Based vs Hyperliquid
Hyperliquid is the decentralised trading protocol that Based is built on top of, with its own pro-grade web terminal.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 | Hyperliquid |
|---|---|---|
| What it is | A self-custody wallet for trading on Hyperliquid, a decentralised platform. Not a broker. | A decentralised protocol for perpetual futures, running on its own layer-1 chain, with a pro-grade web terminal for traders. |
| Relationship | Built on top of Hyperliquid. Based is the consumer wallet and frontend; the markets, order book and settlement underneath are Hyperliquid's. | The protocol itself. Every trade placed through Based settles on Hyperliquid. |
| Markets | The full Hyperliquid range: stock perps, crypto perps, commodities, indices, FX and prediction markets. | The same markets. Based does not run a separate order book, so liquidity is shared. |
| Custody | Self-custodial. Assets stay in a wallet you control; Based never holds them. | Self-custodial at the protocol level. Collateral sits in protocol contracts under an address you control. |
| Experience | A consumer app designed to make trading easy. iOS and Android apps, plus a web terminal at app.based.one. | A dense pro-grade web terminal built for traders, with every order type and data panel exposed. |
| 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. | Nothing around the trade. The protocol does trading, and does it well. |
| Fees | No commissions. All-in from 0.011% taker and 0.005% maker on stock perps, discounts for staking. | The base Hyperliquid fee schedule only, with volume-tier and HYPE staking discounts. No frontend fee on top. |
Who Based suits
Based suits people who want a consumer app rather than a trading terminal. Same markets, same self-custody, same order book underneath, but wrapped in an easier experience on iOS, Android and web, and unified with the things people want around trading: the Based Cash Visa card, cash and earn products, AI research and coin swaps across chains.
Who Hyperliquid suits
The raw Hyperliquid interface suits protocol-native pro traders who want zero wrapper between themselves and the order book. If you live in the terminal, manage your own tooling and want the absolute base fee with nothing on top, going direct is the honest choice.
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.
Frequently asked questions
- Is Based built on Hyperliquid?
- Yes, plainly. Based is a self-custody consumer wallet that builds on top of Hyperliquid. When you trade through Based, the order book, the markets and the settlement are all Hyperliquid's. Based adds the app, the card, the research and the cross-chain swaps around that core.
- Do I trade the same markets on Based as on Hyperliquid directly?
- Yes. Based connects you to Hyperliquid's markets rather than running its own, so it is the same order book and the same liquidity. Stock perps, crypto perps, commodities, indices, FX and prediction markets all come from the protocol.
- Why use Based instead of the raw Hyperliquid interface?
- Because most people want more than a terminal. Based makes the same markets easier to trade on iOS, Android and web, and unifies the things around trading: spending balances with the Based Cash Visa card, earning on USD balances, AI research and coin swaps on Solana, BSC and Robinhood Chain. If you are a pro who wants the raw terminal and nothing else, Hyperliquid direct serves you well.
- Is custody different between Based and Hyperliquid?
- No. Both are self-custodial. Your collateral sits on Hyperliquid under an address you control, whether you reach it through Based or through the protocol's own terminal.
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.
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.