Hyperliquid vs Nado
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | HYPERLIQUID | NADO |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.045% | 0.035% |
| Maker Fee | 0.015% | 0.01% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 330 | 77 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.8 | 3.6 |
Hyperliquid vs Nado: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on Nado and $9.00 on Hyperliquid at base-tier taker fees, a difference of $2.00 per round trip.
For limit orders, Hyperliquid charges makers 0.015%, while Nado charges makers 0.01%.
Hyperliquid lists 330 perpetual markets, Nado lists 77.
Hyperliquid is the more liquid venue, with $2.3B in 24-hour volume against $128M on Nado (about 18 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, HYPE, BTC on Hyperliquid 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
| Hyperliquid | Nado | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $7.00 |
| Maker round trip on $10,000 | $3.00 | $2.00 |
| Best-tier taker fee | 0.024% | 0.015% |
| BTC max leverage | 40x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $2.3B | $128M |
| TVL | $7.3B | $53M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, HYPE, BTC | USDT0, USDC, wETH, kBTC +2 more |
| Deposit networks | Arbitrum, Ethereum, Base +10 more | Ink |
| Minimum order | $10 | $100 |
| Order types | 16 | 8 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | Yes | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | No |
| Restricted jurisdictions | 6 | 10 |
| Founded | 2022 | 2025 |
Choose Hyperliquid if
- You trade smaller or newer markets: 330 perpetual pairs against 77.
- You trade size and need liquidity: $2.3B in 24-hour volume against $128M.
- You trade from a phone: Hyperliquid has a mobile app.
- You want a sign-up discount: 4% off fees through a referral link.
Choose Nado if
- You mostly use market orders: 0.035% taker fee against 0.045% on Hyperliquid.
- You place limit orders: 0.01% maker fee against 0.015% on Hyperliquid.
Hyperliquid
PROS
- + Perpetuals taker fee of 0.045% and maker fee of 0.015% at the base tier, falling to 0.024% taker and 0% maker above 7 billion USD in 14-day volume, with a further discount of up to 40% for HYPE stakers
- + Up to 40x leverage on BTC perpetuals, 25x on ETH and 20x on SOL, and up to 50x on HIP-3 FX pairs (EUR, JPY, GBP) and S&P 500 perpetuals
- + No KYC: trading starts after connecting a wallet or email login, funds stay in the user's own account, and every order and liquidation is recorded onchain
CONS
- − USDC is the default perpetuals collateral; HYPE and BTC count as collateral only under portfolio margin, which requires more than 10,000 USD in account value or 5 million USD in volume
- − Restricted in the United States, Ontario (Canada), Russia, Cuba, Iran, North Korea and Syria; the frontend blocks IP addresses from restricted locations
- − The official mobile app is Android only and was released in April 2026 as a limited MVP; there is no iOS app, so iPhone users rely on the web app
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 Hyperliquid or Nado better?
Hyperliquid has a higher rating (4.8 vs 3.6). Nado offers lower fees (0.035% vs 0.045%). Choose Hyperliquid for its features, and Nado for lower fees.
What are the fees on Hyperliquid vs Nado?
Hyperliquid charges 0.045% taker / 0.015% maker. Nado charges 0.035% taker / 0.01% maker for perpetuals.
Which has higher leverage, Hyperliquid or Nado?
Hyperliquid offers up to 50x (40x on BTC), and Nado offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Hyperliquid and Nado require KYC?
Hyperliquid does not require KYC. Nado does not require KYC. Both restrict some jurisdictions (Hyperliquid lists 6; Nado lists 10), so check the terms of service for your country before depositing.
Is Hyperliquid or Nado safer?
Hyperliquid 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, Hyperliquid or Nado?
Hyperliquid recorded $2.3B in 24-hour volume and Nado recorded $128M, as of 2026-10-04. Hyperliquid lists 330 perpetual markets and Nado lists 77.