rates from each venue's fee page. A negative maker fee is a rebate. Volume tiers, referral discounts and token holdings can lower what you pay.
Rating
Advantages
- Points program creates tangible early-user incentives before potential token launch
- Competitive 3.5 bps base taker fee undercuts most mid-tier competitors
- Up to 100x leverage provides capital-efficient exposure for experienced traders
- 25-pair offering covers the most actively traded crypto perpetual markets
Considerations
- No published audits significantly elevate smart contract and custody risk
- Minimal publicly available information makes independent protocol assessment difficult
- Early-stage liquidity is thin, increasing slippage risk on larger order sizes
Key features
Audits
NADO review 2026
What NADO is
NADO is a spot and perp exchange built on Ink, the Ethereum Layer 2 chain made by Kraken. Orders match off-chain and trades settle on-chain. Execution latency is 5 to 15 milliseconds — fast for an off-chain CLOB. Order batching cuts MEV exposure. A unified margin account nets risks across spot, perps, and collateral balances in one place.
Ink is Kraken's chain. Kraken has a strong engineering track record. Ink was built with trading in mind. That said, Ink is newer than Arbitrum or Base. It has less third-party DeFi infrastructure. That limits the DeFi tools available to NADO users compared to protocols on more established chains.
The open beta launched in 2024. The platform has been scaling toward full mainnet.
Fees in detail
Base tier: 1 bps for makers, 3.5 bps for takers. Fees drop further based on 30-day rolling volume across spot and perps. The top VIP tier cuts costs even more. The full schedule is in NADO's fee docs.
The 3.5 bps base taker rate is below GRVT's 4.5 bps base rate. On a $10,000 taker fill, the fee is $3.50. Jupiter is excluded from this maker/taker comparison because it uses position fees.
Referral code HNWmuDG gives referred users a 10% point bonus. That is a points multiplier, not a direct fee rebate. MYX Finance uses a cash rebate instead.
Use our fee calculator to model NADO's base costs vs the full field.
NADO's updated fee tiers and the $42B volume run
Most NADO coverage talks about the Ink chain angle without showing what the fees actually look like vs the field. The PerpFinder team adds:
- The base taker fee of 3.5 bps is lower than the 5 bps in NADO's earlier docs — the tiered structure has been updated, and the NADO docs are the right reference - Unified spot and perps margin is a real structural feature — it separates NADO from most perp-only DEXes and lets traders net positions across books to cut capital needs - $42B in cumulative volume in four months is a real data point, not a projection — it puts NADO ahead of many 2024-launch protocols that raised more money but drew fewer traders - The 10% point bonus via code HNWmuDG is not a fee rebate. The points do not have a guaranteed cash value
Check our perp DEX comparison page and funding rates tool for live NADO data.
Volume and market position
NADO hit about $42 billion in cumulative volume in its first four months. That is a fast start for a new perp DEX. DefiLlama tracks NADO perps separately from NADO spot.
The PerpFinder team tracks NADO with 32 other perp DEXes on our rankings page. By daily volume, NADO is in the mid-tier. Well below Hyperliquid and Lighter, but above most protocols from the same 2024 cohort. Ink's limited DeFi ecosystem caps the pool of potential users vs Arbitrum-native rivals.
Our cost comparison tool uses live data to put NADO's volume share in context.
Trading experience
The CLOB interface is built for traders used to CEXes. Limit and market orders, VIP fee tiers, and a single margin account for spot and perps all mirror the CEX feel. Execution latency of 5–15ms is fast for a DEX with off-chain order matching.
The 25-market selection covers BTC, ETH, SOL, and some mid-cap alts. That is more than GRVT's 20 or Hibachi's 15, but below Orderly Network's 150 and the 177 active validator-operated perps in Hyperliquid's August 11 official API snapshot. The unified spot and perps margin is a real differentiator. Most perp DEXes we review are perp-only. NADO is not.
Max leverage is 100x on major pairs. VIP tiers mean heavy traders get lower taker costs over time.
Security and audits
No third-party smart contract audit has been published as of this review. NADO does use MEV protection (order batching) and portfolio-level risk checks. But those design choices are not the same as an independent security review.
Building on Ink means NADO gets Kraken's chain-level standards. But the NADO smart contracts themselves are not audited. For a protocol running leveraged user positions across spot and perps at the same time, that is a real risk.
Until audits are out, keep NADO exposure to speculative amounts — only what you can afford to lose without hurting your main trading capital.
Who NADO is for
Active traders who want CEX-style UX on an EVM chain with fast fills and a single margin account for spot and perps. The 3.5 bps base taker is competitive. VIP tiers reward volume.
Points farmers looking for early mover advantage before a possible token launch: $42B in volume in four months shows real user activity, not an empty chain.
Anyone who needs audited contracts, deep altcoin liquidity, or cross-chain deposits: look at Orderly Network, Hyperliquid, or Lighter.
PerpFinder Research
Editorial TeamEditorial team tracking 100+ perpetual futures venues with live on-chain and exchange data.
Independent Site: PerpFinder is not the venues covered on this page and is not affiliated with, endorsed by, or operated by the venues it covers. We do not connect wallets, process deposits, distribute tokens, or verify reward eligibility. Never share a password, seed phrase, or private key with anyone.
Affiliate Disclosure: This page contains affiliate links. We may earn a commission when you sign up through our links, at no extra cost to you. This does not influence our ratings or recommendations.
Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.
Frequently asked questions
What is the maximum leverage on NADO?▾
NADO supports up to 100x leverage on all perpetual markets. This matches the leverage ceiling of top-tier perp DEX competitors and provides capital-efficient access for experienced traders.
What are the trading fees on NADO?▾
NADO charges a 1 bps (0.01%) maker fee and a 3.5 bps (0.035%) taker fee at the base tier, with volume-based VIP tiers cutting fees further. These rates undercut much of the mid-tier perp DEX market despite NADO being an early-stage protocol.
How many trading pairs does NADO support?▾
NADO lists 25 perpetual markets covering major crypto assets including BTC, ETH, SOL, and a selection of mid-cap altcoins. This provides broad market coverage for the most actively traded perpetual pairs.
Has NADO been audited?▾
NADO has not published any security audits. The absence of third-party verification is a meaningful risk factor, and traders should limit capital deployed on the platform to speculative allocations until audits are completed.
Does NADO have a points or rewards program?▾
Yes, NADO runs an active points program that rewards early traders for activity on the platform. Points may convert to token allocations at a future launch event, making early participation potentially valuable.
How does the NADO referral program work?▾
NADO offers a referral incentive program accessible via the affiliate link with code HNWmuDG. Joining through a referral link connects your account to the referral program and may provide additional points or rewards on top of standard trading activity.
Related to NADO
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Sign up through our link for: Code HNWmuDG for point farming on NADO.
Trading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.