Today we're introducing Based Research — a new home for the trading data that actually moves the needle on your decisions.

Markets give you plenty of numbers. What they rarely give you is context. A funding rate on its own tells you very little; the same rate read across a week, compared against open interest, and translated into real P&L tells you a story. Based Research is built to surface that story.

To start, we're focusing on one of the richest sources of signal in crypto: the perpetuals market on Hyperliquid. Here's what you can dig into.

A deeper dive into Hyperliquid data

7-day average funding rates

Funding rates flip fast, and a single snapshot can be misleading. By looking at the 7-day average, you get a far cleaner read on which side of the market is consistently paying to hold a position — and how persistent that pressure really is. It smooths out the noise so you can tell the difference between a one-off spike and a durable trend.

Long carry P&L

Holding a long perp isn't free — funding is a cost (or, when negative, a yield) that accrues the entire time you're in the position. Long carry P&L makes that explicit, showing what simply carrying a long has earned or cost over time. It turns an abstract rate into something you can actually reason about before sizing up.

Funding rate arbitrage

When funding gets stretched, opportunity opens up. Based Research highlights funding rate arbitrage setups — where the rate paid on one side of a market can be harvested by taking an offsetting position elsewhere. Instead of manually scanning rates across markets, the data is laid out so the spreads come to you.

Open interest changes

Price tells you where the market is; open interest tells you how much conviction is behind the move. Tracking changes in open interest helps you see whether a rally is being driven by fresh positioning or a squeeze, and whether momentum is building or quietly unwinding underneath the price action.

Why we built it

Based has always been about giving people an edge in every market. Good research shouldn't require ten browser tabs, a spreadsheet, and a paid terminal subscription. We want the data that professionals rely on to be accessible, readable, and just a click away inside the Based ecosystem.

This first release is focused on funding and positioning data on Hyperliquid, but it's the start of a broader effort. Expect more markets, more metrics, and more of the context that turns raw numbers into actual decisions.

Try it now

Based Research is live. Take a look at the funding dashboard and see what the data is telling you:

👉 app.based.one/research/funding

This is only the beginning — we'll keep shipping.