Do I need an exchange account to trade ETH?

No. Based has no accounts to open. You connect a self-custodial wallet, fund it with USDC and trade ETH directly on Hyperliquid's order book. No sign-up, no bank account.

Is trading ETH on Based self-custodial?

Yes. Your USDC margin stays in a wallet only you control, and Based never takes possession of your funds. That is the main difference from trading ETH on a centralized exchange, where the exchange holds your balance.

Do I own actual Ethereum when I trade ETH here?

No. You are trading perpetual futures that track the ETH price. That gives you exposure, long or short, with leverage, but it is not the same as holding the coins themselves in a wallet.

What does it cost to trade ETH on Based?

Fees start at 0.070% taker and 0.040% maker, all-in, with discounts for staking. Perps also carry a funding rate that passes between longs and shorts, and leveraged positions carry liquidation risk. The full schedule is on the fees page.

Crypto

Trade Ethereum (ETH) perps, self-custodial

The settlement layer for most of onchain finance. ETF flows, staking and the L2 economy all price into one asset. On Based you trade ETH perps on Hyperliquid's order book, long or short with leverage, while your margin stays in your own wallet.

Ethereum (ETH)

$2,517+6.6%24h

Perps on Hyperliquid · quoted in USD

Trade ETH

Why trade ETH here instead of an exchange

Custody, mostly. On a centralized exchange your ETH margin sits in the exchange's wallet, behind its withdrawal queue and its terms. On Based your USDC stays in a wallet only you control until the moment a trade executes on Hyperliquid's order book. There is no account to open, no sign-up flow and no bank account in the loop.

The market itself works like any serious perp venue: long or short, leverage if you want it, deep shared liquidity, funding passing between the two sides. And it lives next door to the stock markets on Based, so the same wallet that trades ETH can trade Nvidia or SK Hynix at 3am on a Sunday.

How trading ETH works here

The ETH market lives on Hyperliquid, a decentralised platform, as a perpetual future. Based is the self-custody wallet you trade it from. You post USDC margin from your own wallet and trade price exposure, long or short, with leverage available. Perps carry a funding rate between longs and shorts, positions carry liquidation risk if their margin runs out, and you are not holding spot ETH coins while in a position.

Getting in takes a self-custodial wallet and USDC. No brokerage account, no bank account, no application. Wondering how that compares to your current platform? See Based vs Robinhood.

Fees are flat and public: crypto perps start at 0.070% taker and 0.040% maker, all-in, before any staking discounts. The full schedule is on the fees page.

Related markets

Frequently asked questions

Do I need an exchange account to trade ETH?: No. Based has no accounts to open. You connect a self-custodial wallet, fund it with USDC and trade ETH directly on Hyperliquid's order book. No sign-up, no bank account.
Is trading ETH on Based self-custodial?: Yes. Your USDC margin stays in a wallet only you control, and Based never takes possession of your funds. That is the main difference from trading ETH on a centralized exchange, where the exchange holds your balance.
Do I own actual Ethereum when I trade ETH here?: No. You are trading perpetual futures that track the ETH price. That gives you exposure, long or short, with leverage, but it is not the same as holding the coins themselves in a wallet.
What does it cost to trade ETH on Based?: Fees start at 0.070% taker and 0.040% maker, all-in, with discounts for staking. Perps also carry a funding rate that passes between longs and shorts, and leveraged positions carry liquidation risk. The full schedule is on the fees page.

Start in three steps

Step 1
Connect a wallet
Any self-custodial wallet works. No account application, no paperwork.
Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
Step 3
Trade 24/7
Stock perps, crypto perps and prediction markets. Nights, weekends, holidays.

Open Based How self-custody works

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.