Kraken-incubated perp DEX Nado has announced PRIME, an onchain OTC-like venue built to bring institutional dealer liquidity onchain. The product is set to launch in Q4 and will run alongside the existing Nado orderbook rather than replacing it.

Institutional liquidity providers stream price ladders into a dedicated pool, and a pricing engine blends them into a single executable streaming price. There is no request-for-quote step: smart order routing fills each order from the best-priced liquidity across all connected providers. Orders are not displayed before execution, and positions are fungible with the orderbook, so a perp opened via PRIME can be closed on the CLOB.

Trades via PRIME will carry 0% fees.

The initial rollout targets top traders from Hyperliquid, Variational, Lighter, Extended and Nado, starting with crypto and liquid perps. New markets will list on PRIME first and move to the orderbook once demand is proven, with exotic perps, spot and options named as later goals.