Unified margin exchange Nado said it will launch PRIME, an on-chain OTC-style trading venue, in the fourth quarter to connect institutional market maker liquidity.
According to the company, institutional liquidity providers will continuously stream quoted tiers into dedicated PRIME liquidity pools. A pricing engine will aggregate the full depth from connected market makers into a single two-way executable streaming price, then adjust that price based on real-time volatility and inventory before sending it to traders. Nado said the quote can be executed on demand without an RFQ process, with an interaction model close to its existing central limit order book.
PRIME will run alongside the order book
PRIME is designed to operate in parallel with Nado’s order book rather than replace it. If the same market exists on both venues, positions will be interoperable. Traders will be able to open a BTC perpetual through PRIME and close it on the order book, or do the reverse.
Beneath the displayed price, smart order routing will execute against the best available prices from connected market makers. If a single market maker does not have enough depth, the router will combine liquidity from multiple firms based on price priority.
Zero trading fees on PRIME executions
Nado said trading fees for transactions executed through PRIME will be 0. New markets will go live through market maker connectivity first, instead of first building resting orders on the order book.
The initial rollout will be open to Hyperliquid, Variational, Lighter, Extended and Nado’s top traders. More details will be released in the coming weeks.
Initial coverage includes crypto assets and liquid perpetuals
At launch, PRIME will cover crypto assets and more liquid perpetual contracts. New markets will first be listed on PRIME, then opened to the order book after sustained demand has been verified. Later targets include exotic perpetuals, spot and options.
Nado offers spot, perpetuals and money markets under a unified margin model. The platform was built by a Kraken-affiliated team and deployed on the Ink network. On Oct. 26, Nado said its cumulative historical trading volume had reached $100 billion.
