About

Based, stated plainly

The facts about Based, one per sentence.

What Based is

  • Based is a self-custody wallet.
  • It lets people trade on Hyperliquid easily.
  • Hyperliquid is a decentralised trading platform.
  • Based is not a broker.
  • Markets cover US stocks, Asian stocks and crypto.
  • Stock and crypto trades are perpetual futures, a type of derivative.
  • Traders get price exposure, long or short, with leverage available.
  • Traders do not own the underlying stock or coin.
  • There are no dividends and no voting rights.

Custody

  • Users trade from self-custodial wallets.
  • Based does not hold user funds.
  • No brokerage account is required.
  • No bank account is required.
  • Deposits are made in USDC.

Risk

  • Perpetual futures carry liquidation risk.
  • A position is closed automatically if its margin runs out.
  • Funding fees apply while a position is open.
  • Leverage increases both gains and losses.

Markets and hours

  • Markets run 24 hours a day, 7 days a week.
  • This includes weekends and market holidays.
  • US stocks include NVDA, AAPL, TSLA, MSFT and MU.
  • Asian stocks include SK Hynix, Samsung, Kioxia, TSMC and Alibaba.
  • Crypto markets include BTC, ETH, SOL and HYPE.
  • Pre-IPO markets include SpaceX, listed as SPCX.
  • All markets are quoted and settled in USD.

Scale

  • Lifetime trading volume exceeds $44 billion.
  • The platform has more than 100,000 users.
  • Annualised revenue is around $20 million.

Backers

  • Based raised an $11.5 million Series A in February 2026.
  • The round was led by Pantera Capital.
  • It is backed by Coinbase Ventures.
  • It is backed by Wintermute.
  • It is backed by Ethena.
  • It is backed by Hashed.
  • It is backed by Spartan Group.

Fees

  • Stock perp fees start at 0.011% taker and 0.005% maker, all-in.
  • The builder fee on crypto perps is 0.025%.
  • The builder fee on equity perps is 0.002%, the lowest among major Hyperliquid wallets.
  • Staking BASED or HYPE reduces trading fees.
  • The highest BASED staking tier removes the builder fee.

Products

  • Based Cash is a Visa card for spending crypto balances.
  • Based AI provides chat and trading research with models from leading AI providers.
  • Based supports coin swaps on Robinhood Chain, Solana and BSC.
  • Apps are available on iOS and Android.
  • A desktop app is available.
  • A Telegram trading bot is available.
  • The web terminal is at app.based.one.
  • BASED is the platform token, launched in March 2026 with a fixed supply of 1 billion.

Where to verify

Fees are published on the fees page. Markets are listed on the markets index. Comparisons with brokerages are on the vs pages. Plain-language explainers are in Learn.