Based vs Phantom
Phantom is the mainstream self-custody wallet that started on Solana and grew into a multi-chain app with in-app perps powered by Hyperliquid.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 | Phantom |
|---|---|---|
| What it is | A self-custody wallet for trading on Hyperliquid, a decentralised platform. Not a broker. | A self-custody consumer crypto wallet, Solana first and now multi-chain, with swaps, staking, a card and perps inside one app. |
| Chain focus | Purpose-built around Hyperliquid trading, with coin swaps on Solana, BSC and Robinhood Chain. | Started as the default Solana wallet. Now supports Ethereum, Bitcoin, Solana and several other networks. |
| Custody | Self-custodial. Assets stay in a wallet you control; Based never holds them. | Self-custodial. Keys stay on your device, and perp positions sit on Hyperliquid under your own address. |
| Perp 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. | In-app perps powered by Hyperliquid since July 2025, covering 100+ crypto and equity markets. |
| Stock perps | Yes. Stock perps on Hyperliquid covering names like MU, SK Hynix, Samsung, SpaceX, CXMT and Unitree, alongside commodities, indices and FX. | Yes. Equity perps deployed on Hyperliquid under HIP-3, including names like Samsung and SK Hynix. |
| 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. | Swaps, staking, prediction markets and a Visa card tied to its CASH balance. Perps are one tab in a generalist wallet. |
| Fees | No commissions. All-in from 0.011% taker and 0.005% maker on stock perps, discounts for staking. | Perp trades pay the Hyperliquid trading fee plus a Phantom builder fee on each fill. Check the app for the current rate. |
Who Based suits
Based suits people whose main job is trading. The app is purpose-built around Hyperliquid markets, so the stock perps, prediction markets, research and the card all sit in one place instead of one tab among many. If you open your wallet mostly to trade, that focus shows.
Who Phantom suits
Phantom suits people who want one mainstream wallet for everything: holding tokens across chains, swapping, staking, and now perps on the side. It is a great generalist wallet, and its perps tab is a genuinely good way to try Hyperliquid markets.
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 the same thing as Phantom perps?
- They reach the same place by different roads. Both connect you to perp markets on Hyperliquid, so the underlying order book is the same. Phantom is a generalist multi-chain wallet where perps are one feature. Based is purpose-built around Hyperliquid trading, with the card, cash products, AI research and cross-chain swaps wrapped around it.
- Does Phantom have stock perps?
- Yes. Phantom carries equity perps deployed on Hyperliquid under HIP-3, including international names like Samsung and SK Hynix. Based connects you to the same Hyperliquid stock markets, including MU, SK Hynix, Samsung, SpaceX, CXMT and Unitree. These are perpetual futures tracking the share price, not share ownership, with liquidation risk and funding fees.
- Which has lower fees, Based or Phantom?
- Both charge the Hyperliquid trading fee plus their own fee on top. Based publishes its all-in schedule openly, starting from the rates on its fees page with discounts for staking. Phantom adds a builder fee per fill; check the Phantom app for the current number before trading.
- Do both wallets keep my crypto in self-custody?
- Yes. Both are self-custodial: keys stay with you, and perp collateral sits on Hyperliquid under an address you control. Neither Based nor Phantom holds your funds.
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.