Based vs Robinhood
Robinhood is the US brokerage app that made commission-free stock trading mainstream.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 | Robinhood |
|---|---|---|
| What it is | A self-custody wallet for trading on Hyperliquid, a decentralised platform. Not a broker. | A regulated US broker-dealer holding customer accounts. |
| Trading hours | 24/7. Nights, weekends and holidays included. | 24/5 on selected stocks and ETFs through its 24 Hour Market. Pauses Friday evening to Sunday evening, so no weekend stock trading. |
| Custody | Self-custodial. Assets stay in a wallet you control; Based never holds them. | Custodial. Robinhood holds your stocks and cash 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. | US stocks, ETFs, options and crypto. Asian stocks only as US-listed ADRs. |
| Account requirements | No brokerage account and no bank account. A self-custodial wallet funded with USDC. | US brokerage account with identity verification and a linked bank account or debit card. |
| Fees | No commissions. All-in from 0.011% taker and 0.005% maker on stock perps, discounts for staking. | Commission-free stock trades. Regulatory fees and optional Gold subscription apply. |
Who Based suits
Based suits traders who want to react to news the moment it breaks, including weekends, and who want their assets in their own wallet. It also suits anyone outside the US banking system, since funding takes USDC rather than a bank link.
Who Robinhood suits
Robinhood suits investors who want to own actual shares, collect dividends, use retirement accounts and stay inside a regulated US brokerage. If you are buying and holding for years, share ownership matters more than weekend access.
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 a Robinhood alternative that trades 24/7?
- Yes. The Hyperliquid markets you trade through Based run 24/7 including weekends, while Robinhood's 24 Hour Market covers selected stocks 24/5 and pauses from Friday evening to Sunday evening. Based itself is a self-custody wallet, not a broker: you trade perpetual futures that track stock prices, with no brokerage account and no bank account.
- Can I trade stocks on weekends with Robinhood?
- No. Robinhood's overnight trading runs Sunday 8pm ET to Friday 8pm ET on selected securities, so Saturdays and most of Sunday are closed. Based markets stay open straight through the weekend.
- Does Based give me real shares like Robinhood does?
- No. Robinhood gives you actual share ownership with dividends and voting rights. Based gives you perpetual futures that track the stock price: faster access, 24/7 hours, long or short, but no ownership of the underlying share. They are derivatives, with liquidation risk and funding fees.
- Do I need a bank account to use Based?
- No. You connect a self-custodial wallet and fund it with USDC. Robinhood requires a linked bank account or debit card to move money in.
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.