With the launch of Ink Network, a Layer-2 blockchain developed by Kraken, several DeFi-focused dApps have started building on the network to tap into its growing liquidity. One of them is Nado Exchange, a relatively new perpetual DEX that uses Ink’s Layer-2 infrastructure to offer a trading experience similar to centralized exchanges. Despite launching only recently, the platform has already reached a cumulative trading volume of around $42B within its first four months of operation. In this Nado exchange review, we will look at its features, fees, and overall trading setup to help you decide whether it is the right platform for your needs.

Nado Exchange Overview

Built by Kraken’s core engineering team, Nado is a decentralized exchange launched in 2026 and designed as a flagship application on Kraken’s Ink Layer-2 blockchain. Ink itself runs on Optimism’s Superchain, making the network fully compatible with Ethereum. The idea behind Nado is simple: bring advanced trading infrastructure into a self-custodial environment while extending Kraken’s CeFi trading expertise into DeFi.

Nado uses a hybrid central limit order book (CLOB) model, with off-chain order matching for 5–15ms execution speeds and on-chain settlement for transparency and self-custody. It also features a unified margin system that pools cash balances, collateral, spot positions, and unrealized PnL, allowing real-time risk netting and cross-margining across spot, margin, and perpetual trades.

Catering to over 9.2K users, Nado supports both spot and derivatives trading on its platform. Spot trading is currently limited to just 3+ assets, with fees set at 0.010% for maker and 0.035% for taker orders.

As a relatively new exchange, the derivatives offering is still developing, with around 26+ perpetual contracts available. These markets support leverage of up to 20x. Despite the limited listings, trading activity has grown quickly, with the platform recording roughly $42B in cumulative volume within its first four months.

Beyond trading, users can also access Nado Vaults, where USDT0 can be deposited into the platform’s liquidity provider pools to earn passive yields of up to 15% APR.

With Kraken’s core engineering team behind the project, Nado includes several protection mechanisms such as order batching to reduce MEV, portfolio-level risk checks, and a unified margin framework that nets risks across spot, perpetuals, and collateral balances. That said, as a newer platform, Nado has not yet been tested during extremely volatile market conditions, an area where even many established perpetual DEXs have struggled at times.

Nado Exchange Pros and Cons

Start Trading on Nado!

Nado Exchange KYC and Sign-up

Nado describes itself as an “emerging infrastructure for next-generation decentralized markets”. In practice, this means a trading platform designed to operate without the typical custody or regulatory friction seen on centralized exchanges. Since it is fully decentralized, users can simply connect a Web3 wallet and start using the platform without creating a traditional account. Here is how you can set up your Nado account and start trading:

Step 1: Open your browser and visit the official Nado website. Click on the “Launch App” button to enter the trading interface.

Step 2: Once inside the platform, select the “Connect Wallet” option to begin linking your Web3 wallet.

Step 3: Choose the wallet you want to connect. Nado supports EVM networks, so you can select any compatible Web3 wallet from the available list.

Step 4: After selecting your wallet, a connection and signature request will appear. Click Approve the request directly within your wallet.

Step 5: A Terms of Service prompt will then appear. Review the terms and click “Agree to Terms” to continue.

Step 6: Finally, click on “Start Trading” to access the Nado exchange and begin using the platform.

With your account set up, you can begin trading on the platform after depositing funds through any of the supported networks.

Supported Networks

Nado currently supports 14+ networks for deposits and withdrawals, including major ones such as Ethereum, Ink, BNB Chain, Base, and Arbitrum, along with other EVM compatible networks. This broad network support is enabled through an integrated bridge that allows users to transfer assets cross chain from supported networks directly to the Ink network.

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Nado Exchange Trading

Nado’s trading interface is quite close to a professional centralized exchange like Kraken. The layout is clean, intuitive, and fast, without unnecessary clutter. At the center, users get a TradingView powered chart with access to advanced indicators and charting tools. Alongside it sits the live order book, followed by the order form, while the bottom section shows trade history and account activity. On the bottom right, users can view account level details.

In terms of order types, Nado supports the usual Limit and Market orders, along with more advanced options such as Stop Market, Stop Limit, TWAP, and Scale orders for managing positions.

For margin, users can choose between Cross and Isolated modes. Hedge mode is not available by default, but users can create subaccounts to manage opposing positions, which effectively provides similar flexibility.

Spot Trading

Nado’s spot markets are currently quite limited, with just 3+ assets available, all paired against USDT0. The listings mainly include wrapped BTC, ETH, and USDC.

Perpetual Trading

The derivatives section supports 26+ perpetual contracts, where users can trade with leverage of up to 40x. Markets are organized into different categories, making it easier for users to navigate and find assets across segments such as commodities, meme tokens, and other perpetual markets.

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Nado Exchange Deposit and Withdrawal Methods

Nado currently supports 14+ networks through which users can deposit funds into their Nado wallet. Deposits can be made directly from the connected wallet or from an external wallet by sending assets to the user’s Ink network address. This broad support is possible through the platform’s integrated bridge, which allows users to move funds from supported networks to Ink.

For withdrawals, however, only the Ink network is currently supported. Users must first withdraw to Ink and then bridge their funds to other networks if needed. If your wallet is not yet configured for Ink, you will need to add Ink Network as a custom network to interact with Nado on the Ink chain.

Nado Exchange Fees

Nado applies different types of fees that traders should keep in mind to avoid unexpected costs. Here is a quick overview of the main ones.

Trading Fees

Trading fees on Nado follow a dynamic structure, where users can receive discounts based on their 30-day trading volume. Fees for both spot and derivatives start at 0.01% for maker orders and 0.035% for taker orders, with reductions available as users move up the VIP tiers.

When trading derivatives, users must also maintain the required margin for open positions. If the margin falls below the required threshold, the position may be liquidated according to the platform’s liquidation rules.

Spot Fees

-0.010% Maker

0.035% Taker

Future Fees

-0.010% Maker

0.035% Taker

Deposits and Withdrawals Fees

Nado does not charge any protocol fees on deposits or withdrawals. However, users still need to pay the standard network gas fees when moving funds. For example, when transferring funds from an Ink wallet to the Nado wallet, a small gas fee is usually paid in ETH, so it is important to keep some ETH in your wallet.

If you are using another supported network, gas fees may vary depending on that network. Since Nado ultimately operates on the Ink network, deposits from other chains are routed through the integrated bridge, which transfers the assets cross chain to Ink. Because of this, deposits from external networks may include additional bridge protocol fees.

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Nado Exchange Products and Services

Now let’s take a closer look at some of the additional features Nado offers to its users beyond its core trading functionality.

Trading Interface

Nado offers a trading experience that closely resembles a professional centralized exchange, with fast execution and a responsive interface built for active traders. Orders are matched off-chain through a hybrid CLOB system, allowing execution speeds of around 5–15ms while settlement happens on-chain. The interface includes a TradingView chart, live order book, and a structured order panel for quick trade execution.

Traders can use Market, Limit, Stop Market, Stop Limit, TWAP, and Scale orders to manage positions. Spot trading currently includes wrapped BTC, ETH, and USDC paired with USDT0, while derivatives support 26+ perpetual contracts with leverage of up to 40x.

Portfolio

Nado’s Portfolio section gives users a complete overview of their account in one place. Instead of separating balances across different products, the platform uses a unified margin system that pools funds, spot holdings, unrealized PnL, and vault deposits into a single account. This allows risks and collateral to be managed across the entire portfolio in real time.

From the dashboard, users can track their total balance, margin usage, open positions, and overall PnL. The section also includes access to subaccounts, making it easier to separate strategies while still managing everything under one account interface.

Vaults

Nado also offers Vaults, where users can deposit USDT0 to earn passive yield. These vaults contribute liquidity to the platform, helping support orderbook depth and liquidation processes while generating returns for depositors. In return, users can earn yields that have reached up to around 15% APR depending on market conditions.

A useful aspect is that vault deposits can still be counted within the unified margin system, meaning the funds remain part of the user’s portfolio while generating yield. This allows traders to keep idle capital productive instead of leaving it unused in their account.

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Nado Exchange Security

Nado operates through Web3 wallet connections, meaning users keep full control of their funds rather than depositing assets into a custodial exchange account. As a result, wallet security largely depends on how safely users manage their own private keys.

The platform has not published a public security audit so far, although a live bug bounty program is active and the involvement of Kraken’s engineering team suggests ongoing internal security reviews. On the trading side, mechanisms such as order batching help reduce MEV, while portfolio level risk checks monitor exposure across spot, perpetuals, and collateral balances.

Nado Exchange Customer Support

Nado does not currently offer live chat support. Instead, users can rely on the platform’s Help Center and FAQ section, where guides and tutorials cover common topics such as deposits, trading, and account setup. For more specific issues, users can submit a support request through the website. Once submitted, the query is handled through email support, allowing the team to respond directly and assist with technical or account related problems.

Nado Exchange Alternatives

Nado is still a relatively new platform and has not yet been tested in highly volatile market conditions. For some traders, this may be a factor when choosing where to trade. Here are some of the best Nado alternatives to consider.

1. Hyperliquid: Leading perpetual DEX by trading volume. Hyperliquid has consistently handled major market volatility events while offering 173+ perpetual contracts.

2. Aster: A multi-chain DEX where Aster supports spot, perpetual, and forex markets, offering high leverage and grid trading tools for automated strategies.

Bottom Line

Nado is still relatively new in the decentralized trading space, but its early growth has been notable. The platform has gained traction quickly, reaching strong trading activity within a short period, while backing from Kraken adds credibility to the project. Its feature set continues to evolve, with new market listings being introduced regularly. The exchange offers a clean and user-friendly interface, supporting both spot and perpetual trading along with yield opportunities through its vaults. At the same time, its short operating history means it has not yet been tested across prolonged periods of extreme market volatility. For comparison with other platforms, readers can explore our guide on top perpetual DEXs.

FAQs

1. What assets can be traded on Nado?

Spot trading on Nado is currently limited to a few assets such as wrapped BTC, ETH, and USDC paired with USDT0. The derivatives section offers 26+ perpetual contracts across different market categories.

2. What are the trading fees on Nado?

Trading fees start at 0.01% for maker orders and 0.035% for taker orders. These fees can decrease depending on a user’s 30-day trading volume and VIP tier level.

3. What leverage does Nado offer?

Nado supports leverage of up to 40x on perpetual contracts, depending on the asset and margin requirements.

4. What networks does Nado support for deposits?

Nado supports 14+ networks for deposits, including Ethereum, Ink, Base, BNB Chain, and Arbitrum. Funds from these networks are bridged to the Ink network through the platform’s integrated bridge.

5. How can users earn yield on Nado?

Users can deposit USDT0 into Nado Vaults, which provide liquidity to the platform and generate passive yields. Returns depend on market conditions and trading activity on the exchange.

6. Why can’t I deposit ETH directly?

Nado exclusively supports ERC-20 tokens on Ink. Native ETH must be wrapped or bridged properly; direct ETH deposits aren’t supported to ensure compatibility with the unified margin engine.