Perp DEX volume share, live 24h notional ranked
TradingLighter
Leads$1.70B
- p99
- $2.02B
- rank
- #3
- samples
- 2,876
Nado
Trails$225.96M
- p99
- $434.84M
- rank
- #14
- samples
- 2,876
24h perp volume
Lightern/aNadon/a
Lighter vs Nado
Lighter leads on 2 of 3 shared benchmarks, Nado on 1. Lighter wins on Perp DEX volume share, live 24h notional ranked ($1.70B vs $225.96M), Most tradable markets on a perp DEX, live count per venue (210 vs 75). Nado wins on Perp DEX volume to open interest (2.39x vs 2.73x). Data as of 2026-09-24 UTC.
Lighter
Onchain perp DEX with a fully onchain orderbook on a zkSync rollup. ZK proofs verify matching, no off-chain sequencer for trade execution.
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
TradingLighter
Leads210
- p99
- 210
- rank
- #5
- samples
- 2,876
Nado
Trails75
- p99
- 75
- rank
- #16
- samples
- 2,876
Active markets
Lightern/aNadon/a
Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live
Trading| Provider | Fees 30d | Revenue 30d | Open interest | Fees / OI |
|---|---|---|---|---|
| Lighter | $5.37M | $4.63M | $621.02M | 0.105x |
| Nado | $1.58M | $894.5K | $45.03M | 0.428x |
View
Lightern/aNadon/a
P/F = circulating market cap (CoinGecko) / annualized fees (DeFiLlama dailyFees, trailing 30d x 365/30), on the DeFiLlama parent the token accrues from. Fees include the share paid to liquidity providers; P/S uses protocol revenue only. Low-float tokens show a much higher FDV/F than P/F. Pre-TGE venues are listed unranked with fees and OI, no ratio. A low multiple is not a recommendation.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingLighter
Trails2.73x
- p99
- 3.23x
- rank
- #16
- samples
- 2,876
Nado
Leads2.39x
- p99
- 4.61x
- rank
- #13
- samples
- 2,876
Volume / OI (24h)
Lightern/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
Lighter vs Nado: which one is better?
Lighter and Nado are compared on 4 shared OpenChainBench benchmarks. Lighter leads on Perp DEX volume share, live 24h notional ranked. Nado leads on Perp DEX volume to open interest. See the live table on this page for every metric.
Which has the higher 24h perp volume, Lighter or Nado?
On the Perp DEX volume share, live 24h notional ranked benchmark, Lighter leads at $1.70B versus Nado at $225.96M. Live measurement is updated continuously by the OpenChainBench harness.
Which has the lower volume / oi (24h), Lighter or Nado?
On the Perp DEX volume to open interest benchmark, Nado leads at 2.39x versus Lighter at 2.73x. Live measurement is updated continuously by the OpenChainBench harness.
How is the Lighter 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.