Based vs Trust Wallet
Trust Wallet is the mainstream self-custody mobile wallet affiliated with Binance, covering dozens of chains and hundreds of millions of downloads. Based is a self-custody wallet for trading Hyperliquid's 24/7 markets. Different tools built on different assumptions. Here is how they actually compare, without trash talk.
Side by side
| Feature | Based | Trust Wallet |
|---|---|---|
| What it is | A self-custody wallet for trading on Hyperliquid, a decentralised platform. Not a broker. | A mainstream self-custody mobile wallet, acquired by Binance in 2018, covering swaps, staking and dApps across dozens of chains. |
| Chain focus | Purpose-built around Hyperliquid trading, with coin swaps on Solana, BSC and Robinhood Chain. | A multi-chain generalist covering 100+ chains, from Bitcoin and Ethereum to Solana and BNB Chain. |
| Custody | Self-custodial. Assets stay in a wallet you control; Based never holds them. | Self-custodial. Keys stay on your device, and perp positions sit on Hyperliquid under your own address. |
| Perp trading | Perpetual futures on Hyperliquid tracking US and Asian stocks, plus crypto perps. Derivatives with liquidation risk and funding fees, not share ownership. | In-app perps powered by Hyperliquid since April 2026, alongside earlier perp providers. Not available in the US, UK, Hong Kong, Australia or the EU. |
| Stock perps | Yes. Stock perps on Hyperliquid covering names like MU, SK Hynix, Samsung, SpaceX, CXMT and Unitree, alongside commodities, indices and FX. | Some equity perps through the Hyperliquid integration, but stocks are one small corner of a very broad wallet. |
| Around trading | Based Cash, a Visa card for spending crypto balances, plus rewards on USD balances, Based AI research, and coin swaps on Solana, BSC and Robinhood Chain. | Swaps, staking, an NFT gallery and a dApp browser. Perps are one tab in a mass-market wallet. |
| Fees | Builder fee 0.025% on crypto perps, the lowest among major Hyperliquid wallets. Stock perps run in growth mode with 80% off, a 0.005% builder fee, from 0.014% taker all-in. No other major wallet discounts growth-mode markets. Staking discounts on top. | Perp trades pay the Hyperliquid trading fee plus a 0.1% Trust Wallet builder fee on each fill, four times Based's rate on crypto perps and 20 times Based's stock-perp rate. |
Builder fees: Based vs Trust Wallet
0.025%
Based builder fee on crypto perps, the lowest of the major Hyperliquid wallets
80% off
Stock perps on Based cost 0.005%. No other major wallet discounts growth-mode markets.
| Wallet | Builder fee | On a $10,000 trade |
|---|---|---|
| Based | 0.025%$2.50 | |
| Rabby | 0.04%$4.00 | |
| Phantom | 0.05%$5.00 | |
| MetaMask | 0.1%$10.00 | |
| Trust Wallet | 0.1%$10.00 |
| Wallet | Builder fee | On a $10,000 trade |
|---|---|---|
| Based | 0.005%$0.50 | |
| Rabby | 0.04%$4.00 | |
| Phantom | 0.05%$5.00 | |
| MetaMask | 0.1%$10.00 | |
| Trust Wallet | 0.1%$10.00 |
Who Based suits
Based suits people who open their wallet to trade. The whole app is built around Hyperliquid markets, with stock perps on names like MU, SK Hynix, Samsung, SpaceX, CXMT and Unitree, the lowest builder fees on crypto and stock perps among major Hyperliquid wallets, and the card, cash products and research unified around the trading.
Who Trust Wallet suits
Trust Wallet suits people who want one mainstream wallet for everything onchain: holding tokens across dozens of chains, swapping, staking and browsing dApps, with perps available on the side where regulations allow. Its reach and brand recognition are genuine strengths.
Want the mechanics behind the differences? How trading without a broker works and market hours vs 24/7 trading cover them in plain terms. Or jump straight to a market: NVDA, TSLA or the full markets list.
More comparisons
Frequently asked questions
- Which has lower perp fees, Based or Trust Wallet?
- Both charge the Hyperliquid trading fee plus their own builder fee. Trust Wallet's builder fee is 0.1% per fill. Based charges 0.025% on crypto perps and 0.005% on stock perps, the lowest among major Hyperliquid wallets on both, so Based is cheaper on both counts before staking discounts.
- Can I trade perps inside Trust Wallet?
- Yes, where you live. Trust Wallet integrated Hyperliquid perps in April 2026, but the feature is not available to users in the US, UK, Hong Kong, Australia or most of Europe. Based connects you to the same Hyperliquid markets through a self-custody wallet purpose-built for trading.
- Can I trade stock perps with Trust Wallet?
- A selection exists through its Hyperliquid integration, but stocks are not the product's focus. Based connects you to the full Hyperliquid equity range, including MU, SK Hynix, Samsung, SpaceX, CXMT and Unitree, 24/7. These are perpetual futures tracking the share price, not shares, with liquidation risk and funding fees.
- Do both wallets keep my crypto in self-custody?
- Yes. Both are self-custodial: keys stay with you, and perp collateral sits on Hyperliquid under an address you control. Neither wallet holds your funds.
Start in three steps
- Step 1
Log in
Log in with your email or Google account. Based supports social logins for convenience, provided by Privy, a Stripe company. Wallets are self-custodial: only you have access to your funds. Neither Based nor Privy can access your wallet or account.
- Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
- Step 3
Trade 24/7
Stock and crypto perps. Nights, weekends, holidays.
Based is a self-custody wallet, not a broker. Markets are perpetual futures on Hyperliquid: derivatives with liquidation risk and funding fees, not the underlying stocks or coins. For information only, not financial advice.