What is Based?
Based is a self-custodial trading app built on Hyperliquid. It lets you trade crypto perpetuals and perps on US and Asian stocks 24/7 from one wallet, on the web, desktop and mobile.
Based is not a broker and does not need a bank account: you keep your own keys, and orders settle on Hyperliquid. The same wallet trades crypto perps such as BTC, ETH, SOL and HYPE and equity perps on names like NVIDIA, SK Hynix and Micron, including on weekends.
The product comes as a web terminal (app.based.one), a desktop app and iOS and Android apps. Based Cash adds a Visa debit card for spending crypto at merchants that accept Visa.
Based reports more than $44B in trading volume and 100k+ users. Its listed backers include Pantera Capital, Coinbase Ventures, Ethena, Hashed and Spartan Group.
Our catalog files Based under browser extensions, but the official site does not mention an extension today: trading happens in the web terminal and apps.
Good fit for
- Perps traders who want crypto and stock exposure in one self-custodial app
- People who trade from a phone and want a polished mobile app
Not ideal for
- Traders who want to trade from Telegram
- Spot-only or memecoin traders
Based Atlas AI Score
8.3 / 10 Excellent
Confidence: High
The most complete product in our catalog: broad markets, real apps on every platform and a published fee schedule. Its main gaps are the missing crypto fee table and its dependence on Hyperliquid.
Crypto and stock perps, web, desktop and mobile apps, and a Visa card in one product.
Full all-in tier table for TradFi perps; the crypto perps schedule was not displayed.
Self-custodial, with orders settled on Hyperliquid; no audit details seen.
Reports $44B volume and 100k+ users, with named institutional backers (self-reported).
Public docs and a dedicated fees page.
Scored by AI from official sources on October 27, 2026. No hands-on testing or security audit. How we score
Based features
- Venue
- Hyperliquid (orders settle on-chain)
- Markets
- Crypto perps; US and Asian stock perps; 24/7
- Apps
- Web terminal, desktop, iOS, Android
- Custody
- Self-custodial, no bank account
- Card
- Based Cash Visa debit card
- Telegram
- No Telegram bot
Based fees
| Tier | 14-day volume | Taker / Maker |
|---|---|---|
| 0 | — | 0.011% / 0.005% |
| 1 | >$5M | 0.010% / 0.0044% |
| 2 | >$25M | 0.009% / 0.0036% |
| 3 | >$100M | 0.008% / 0.0028% |
| 4 | >$500M | 0.0076% / 0.002% |
| 5 | >$2B | 0.0072% / 0.002% |
| 6 | >$7B | 0.0068% / 0.002% |
Based publishes an all-in fee schedule for TradFi perps, where Hyperliquid's growth mode applies: 0.011% taker and 0.005% maker at the base tier, falling with your rolling 14-day volume.
Crypto perps and some markets without growth mode (for example gold and certain crypto-linked stocks) use the crypto perps schedule, which was not shown on the fees page when we checked. Look it up in the Based docs before trading crypto pairs.
Based pros and cons
Pros
- Crypto and stock perps from one self-custodial wallet
- Web, desktop and mobile apps plus a Visa card
- Published all-in fee tiers for TradFi perps
- Trades 24/7, including stock perps on weekends
- Large user base and named institutional backers
Cons
- Crypto perps fee schedule was not shown on the fees page
- Volume and user numbers are self-reported
- Tied to Hyperliquid, so exposed to its liquidity and outages
- No Telegram bot
Based vs Hyperliquid vs StratiDex
The closest alternatives in our catalog: same market first, then the highest-scoring products.
| Feature | Based | Hyperliquid | StratiDex |
|---|---|---|---|
| Type | Self-custodial Hyperliquid app for crypto and stock perps | Layer-1 blockchain with fully onchain perpetual and spot order books | Telegram bot for trading Hyperliquid perpetuals, including stocks and commodities |
| Platform | Web, desktop, iOS, Android · Hyperliquid | Web app (app.hyperliquid.xyz) · API · third-party front ends and Telegram bots · Hyperliquid L1 (HyperCore and HyperEVM) | Telegram · Hyperliquid |
| Trading fee | from 0.011% taker (TradFi perps) | Perps 0.045% taker / 0.015% maker at base tier; spot 0.070% / 0.040% | 0.10% per executed order + Hyperliquid fees |
| Custody | Self-custodial | Non-custodial: trades settle on the Hyperliquid L1 from the user's own wallet | Self-custodial: your own Hyperliquid account with an exportable key; the bot's trading key cannot withdraw |
| Telegram | Not published | Not published | @stratidex_bot |
| Atlas AI Score | 8.3 / 10 | 8.7 / 10 | 7.7 / 10 |
| Confidence | High | High | High |
How to get started with Based
- Open the web terminal (app.based.one) or install the mobile app.
- Check the fee schedule for the market you plan to trade at based.one/fees.
- Begin with a small position to learn the order ticket before adding leverage.
