Based vs Interactive Brokers
Interactive Brokers is the professional-grade brokerage known for global market access.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 | Interactive Brokers |
|---|---|---|
| What it is | A self-custody wallet for trading on Hyperliquid, a decentralised platform. Not a broker. | A regulated global brokerage holding customer accounts. |
| Trading hours | 24/7. Nights, weekends and holidays included. | Close to 24/5 on US stocks via overnight sessions, plus each foreign exchange's local hours. Closed on weekends. |
| Custody | Self-custodial. Assets stay in a wallet you control; Based never holds them. | Custodial. IBKR holds assets in your brokerage account. |
| Markets | Perpetual futures on Hyperliquid tracking US and Asian stocks, plus crypto perps and prediction markets. Derivatives with liquidation risk and funding fees, not share ownership. | Stocks, options, futures, bonds and FX across dozens of exchanges worldwide, including Tokyo, Hong Kong and Singapore. |
| Account requirements | No brokerage account and no bank account. A self-custodial wallet funded with USDC. | Full brokerage onboarding with identity and financial-profile checks, plus bank funding. Approval can take days. |
| Fees | No commissions. All-in from 0.011% taker and 0.005% maker on stock perps, discounts for staking. | Commission-based with tiered and fixed pricing plans that vary by market. |
Who Based suits
Based suits traders who want one venue, one balance and one set of hours for US and Asian names, without opening exchange-by-exchange market data and permissions. Weekend trading and self-custody are things IBKR simply does not offer.
Who Interactive Brokers suits
IBKR suits professionals and serious international investors who need actual shares on local exchanges, margin across asset classes, and every order type ever invented. For direct ownership across global markets, it is the standard.
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 there an Interactive Brokers alternative that trades 24/7?
- Yes. The Hyperliquid markets Based connects you to run 24/7 including weekends. IBKR gets close to round-the-clock on weekdays through overnight sessions, but everything stops on weekends. Based also skips the brokerage onboarding: you trade from a self-custodial wallet with no bank account.
- Can I trade Asian stocks on Interactive Brokers?
- Yes, IBKR offers direct access to major Asian exchanges like Tokyo and Hong Kong, traded in local hours with local currencies. Based takes a different approach: USD-quoted 24/7 markets tracking Asian names like SK Hynix, with no foreign exchange permissions or overnight sessions required.
- Which is better for owning shares long term?
- Interactive Brokers. It gives you real share ownership, dividends and shareholder rights across global markets. Through Based you trade perpetual futures for price exposure rather than ownership, with liquidation risk and funding fees, which fits trading more than decade-long holding.
- Do I need a bank account to use Based?
- No. Based takes USDC deposits into a self-custodial wallet. IBKR accounts are funded through bank transfers.
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.