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, crypto and prediction markets.
- 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.
Backers
- Based is backed by Pantera Capital.
- It is backed by Coinbase Ventures.
- It is backed by Wintermute.
- It is backed by Ethena.
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.
- The web terminal is at app.based.one.
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.