| FEATURE | BULK | NADO |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.035% | 0.035% |
| Maker Fee | 0% | 0.01% |
| Max Leverage | 40x | 50x |
| Perp Pairs | 8 | 77 |
| Spot Trading | No | Yes |
| KYC Required | No | No |
| Rating | 3.0 | 3.6 |
BULK vs Nado: key differences
Trading costs are level at the base tier: both charge a 0.035% taker fee, so opening and closing a $10,000 position with market orders costs $7.00 on either exchange.
For limit orders, BULK charges makers nothing, while Nado charges makers 0.01%.
Nado allows up to 50x leverage against 40x on BULK. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Nado lists 77 perpetual markets, BULK lists 8.
Nado also has spot trading; BULK is perpetuals only.
Nado is the more liquid venue, with $128M in 24-hour volume against $21M on BULK (about 6.1 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDC on BULK and in USDT0, USDC, wETH, kBTC +2 more on Nado.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| BULK | Nado | |
|---|---|---|
| Taker round trip on $10,000 | $7.00 | $7.00 |
| Maker round trip on $10,000 | $0 | $2.00 |
| Best-tier taker fee | 0.022% | 0.015% |
| BTC max leverage | 40x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $21M | $128M |
| TVL | $8M | $53M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC | USDT0, USDC, wETH, kBTC +2 more |
| Deposit networks | Solana | Ink |
| Minimum order | $1 | $100 |
| Order types | 9 | 8 |
| Options | No | No |
| Mobile app | No | No |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | No |
| Restricted jurisdictions | 43 | 10 |
| Founded | 2025 | 2025 |
Choose BULK if
- You place limit orders: 0% maker fee against 0.01% on Nado.
Choose Nado if
- You want higher leverage: up to 50x against 40x.
- You trade smaller or newer markets: 77 perpetual pairs against 8.
- You trade size and need liquidity: $128M in 24-hour volume against $21M.
- You want spot and perpetuals in one account.
- You want to post margin in more than one asset.
BULK
PROS
- + Base taker fee of 0.035% and maker fee of 0% during the Genesis phase, with taker fees down to 0.022% at 4 billion dollars of 14-day volume and maker rebates of up to 0.015%
- + Portfolio margin is the default: margin is calculated on the correlation-adjusted exposure of the whole account, which the docs say can cut requirements for a hedged BTC and ETH position by 30% to 70% against isolated margin
- + Non-custodial: funds sit in a per-user account of a Solana program, withdrawals need a FROST threshold signature from the validator set, and Zellic audited the program in July 2026
CONS
- − Mainnet is invite-only since September 5, 2026: access codes are the only way in for new users, they are single-use and expire weekly, and no date for public access has been announced
- − Only 8 of 22 listed perpetual markets were open for trading on October 4, 2026, there is no spot trading, and USDC on Solana is the only collateral
- − 24-hour volume was about 21 million dollars and open interest about 9 million dollars on October 4, 2026 per the BULK API, and BTC accounted for 14.3 million dollars of that volume
Nado
PROS
- + Base fees of 0.035% taker and 0.01% maker on perpetual and spot markets, falling to 0.015% taker and a 0.008% maker rebate at VIP 6 (1 billion dollars of 30-day volume)
- + One margin account covers perpetuals, spot, and lending: USDT0, USDC, wETH, kBTC, XAUT0, and tokenized xStocks such as SPYx and QQQx count as collateral, and deposits earn money market interest
- + 77 tradable perpetual markets in the Nado API (October 4, 2026), including US stock and ETF perpetuals such as NVDA, TSLA, SPY, and QQQ, three FX pairs, gold, silver, and WTI oil
CONS
- − The docs and the DeFiLlama listing show no published smart contract audit; the HackenProof bug bounty covers the web app only and pays 50 to 10,000 dollars per finding
- − View-only in the United States and Canada, and blocked in Panama, Belarus, Cuba, Iran, North Korea, Russia, Syria, and Ukraine under the Terms of Use dated August 26, 2026 and the Restricted Territories page
- − Deposits work only on Ink, so funds from Ethereum, Arbitrum, or an exchange must first be bridged or withdrawn to Ink, and each USDT0 withdrawal costs 1 USDT0
Frequently Asked Questions
Is BULK or Nado better?
Nado has a higher rating (3.6 vs 3). Choose BULK for its features, and Nado for higher leverage.
What are the fees on BULK vs Nado?
BULK charges 0.035% taker / 0% maker. Nado charges 0.035% taker / 0.01% maker for perpetuals.
Which has higher leverage, BULK or Nado?
BULK offers up to 40x, and Nado offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do BULK and Nado require KYC?
BULK does not require KYC. Nado does not require KYC. Both restrict some jurisdictions (BULK lists 43; Nado lists 10), so check the terms of service for your country before depositing.
Is BULK or Nado safer?
BULK has been audited and runs an insurance fund, and custody is non-custodial. Nado has no published audit on record here and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, BULK or Nado?
BULK recorded $21M in 24-hour volume and Nado recorded $128M, as of 2026-10-04. BULK lists 8 perpetual markets and Nado lists 77.