Perp DEX volume share, live 24h notional ranked
TradingKalshi
Leads$1.45B
- p99
- $1.56B
- rank
- #5
- samples
- 2,876
Nado
Trails$225.96M
- p99
- $434.84M
- rank
- #14
- samples
- 2,876
24h perp volume
Kalshin/aNadon/a
Kalshi vs Nado
Kalshi leads on 1 of 3 shared benchmarks, Nado on 2. Kalshi wins on Perp DEX volume share, live 24h notional ranked ($1.45B vs $225.96M). Nado wins on Most tradable markets on a perp DEX, live count per venue (75 vs 21), Perp DEX volume to open interest (2.39x vs 40.5x). Data as of 2026-09-24 UTC.
Kalshi
CFTC-regulated US prediction market exchange. REST trade API (trade-api/v2) with documented per-tier rate limits; the market data WebSocket requires authentication.
Nado
Nado is an orderbook perpetuals DEX on Ink, the Kraken-backed L2, with a central limit orderbook and cross-margin. No token has launched yet.
Side by side measurements
Most tradable markets on a perp DEX, live count per venue
TradingKalshi
Trails21
- p99
- 22
- rank
- #20
- samples
- 2,876
Nado
Leads75
- p99
- 75
- rank
- #16
- samples
- 2,876
Active markets
Kalshin/aNadon/a
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingKalshi
Trails40.5x
- p99
- 43.7x
- rank
- #22
- samples
- 2,876
Nado
Leads2.39x
- p99
- 4.61x
- rank
- #13
- samples
- 2,876
Volume / OI (24h)
Kalshin/aNadon/a
The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.
Frequently asked questions
Kalshi vs Nado: which one is better?
Kalshi and Nado are compared on 3 shared OpenChainBench benchmarks. Kalshi leads on Perp DEX volume share, live 24h notional ranked. Nado leads on Most tradable markets on a perp DEX, live count per venue. See the live table on this page for every metric.
Which has the higher 24h perp volume, Kalshi or Nado?
On the Perp DEX volume share, live 24h notional ranked benchmark, Kalshi leads at $1.45B versus Nado at $225.96M. Live measurement is updated continuously by the OpenChainBench harness.
Which has the higher active markets, Kalshi or Nado?
On the Most tradable markets on a perp DEX, live count per venue benchmark, Nado leads at 75 versus Kalshi at 21. Live measurement is updated continuously by the OpenChainBench harness.
How is the Kalshi vs Nado comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
Related comparisons
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.