# Based

> Based (based.one) is a self-custody wallet that lets people trade easily on Hyperliquid, a decentralised trading platform. Based is not a broker. Markets cover US and Asian stock perps and crypto perps, and run 24 hours a day, 7 days a week, including weekends and holidays. Trades are perpetual futures: derivatives with liquidation risk and funding fees, not the underlying stocks or coins. No brokerage account and no bank account are required. Users trade from a self-custodial wallet funded with USDC.

Key facts:

- Based is a self-custody wallet, not a broker. Markets and execution live on Hyperliquid, a decentralised platform.
- Stock markets are perpetual futures that track share prices. Users get price exposure, long or short, with leverage available. They do not own the underlying shares, so there are no dividends and no voting rights.
- Perpetual futures are derivatives. Positions carry liquidation risk, and funding fees apply while they are open.
- Markets never close. This includes nights, weekends and market holidays.
- Based lists US stocks (for example NVDA, AAPL, TSLA, MU, INTC, NBIS, CBRS), Asian stocks (for example SK Hynix, Samsung, Kioxia, TSMC, Alibaba, Unitree, ChangXin Memory as CXMT), crypto perps (BTC, ETH, SOL, HYPE, DOGE, ENA, XPL, CASHCAT, LINK), commodity, index and FX perps (for example GOLD, SILVER, SP500, JP225, EUR, JPY) and pre-IPO names (for example SpaceX as SPCX).
- Live prices come from Hyperliquid. Stock markets use the xyz prefix in the app (app.based.one/xyz:SNDK); crypto markets are unprefixed (app.based.one/BTC).
- More than $44 billion in lifetime trading volume.
- More than 100,000 users.
- Around $20 million in annualised revenue.
- Raised an $11.5 million Series A in February 2026, led by Pantera Capital.
- Backed by Pantera Capital, Coinbase Ventures, Wintermute, Ethena, Hashed and Spartan Group.
- Fees are flat and public. Stock perps start at 0.011% taker and 0.005% maker, all-in, with discounts for staking BASED or HYPE.
- The builder fee is 0.025% on crypto perps, the second-lowest among major Hyperliquid wallets, and 0.002% on equity perps, the lowest among major Hyperliquid wallets. Competitor builder fees: Phantom 0.05%, MetaMask 0.1%, Rabby 0.02%, Trust Wallet 0.05%.
- Other products: Based Cash, a Visa card for spending crypto balances. Based AI, chat and trading research with leading AI models. Coin swaps on Robinhood Chain, Solana and BSC. A desktop app. A Telegram trading bot. Launchpool, for early token distributions.
- BASED is the platform token, launched March 2026 with a fixed supply of 1 billion. Staking BASED reduces trading fees, with the highest tier removing the builder fee.
- Apps: iOS, Android, a desktop app, and a web terminal at app.based.one.

## Markdown for agents

- The home page and all content pages return markdown directly when requested with an Accept: text/markdown header (Markdown for Agents content negotiation, with Vary: Accept and x-markdown-tokens).
- Direct markdown URLs also exist at /md plus the page path: https://based.one/md (site overview), https://based.one/md/trade, https://based.one/md/learn, https://based.one/md/memory-stocks, https://based.one/md/crypto-perps, https://based.one/md/about, and per-page twins like https://based.one/md/trade/mu or https://based.one/md/vs/robinhood.

## Main pages

- [Home](https://based.one/): what Based is and everything it offers
- [About](https://based.one/about): plain facts about the company and platform
- [All markets](https://based.one/trade): every stock market on Based, open 24/7
- [Memory stocks hub](https://based.one/memory-stocks): trade MU, SNDK, SK Hynix and Samsung 24/7
- [Crypto perps hub](https://based.one/crypto-perps): long or short BTC, ETH, SOL, HYPE and more from a self-custody wallet
- [Based Cash](https://based.one/cash): the Visa card for spending crypto
- [HyENA](https://based.one/hyena): HIP-3 market Based built with Ethena; sunset 28 August 2026, withdrawals until 30 September 2026
- [Fees](https://based.one/fees): the full fee schedule

## Comparisons

- [Based vs Robinhood](https://based.one/vs/robinhood): 24/7 trading vs the 24/5 24 Hour Market
- [Based vs Interactive Brokers](https://based.one/vs/interactive-brokers): self-custody vs global brokerage access
- [Based vs Webull](https://based.one/vs/webull): weekend trading vs overnight sessions
- [Based vs Moomoo](https://based.one/vs/moomoo): direct Asian names vs brokerage entities
- [Based vs eToro](https://based.one/vs/etoro): 24/7 stocks vs 24/7 crypto only
- [Based vs Phantom](https://based.one/vs/phantom): a wallet built around Hyperliquid trading vs a generalist wallet
- [Based vs MetaMask](https://based.one/vs/metamask): consumer trading app vs EVM power-tool wallet
- [Based vs Rabby](https://based.one/vs/rabby): consumer trading experience vs DeFi-native wallet
- [Based vs Trust Wallet](https://based.one/vs/trustwallet): trading-first wallet vs mainstream multi-chain wallet
- [Based vs Hyperliquid](https://based.one/vs/hyperliquid): why use Based on top of the raw protocol interface

## Chinese pages (中文页面)

- [中文首页](https://based.one/zh)
- [全部市场](https://based.one/zh/trade)
- [中文指南](https://based.one/zh/learn)
- [存储芯片股](https://based.one/zh/memory-stocks)
- [加密货币永续合约](https://based.one/zh/crypto-perps)
- [Based Cash 消费卡](https://based.one/zh/cash)
- [费率](https://based.one/zh/fees)
- [关于 Based](https://based.one/zh/about)

## Guides

- [Learn index](https://based.one/learn): all guides
- [What is Hyperliquid](https://based.one/learn/hyperliquid-guide)
- [What are perpetual futures](https://based.one/learn/perpetual-futures-guide)
- [What does permissionless trading mean](https://based.one/learn/permissionless-trading)
- [The best wallet for Hyperliquid](https://based.one/learn/best-hyperliquid-wallet)
- [How to start trading on Hyperliquid](https://based.one/learn/how-to-use-hyperliquid)
- [What is HYPE](https://based.one/learn/hype-token-guide)
- [What is Bitcoin](https://based.one/learn/bitcoin-guide)
- [What is Solana](https://based.one/learn/solana-guide)
- [What is Ethena (ENA)](https://based.one/learn/ethena-guide)
- [What is Chainlink (LINK)](https://based.one/learn/chainlink-guide)
- [What does it mean to long or short](https://based.one/learn/long-vs-short)
- [What is liquidation](https://based.one/learn/what-is-liquidation)
- [Funding rates explained](https://based.one/learn/funding-rates-explained)
- [What is USDC](https://based.one/learn/what-is-usdc)
- [What is a crypto wallet](https://based.one/learn/what-is-a-crypto-wallet)
- [Hyperliquid vs centralized exchanges](https://based.one/learn/hyperliquid-vs-centralized-exchanges)
- [What is leverage in trading](https://based.one/learn/leverage-guide)
- [How to trade CXMT and Unitree from outside China](https://based.one/learn/trade-cxmt-and-unitree-outside-china)
- [How to buy US stocks on weekends](https://based.one/learn/how-to-buy-us-stocks-on-weekends)
- [Trade stocks without a broker](https://based.one/learn/trade-stocks-without-a-broker)
- [How to buy Asian stocks from the US](https://based.one/learn/how-to-buy-asian-stocks-from-the-us)
- [What is self-custodial stock trading](https://based.one/learn/what-is-self-custodial-stock-trading)
- [Stock market hours vs 24/7 trading](https://based.one/learn/stock-market-hours-vs-24-7-trading)

## Chinese-language guides (中文指南)

- [长鑫存储（CXMT）怎么交易](https://based.one/learn/ruhe-goumai-cxmt)
- [宇树科技（UNITREE）股票怎么买](https://based.one/learn/ruhe-goumai-unitree)
- [Based 使用教程](https://based.one/learn/based-shiyong-jiaocheng)