| FEATURE | GMX | NADO |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.06% | 0.035% |
| Maker Fee | 0.04% | 0.01% |
| Max Leverage | 100x | 50x |
| Perp Pairs | 103 | 77 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.4 | 3.6 |
GMX vs Nado: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on Nado and $12.00 on GMX at base-tier taker fees, a difference of $5.00 per round trip.
For limit orders, GMX charges makers 0.04%, while Nado charges makers 0.01%.
GMX allows up to 100x leverage against 50x on Nado. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
GMX lists 103 perpetual markets, Nado lists 77.
Nado is the more liquid venue, with $128M in 24-hour volume against $83M on GMX. Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDC, USDT, WETH, ETH +4 more on GMX 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
| GMX | Nado | |
|---|---|---|
| Taker round trip on $10,000 | $12.00 | $7.00 |
| Maker round trip on $10,000 | $8.00 | $2.00 |
| Best-tier taker fee | 0.054% | 0.015% |
| BTC max leverage | 100x | 50x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $83M | $128M |
| TVL | $246M | $53M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, USDT, WETH, ETH +4 more | USDT0, USDC, wETH, kBTC +2 more |
| Deposit networks | Arbitrum, Avalanche, MegaETH +4 more | Ink |
| Minimum order | $2 | $100 |
| Order types | 6 | 8 |
| Options | No | No |
| Mobile app | No | No |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | No | Yes |
| Audited | Yes | No |
| Restricted jurisdictions | 9 | 10 |
| Founded | 2021 | 2025 |
Choose GMX if
- You want higher leverage: up to 100x against 50x.
- You trade smaller or newer markets: 103 perpetual pairs against 77.
- You want a sign-up discount: 5% off fees through a referral link.
Choose Nado if
- You mostly use market orders: 0.035% taker fee against 0.06% on GMX.
- You place limit orders: 0.01% maker fee against 0.04% on GMX.
- You trade size and need liquidity: $128M in 24-hour volume against $83M.
GMX
PROS
- + Perpetual position fees of 0.04% for trades that improve the long/short balance and 0.06% otherwise; gold, silver, QQQ, and SPY markets charge 0.01% or 0.02% during market hours
- + Up to 100x leverage on BTC, ETH, gold, silver, and oil markets, and up to 50x on the QQQ and SPY index markets during trading hours
- + 103 perpetual markets on Arbitrum covering crypto assets, commodities (gold, silver, WTI, Brent, natural gas), and US indices (QQQ, SPY)
CONS
- − The Terms and Conditions bar U.S. Persons and residents of countries under US, UK, or EU sanctions, and prohibit using a VPN to get around the restriction
- − No native mobile app; mobile trading requires a wallet browser or WalletConnect
- − Staking rewards have been suspended since 4 March 2026: bought-back GMX stays in the Treasury until the GMX price reaches 90 USD
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 GMX or Nado better?
GMX has a higher rating (4.4 vs 3.6). Nado offers lower fees (0.035% vs 0.06%). Choose GMX for higher leverage, and Nado for lower fees.
What are the fees on GMX vs Nado?
GMX charges 0.06% taker / 0.04% maker. Nado charges 0.035% taker / 0.01% maker for perpetuals.
Which has higher leverage, GMX or Nado?
GMX offers up to 100x, and Nado offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do GMX and Nado require KYC?
GMX does not require KYC. Nado does not require KYC. Both restrict some jurisdictions (GMX lists 9; Nado lists 10), so check the terms of service for your country before depositing.
Is GMX or Nado safer?
GMX has been audited and has no insurance fund on record here, 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, GMX or Nado?
GMX recorded $83M in 24-hour volume and Nado recorded $128M, as of 2026-10-04. GMX lists 103 perpetual markets and Nado lists 77.