01 Exchange Stats 2026: Volume, OI & Fees

01 Exchange Review 2026

Second life on N1

01 Exchange is a relaunch, not a newcomer. The original 01 ran an order-book DEX on Solana through 2021 and 2022, seeded by Multicoin and Alameda, and wound down in the wash-out that followed. The same team lineage has now rebuilt on N1, the chain formerly known as Layer N, with mainnet trading live since early February 2026.

That history cuts both ways. This team has shipped a working order-book exchange before. It has also shut one down before. Both facts belong in your sizing decision.

Fees: cheap at the base, cheaper with volume

The base schedule is 0.01% maker and 0.035% taker for accounts under $5 million in trailing volume. The ladder then falls to 0% maker and 0.02% taker once volume passes $1 billion. At the entry tier this is one of the cheapest CLOB schedules we track. Compare it against every venue on the fee calculator.

Security

No audit has been published for 01's contracts or for the NordVM deployment they run on. That is the main reason the security score sits where it does. Unaudited plus five months old equals test-money territory, whatever the pedigree behind it.

Margin, deposits and markets

Collateral is USDC, with deposits bridged in from Solana or Arbitrum. The venue advertises 20-plus markets, a figure we treat as approximate; coverage concentrates in majors. Volume runs near $5.7 million a day against roughly $2 million of open interest, with cumulative volume around $2.65 billion since mainnet. Thin, in short. Slippage will cost active traders more than the fee schedule until depth improves.

The engine: NordVM and the order book

N1 runs NordVM, a rollup engine purpose-built for order books, and 01 is its flagship trading app. The exchange runs a central limit order book rather than an AMM, then layers power perps and structured products on top of plain perpetuals. That product range is unusual for a venue this young.

The chain behind it is well funded. N1's backers include Founders Fund, Multicoin, dao5, Kraken, Amber and GSR. Deep-pocketed backers do not make an exchange safe, but they make abandonment less likely.

The two numbers 01 does not publish

Here is what separates this review from the launch coverage: the disclosures that are missing.

First, leverage. 01 publishes no official maximum. Reports point to around 20x, and that is the figure we list, but treat it as soft until the docs state one. A venue that will not print its own leverage cap is asking you to find the limit with your margin.

Second, the referral split. A program exists, but the referee's share is nowhere stated. We do not quote commission numbers we cannot verify, and you should discount any site that does.

Points and the missing token

01 Points have accrued to traders since February 2026. No token has been confirmed, so points are a bet on intent, not a claim on anything. The pattern is familiar across young perp DEXes; see how other venues have handled that transition on the deals page.

Where 01 fits in July 2026

Fee-sensitive order-book traders who already accept unaudited-venue risk get real value: the maker rate is among the lowest live today, and power perps offer structure most rivals lack. Everyone else should watch from the sidelines until an audit lands and the leverage cap is in writing. For deep books on majors today, Hyperliquid remains the default; the live rankings show how far 01 has to climb.

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