What are crypto perpetuals on Based?

Crypto perpetuals on Based are derivative contracts on Hyperliquid with no scheduled expiry date. They let you take long or short price exposure to crypto assets using USDC margin. You do not receive the underlying coins, and positions carry funding and liquidation risk.

Do I need a centralised exchange account to trade crypto perps?

Based connects a self-custody wallet to Hyperliquid, a decentralised trading platform. You fund the wallet with USDC to trade the crypto perpetual markets listed here. Access is subject to the platform's eligibility requirements.

Can I short crypto on Based?

Yes. Crypto perpetuals support both long and short positions. A short position gains when the market price falls and loses when it rises. Short positions also carry liquidation risk and may pay or receive funding.

What leverage is available on crypto perps?

Available leverage depends on the market and its current limits on Hyperliquid. Check the Based order form for the leverage available before opening a position. Higher leverage increases exposure relative to margin and brings the liquidation price closer to the entry price.

Can I trade crypto perps on weekends?

Crypto perpetual markets on Hyperliquid operate 24 hours a day, seven days a week, including weekends. Market availability and liquidity can change, so check the live market before placing an order.

What are funding payments on crypto perpetuals?

Funding is a periodic payment between long and short position holders that helps keep a perpetual contract's price aligned with its underlying market. Depending on the funding rate and your position's direction, you may pay or receive funding while the position remains open.

Crypto

Trade crypto perps 24/7: BTC, ETH, SOL, HYPE

Crypto already trades around the clock. What it usually does not do is trade from a wallet you control, long or short, without an exchange account in the middle. Based connects you to the crypto perpetual futures on Hyperliquid, margined in USDC, with nothing to apply for and nobody to ask.

Why perps instead of spot

A spot position only makes money in one direction. A perpetual future is two-sided by design: you can be long Bitcoin or short it, in the same market, with the same tap. No borrow to arrange, no margin account to open, no waiting for an exchange to list the pair you want. Leverage is available if you choose it, which also means liquidation risk is real if you abuse it. More on that below.

Perps track spot through funding, a small payment exchanged between longs and shorts while a position is open. Depending on which side is crowded, you pay it or collect it. The mechanics are in the perpetual futures guide.

Why a wallet instead of an exchange account

An exchange account is a claim on a company. It takes an application, an approval, and trust that the company stays solvent and lets you withdraw. Based works differently. It is a self-custody wallet: the keys live on your device, you fund the wallet with USDC, and you trade directly on Hyperliquid, a decentralised platform. No brokerage account, no bank account, just a self-custodial wallet funded with USDC.

The trade-off is responsibility. Nobody can freeze your funds, and nobody can reset a lost recovery phrase. Self-custody means both of those things at once.

The markets

Bitcoin (BTC). The original cryptocurrency and still the market's reserve asset. Everything else trades in its shadow.

Ethereum (ETH). The settlement layer for most of onchain finance. ETF flows, staking and the L2 economy all price into one asset.

Solana (SOL). The high-throughput chain where much of retail onchain activity lives. Fast, cheap, and volatile in both directions.

Chainlink (LINK). The token of Chainlink, the oracle network that feeds offchain data like prices into smart contracts on most major chains.

Hyperliquid (HYPE). The token of the exchange every market on Based runs on. Exposure does not get more direct than this.

Dogecoin (DOGE). The original memecoin, still one of the most traded assets in crypto more than a decade after launch. Runs on sentiment and moves around the clock.

Ethena (ENA). The token of Ethena, the protocol behind USDe, one of the largest synthetic dollars in crypto. Its price tracks the yield trade that built it.

Plasma (XPL). The token of Plasma, a blockchain built specifically for stablecoin transfers. One of the most watched new chain launches in crypto.

CashCat (CASHCAT). A cat-themed community token with a perpetual futures market on Hyperliquid. Trades with exactly the volatility that description implies.

Bitcoin (BTC)

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