DEX comparison · updated Oct 10, 2026

NadovsHyperliquid

The former Vertex team's fresh start on Kraken's Ink L2 against the incumbent: Nado's low fees and unified margin versus Hyperliquid's liquidity, audit history and product breadth.

At a glance

Higher 24h volume

Hyperliquid

$2.52B

Lower taker fee

Nado

0.035%

Deeper liquidity (TVL)

Hyperliquid

$7.11B

Longer track record

Hyperliquid

since 2024

dexwatch score

Hyperliquid

91/100

Full comparison

Every figure is a dated snapshot from public sources (Oct 10, 2026); fields without a verifiable source show n/a. “Best” marks the stronger value in a row — higher volume or liquidity, lower fees, longer track record. Max leverage is shown as information, not a positive.

Exchange	Nado $— ★★★★★★★★★★69/100Fair	Hyperliquid $HYPE ★★★★★★★★★★91/100Excellent
Type	Perp + Spot	Perp DEX
Chains	Ink	Hyperliquid L1
24h volume	$203.9M	$2.52BBest
7d volume	$2.15B	$34.33BBest
Total value lockedLiquidity depth	$50.7M	$7.11BBest
Open interest	$42.6M	$11.96BBest
Token price	No token	$84.23
24h change	—	0.98%
Market cap	n/a	$18.74B
Maker feeNegative = rebate	0.01%Best	0.015%
Taker feeLower is cheaper	0.035%Best	0.045%
Max leverageHigher = riskier	20×	40×
Trading pairs	75	178Best
LaunchedLonger track record	2026	2024Best
Security scoredexwatch estimate	n/a	88/100
Audits	Not available	Zellic (bridge)

ℹ

Nado · status

Nado is the successor of Vertex, whose team moved to Kraken's Ink L2 in late 2025. No third-party audit report is published; a $500K bug bounty runs.

Nado

$—

Trade on Nado ↗Read the full Nado profile →

Hyperliquid

$HYPE

Trade on Hyperliquid ↗Read the full Hyperliquid profile →

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The honest take

Nado

We have not published an editorial pros-and-cons review for Nado yet; the figures above come from public sources.

Hyperliquid

✓Deepest liquidity and tightest spreads of any perp DEX, by a wide margin

✓Order-book matching feels just like a centralized exchange; spot, lending and outcome markets now share the same account

✓Fee revenue is used to buy back the HYPE token; base fees drop with volume and staking

✕Runs on its own L1 — assets must be bridged in (USDC via Arbitrum)

✕Only the bridge has a published audit; the core matching engine does not. Built for active traders, not beginners

Nado vs Hyperliquid FAQ

Which has higher trading volume, Nado or Hyperliquid?

Hyperliquid — about $2.52B in the last 24 hours versus $203.9M on Nado. Figures are a dated snapshot (Oct 10, 2026) and move constantly.

Is Nado or Hyperliquid cheaper to trade?

Nado lists the lower headline taker fee (0.035% versus 0.045%). Your real cost also depends on network gas, maker rebates, spreads and price impact on the size you trade.

Which has deeper liquidity, Nado or Hyperliquid?

Hyperliquid holds more total value locked ($7.11B versus $50.7M), a rough proxy for how much size a market can absorb.

Which offers higher leverage, Nado or Hyperliquid?

Hyperliquid allows up to 40×, versus 20× on Nado. Higher leverage multiplies losses as fast as gains — it is information, not an advantage.

What's the main difference between Nado and Hyperliquid?

Nado is a perp + spot on Ink, while Hyperliquid is a perp dex on Hyperliquid L1. Match the venue to the chain and assets you actually use.

Understand the concepts

What are perpetuals & perp DEXes?Leverage risk & liquidation Funding rates: the hidden cost of holding a perp perpetual leverage funding rate

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