| FEATURE | LIGHTER | NADO |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.035% |
| Maker Fee | 0% | 0.01% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 211 | 77 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 3.6 |
Lighter vs Nado: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $7.00 on Nado at base-tier taker fees, a difference of $7.00 per round trip.
For limit orders, Lighter charges makers nothing, while Nado charges makers 0.01%.
Lighter lists 211 perpetual markets, Nado lists 77.
Lighter is the more liquid venue, with $511M in 24-hour volume against $128M on Nado (about 4.0 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, ETH, XAUT on Lighter 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
| Lighter | Nado | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $7.00 |
| Maker round trip on $10,000 | $0 | $2.00 |
| Best-tier taker fee | 0.0196% | 0.015% |
| BTC max leverage | 50x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $511M | $128M |
| TVL | $768M | $53M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, ETH, XAUT | USDT0, USDC, wETH, kBTC +2 more |
| Deposit networks | Ethereum, Arbitrum One, Base +3 more | Ink |
| Minimum order | $10 | $100 |
| Order types | 9 | 8 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | No |
| Restricted jurisdictions | 11 | 10 |
| Founded | 2022 | 2025 |
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.035% on Nado.
- You place limit orders: 0% maker fee against 0.01% on Nado.
- You trade smaller or newer markets: 211 perpetual pairs against 77.
- You trade size and need liquidity: $511M in 24-hour volume against $128M.
- You trade from a phone: Lighter has a mobile app.
Choose Nado if
- Its feature set fits your workflow better; on the measured data points it does not beat Lighter.
Lighter
PROS
- + Zero maker and taker fees for standard accounts on perpetual and spot markets; premium accounts pay 0.004% maker and 0.028% taker, falling to 0.0028% and 0.0196% with 500,000 LIT staked (30% discount)
- + Every order match, liquidation, and settlement is proven with ZK circuits on Lighter's own Ethereum rollup, and nine audit reports for the contracts and circuits are published in the docs
- + 211 active perpetual markets and 10 spot pairs (October 2026), with up to 50x leverage on BTC, ETH, EURUSD, GBPUSD, USDJPY, SPY, and US500
CONS
- − Restricted in the US, Canada, the UK, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, and Syria under the Terms of Service dated December 29, 2025, a list that includes the UK and Canada
- − Standard accounts trade free but with 300ms taker and cancel latency; the 140ms taker latency requires a premium account that pays 0.028% taker
- − Margin collateral beyond USDC is limited to ETH and XAUT at a 70% loan-to-value ratio, with per-user caps of 2,000 ETH and 500 XAUT
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 Lighter or Nado better?
Lighter has a higher rating (4.2 vs 3.6). Lighter offers lower fees (0% vs 0.035%). Choose Lighter for lower fees, and Nado for its features.
What are the fees on Lighter vs Nado?
Lighter charges 0% taker / 0% maker. Nado charges 0.035% taker / 0.01% maker for perpetuals.
Which has higher leverage, Lighter or Nado?
Lighter offers up to 50x, and Nado offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Lighter and Nado require KYC?
Lighter does not require KYC. Nado does not require KYC. Both restrict some jurisdictions (Lighter lists 11; Nado lists 10), so check the terms of service for your country before depositing.
Is Lighter or Nado safer?
Lighter 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, Lighter or Nado?
Lighter recorded $511M in 24-hour volume and Nado recorded $128M, as of 2026-10-04. Lighter lists 211 perpetual markets and Nado lists 77.