Nado exchange profile

Nado is an Ink-based exchange combining spot markets, perpetuals and an integrated money market. Its unified account can use eligible spot balances as margin for derivatives or borrowing. That convenience changes the exposure of an apparently idle deposit: the same assets may support a position, earn lending interest or be needed to cover a liability.[1][5]

DefiLlama’s 20 October 2026 snapshot recorded about US$10.32 billion of trailing 30-day perpetual notional and US$11 million of spot DEX volume. These describe separate markets and should not be added to imply cash deposited or individual participation. The available snapshot did not establish a verified active-customer count.[35]

Illustration: two 10,000 USDT0 fills at the base taker rate cost 7 USDT0. Both exceed the product minimum; spread, funding, borrowing and exits are excluded.[11]

For an illustrative displayed daily-equivalent funding rate of 0.24%, the corresponding hourly rate is 0.01%. A constant 10,000 USDT0 notional then transfers 1 USDT0 for that hour. This hypothetical example is not a current market rate or a forecast of the next settlement.[12]

Money-market deposit yield depends on both borrower rates and how much supply is borrowed. The protocol deducts 20% from interest payments. At full utilisation there may be no liquid supply to withdraw until repayments or new deposits arrive, even if the account’s displayed balance and health remain positive.[13]

A verified bank-cash withdrawal route was not established from the inspected funding guide. Receiving a token on Ink completes the exchange withdrawal, but converting it into another currency or moving it to a bank is a further transaction with its own availability, fees and counterparty.[3]

Initial health governs new risk and withdrawals; maintenance health governs liquidation eligibility. Asset and liability risk weights can differ, and recognised spot/perpetual offsets are calculated within the relevant subaccount. Account value alone does not show the remaining liquidation buffer.[7]

Crypto prices principally use Stork, with Pyth and other specified routes for uncovered markets. Traditional-asset markets can remain open while the external market is closed; the oracle guide uses an alternative venue median or an internal order-book methodology during that period. This can create basis changes when the primary market reopens.[10]

Linked signers enable repeated trading without repeated main-wallet prompts. One linked key exists per subaccount; replacing it invalidates the previous linked authority while the owner key remains effective. The interface keeps its key encrypted in the browser, so another device or an API replacement can require renewed authorisation.[25]

Open access began on 21 May 2026, removing the earlier invitation requirement. It did not remove country restrictions, product terms or partner verification. Older private-alpha caps should not be assumed to describe the present public-access service.[18]

Nado reserves Monday and Thursday windows at 22:30 UTC; the guide says maintenance often lasts up to ten minutes, but windows need not be used and can overrun. Status appears in the app and official notices. API interruption is possible. A support message is not an alternative order execution route.[22]

Under the 26 August 2026 terms, receiving a dispute notice starts the 30-day response period. A meeting is due within 60 days of sending the initial notice; arbitration becomes available after 90 days unresolved from that sending date. Proceedings use one arbitrator in Panama City and English. Claims must be filed within one year of arising. Liability is capped at fees during the two months before the triggering event, subject to applicable law.[33]

These APIs provide evidence for reconciliation, not a completed tax return. No universal consumer tax-statement download or native-mobile feature parity was established from the inspected guides. Preserve wallet transfers, internal settlements and partner fiat records alongside the exchange data.[29][30]

Current terms identify Spira Arc Inc. and affiliates as Nado’s service counterparty. The terms distinguish the interface from peer-to-peer protocol activity and disclaim a broker or fiduciary relationship. An entity-specific financial-services authorisation or deposit-compensation entitlement was not established in this review.[33]

Nado’s homepage associates the product with people who built Kraken. This profile treats Nado as a distinct venue: that relationship does not establish that a Nado balance is held under a Kraken customer agreement or covered by a Kraken entity’s permissions.[34]

The contract directory identifies separate roles for the clearinghouse, spot engine, perpetual engine, signature gateway and fast-withdrawal pool. These explain why a matched order, a settled balance and an immediately advanced withdrawal are different states rather than one indivisible custodial ledger action.[21]

Season 2 moved the service to open access and altered qualifying volume thresholds for selected VIP tiers. Points, trading-fee status and access eligibility remain different concepts; a historical participation badge does not confer a cash claim or a permanent fee tier.[18][19]

Operator

Spira Arc Inc. and affiliates, as identified in the service terms

Exchange model

Hybrid

Service scope

Ink spot, perpetuals and integrated lending, with unified or isolated margin and NLP vaults.

Client types

Not established

Pricing publication

Public pricing

Pricing scope

Maker/taker fees, separate funding and borrowing, plus route-specific withdrawal charges.

Funding scope

Ink deposits, bridge/direct conversion and provider fiat entry; standard and fast token withdrawals.

Custody and asset handling

Signed wallet access, contract-held collateral and off-chain sequencing; multisignature administration and health-dependent withdrawals.

Client eligibility

Open access with country restrictions; payment providers perform separate checks.

Support

Published email and status notices; scheduled maintenance and contractual dispute clocks.

Authorisation and registration scope

No Nado-specific permission or compensation entitlement established; Kraken branding does not transfer regulatory coverage.

Exchange metadata checked 20 Oct 2026Source 33Source 1Source 4Source 2Source 11Source 21

A linked key can place and cancel orders, manage NLP actions and initiate eligible owner-wallet withdrawals. V2 withdrawals to a nonzero alternate recipient require the owner’s signature and reject a linked signer. Revoking or replacing a signer removes its future authority; it does not itself liquidate positions or redeem a vault.[25][26]

The documented API supports programmatic execution and scheduled triggers. No current AI advisory product or separately delegated AI investment mandate was established from these product and API materials. Automation should be described by the order, signer and account permissions that actually exist.[32]