This is our independent Nado Review (2026). Can Kraken's own perp DEX compete with Hyperliquid? What's the deal with "unified margin" across spot, perps, and lending? And should you trust a platform that's only been live for 3 months with no public audit?
Summary of this Nado review: Nado is Kraken's bet on decentralized derivatives — built by former Kraken engineers on Ink, Kraken's own L2 chain. The unique selling point is unified margin: one collateral pool for spot trading, perps, and money markets. That's genuinely different from anything else on the market. With 5-15ms execution and maker rebates at higher tiers, it's targeting serious traders.
The catch? No public audit reports yet (just a bug bounty), limited asset selection compared to Hyperliquid, and US users are restricted. Plus, there's no native token — you'll earn $INK (Ink chain's token) instead. If you want Kraken's DeFi vision and can handle the early-stage risk, Nado's worth exploring. Otherwise, Hyperliquid remains the safer choice for perps.
Nado Review - Introduction
Nado launched in November 2025 as the flagship DEX on Ink — Kraken's Ethereum L2 built on the OP Stack. It's essentially Kraken saying: "We can do DeFi too."
Key Facts:
- Launched: November 21, 2025 (private alpha); Open Beta January 30, 2026
- Chain: Ink (Kraken's L2, Optimism Superchain)
- Type: CLOB DEX (spot + perps + money markets)
- TVL: ~$20M (private alpha)
- Cumulative Volume: $10B+
- Token: No native token — uses $INK (Ink chain token)
- Backed by: Kraken, 25M OP grant from Optimism Foundation
The Kraken connection matters. This isn't some anonymous team — it's a regulated exchange building their DeFi arm.
Nado Review - How It Works
Nado's architecture is a CLOB (central limit order book) with off-chain matching and on-chain settlement. Standard stuff. What's not standard is the unified margin system.
Key Features
- Unified margin: Use the same collateral for spot, perps, AND lending simultaneously
- 5-15ms execution: CEX-grade latency
- 20x leverage on perps: 5x on spot margin
- NLP Vault: Passive yield for liquidity providers
- Speed bump: 30ms delay on taker orders (MEV protection)
- Basis trading: One-click spot-perp pairs for delta-neutral strategies
That unified margin thing is actually useful. On most platforms, you need separate collateral for each activity. Here, your $10K in USDT can back your perp position AND earn lending yield AND serve as spot margin. Capital efficiency matters.
Nado Review - Fees
Nado's fee structure rewards volume:
| Volume Tier | Taker Fee | Maker Fee |
|---|---|---|
| Entry ($0) | 0.035% | 0.010% |
| Mid ($25M) | 0.030% | 0.005% |
| Elite ($5B+) | 0.015% | -0.008% (rebate) |
Fee Comparison (on $10,000 trade):
- Nado (entry): $3.50 taker / $1 maker
- Hyperliquid: $2 taker / $0 maker
- dYdX: $5 taker / $1 maker
The elite tier rebate (-0.8 bps) is competitive with Hyperliquid for high-volume market makers.
Nado Review - Security
This is where it gets dicey:
| Security Measure | Status |
|---|---|
| Third-party audit | ⚠️ Not publicly available |
| Bug bounty (HackenProof) | ✅ Up to $500K rewards |
| Track record | ✅ No exploits (3 months) |
| Backing | ✅ Kraken (regulated exchange) |
The docs literally say: "Bugs, oracle failures, validator downtime, network congestion, or exploits can impair execution or lead to partial or total loss of funds—even with audits and testing."
Our Security Assessment: 6.5/10 — Kraken backing adds credibility, but no public audit is a yellow flag. The active bug bounty is good, but we'd feel better with a Zellic or Trail of Bits report.
Nado Review - Pros & Cons
✅ Pros
- Unified margin: Genuinely unique — spot, perps, lending, one collateral pool
- Kraken backing: Real company, real reputation at stake
- Fast execution: 5-15ms matches CEX performance
- Maker rebates: Elite tier gets -0.8 bps
- NLP vault: Passive yield option for LPs
❌ Cons
- No public audit: Bug bounty only
- Limited markets: Far fewer than Hyperliquid's 200+
- US restricted: Can't use if you're American
- No native token: Points convert to $INK, not a NADO token
- 3 months old: Very new, still beta
Nado Review - Alternatives
Nado vs Hyperliquid
Hyperliquid has 200+ markets, lower fees, and a launched token. Nado has unified margin and Kraken backing. For most traders, Hyperliquid is still the better choice. Nado's edge is the all-in-one margin system.
Nado vs Vertex
Vertex also does cross-margin but doesn't integrate money markets. Nado's unified approach is more ambitious.
Nado vs dYdX
dYdX is more established with better audits. Nado is newer but backed by Kraken. Pick dYdX for safety, Nado if you want the unified margin.
Verdict: Should You Use Nado?
Our Rating: 6.8/10
Nado is an interesting experiment — Kraken building what they wish CEX DeFi looked like. The unified margin is genuinely useful for capital efficiency. But it's early days, and the lack of public audits is concerning.
Use Nado if:
- You want unified margin across spot, perps, and lending
- You trust Kraken's reputation
- You're farming $INK points
- You're outside the US
Skip Nado if:
- You need more than 20x leverage
- You want a publicly audited protocol
- You're in the US
- You want 200+ markets (use Hyperliquid)
Bottom line: Nado's unified margin is genuinely innovative. If Kraken executes well and publishes those audits, this could become a serious player. For now, it's one to watch — not necessarily one to max out your capital on.
Frequently Asked Questions
Is Nado safe?
Nado is backed by Kraken and has a $500K bug bounty. However, there are no public third-party audit reports yet. Use appropriate risk management.
What are Nado's fees?
Entry tier: 0.035% taker, 0.01% maker. Elite tier (>$5B volume): 0.015% taker with -0.008% maker rebate.
What is unified margin?
One collateral pool that backs your spot margin, perp positions, and money market deposits simultaneously. More capital efficient than separate accounts.
When is the Nado token launching?
There's no NADO token. Points earned convert to $INK (Ink chain token) at TGE, expected Q2-Q3 2026.
Can US users access Nado?
US access is limited/restricted. Check their terms of service for current availability.