Nado vs Ethereal: Full Comparison 2026
Detailed comparison of Nado and Ethereal perpetual DEXs including trading fees, 24h volume, open interest, supported chains, and airdrop opportunities. Find out which perp exchange is better for your trading needs.
Quick Verdict
Nado comes out ahead in this comparison with 2 advantages vs 1 for Ethereal. It has higher trading volume, more open interest,. Trading $100K monthly on Ethereal saves ~$5 in fees.
Higher Volume
Nado
Lower Fees
Ethereal
More OI
Nado
Active Airdrop
Neither
Side-by-Side Comparison
Real-time metrics from DefiLlama. Green indicates the better value.
| Metric | Nado | Ethereal |
|---|---|---|
| 24h Volume | $320M | $80M |
| Open Interest | $145M | $45M |
| Maker Fee | 0.01% | 0% |
| Taker Fee | 0.035% | 0.03% |
| Blockchain | Ink | Ethena |
| Airdrop Status | PointsSoon | PointsLive |
| Order Type | CLOB | CLOB |
Nado Pros & Cons
Ethereal Pros & Cons
Trading Cost Comparison
Estimated taker fees for different trade sizes (excluding slippage and funding)
| Trade Size | Nado | Ethereal | Savings |
|---|---|---|---|
| $1,000 | $0.35 | $0.30 | $0.05 on Ethereal |
| $10,000 | $3.50 | $3.00 | $0.50 on Ethereal |
| $50,000 | $17.50 | $15.00 | $2.50 on Ethereal |
| $100,000 | $35.00 | $30.00 | $5.00 on Ethereal |
Nado vs Ethereal: Detailed Analysis
Volume & Liquidity
Nado leads in 24-hour trading volume with $320M, compared to $80M for Ethereal. Higher volume typically means better liquidity, tighter bid-ask spreads, and less slippage on trades. For active traders executing multiple trades daily, this difference can significantly impact overall costs.
Fee Structure
Nado charges 0.01% maker / 0.035% taker fees, while Ethereal charges 0% maker / 0.03% taker fees. For a trader with $100,000 monthly volume, using Ethereal would save approximately $5 per month in trading fees alone.
Open Interest
Nado has $145M in open interest, versus $45M for Ethereal. Open interest represents the total value of outstanding derivative contracts that haven't been settled. Higher OI generally indicates more active trading and can provide insights into market sentiment.
Airdrop Opportunities
Neither platform currently has an active airdrop. Nado: PointsSoon. Ethereal: PointsLive. Check our airdrops page for the latest updates.
Nado vs Ethereal FAQ
Conclusion: Which Should You Choose?
Based on the data, Nado appears to be the stronger choice overall with advantages in trading volume, open interest. However, the best choice depends on your specific needs:
- • For lowest fees: Choose Ethereal
- • For best liquidity: Choose Nado
- • For airdrop farming: Neither has an active airdrop
- • For large orders: Choose Nado for deeper liquidity
Related Perp Comparisons
Learn more about Nado or Ethereal
Compare all perp fees · View perp airdrops · Track open interest