Based.one Review 2027: 24/7 Stock Perps, Hyperliquid, AI Agents, Visa Card, Fees and Risks
Based is trying to turn Hyperliquid into something much larger than a perp exchange. From one self-custodial account, users can trade crypto, US and Asian equity-linked perpetuals, indices and commodities, access prediction markets, use advanced orders, spend crypto through Based Cash and increasingly interact with markets through AI. It is closer to an onchain financial super-app than a normal trading front end.
What Matters
Based is best understood as a self-custodial operating layer built around Hyperliquid, not as a new exchange with its own order book. The trading experience is unusually broad: crypto and spot, 24/7 stock and commodity perpetuals, prediction markets, advanced execution, Visa spending and a growing AI layer. The central trade-off is that the simplicity of the interface can hide fundamentally different risk systems underneath. A Based stock position is a Hyperliquid perpetual, not a share. Based Cash is a regulated card workflow with KYC and a Fireblocks-managed card account, not the same self-custody model as the trading wallet. And autonomous AI execution introduces a different risk again.
This review prioritizes Based's current homepage, current GitBook documentation, current Based Cash page, card terms, Based AI page, August 2026 Infinity launch post and 2026 litepaper. Hyperliquid is the underlying execution venue for Based's spot/perpetual trading, so route-specific fee and market mechanics remain relevant.
Based is making a larger bet than “build a better Hyperliquid front end.” It is attempting to combine trade + research + automation + prediction + spending around one user-controlled wallet. If that works, the wallet becomes the primary financial account and Hyperliquid becomes the invisible execution engine underneath it.
What Is Based.one?
Based describes itself as an all-in-one trading application for equities, crypto and commodities, available through web, desktop and mobile.
The current homepage says more than $44 billion of volume has been processed and more than 100,000 users are using the product.
Its 2026 litepaper says Based raised an $11.5 million Series A led by Pantera, while the current homepage also identifies Coinbase Ventures among its backers.
The important technical point is that Based does not replace Hyperliquid. It sits above it.
Based at a Glance
| Feature | Current Based position | DN interpretation |
|---|---|---|
| Crypto perpetuals | Yes, through Hyperliquid | Underlying Hyperliquid liquidity, liquidation and funding mechanics still apply. |
| Spot trading | Yes | Hyperliquid fee model plus Based builder economics. |
| Stock / index / commodity perps | Yes, including HIP-3 markets | Derivative exposure, not ownership of stocks or physical commodities. |
| Prediction markets | Yes, via Polymarket | Different payoff and fee structure from perpetuals. |
| Advanced orders | Scale, scalp, TWAP, trailing stop and automated TP/SL are currently promoted | More capable than a simple Hyperliquid wallet wrapper. |
| Self-custody | Yes for the trading wallet | Based says only the user controls the wallet keys. |
| Social login | Email / Google via Privy | Private key export is documented. |
| Based Cash | Visa debit-card product | KYC required; card account uses separate regulated / Fireblocks-managed infrastructure. |
| AI | Based AI + Infinity + autonomous-agent positioning | Distinct research/execution surface with live-data integrations. |
| Referral | Three-tier affiliate system | Direct referrers currently receive 60% of qualifying fee revenue under Based's program docs. |
The Biggest Misconception: “Stocks” on Based Are Perpetual Futures
Based prominently markets trading in familiar equities and indices around the clock.
Examples on its current site include Nvidia, Micron, Microsoft, SK Hynix, Samsung, the S&P 500, gold and other markets.
But Based is very clear in its newer educational pages: you are not buying the underlying shares.
You are trading perpetual futures on Hyperliquid that track the referenced market.
That means you do not receive shareholder ownership, voting rights, ordinary dividends or direct title to the referenced security. You instead receive leveraged long or short price exposure subject to funding, liquidation, oracle / reference-price risk and market-specific liquidity.
Why 24/7 Stock Perps Are Still Interesting
The derivative structure has a real advantage: the market does not need to close when Nasdaq, NYSE, Seoul or Tokyo closes.
Based currently markets stock and index perps as tradable through nights, weekends and holidays.
This becomes particularly interesting for Asian equities. An American trader who wants exposure to a Korean stock such as SK Hynix normally faces exchange-access and time-zone friction. A 24/7 perpetual can remove the trading-hours constraint.
But weekend trading introduces a different question: What is the fair price of a stock-linked contract when the underlying cash stock is not trading? Liquidity, oracle methodology and basis therefore matter more during closed-market periods.
DN Based 24/7 Stock Perp Reality Lab
This proprietary tool compares the economic reality of using a 24/7 stock perpetual with what direct share ownership would require for the same market exposure.
Based 24/7 Stock Perp Reality Lab
Estimate trading fees, funding, slippage, leverage amplification and dividend opportunity cost for a Based stock/index perpetual, then compare the capital required to obtain the same exposure through unleveraged share ownership.
DN ownership reality
Scenario P&L
Based Fees: Hyperliquid Fee + Based Builder Fee
Based's fee structure is important because Based is a front end and ecosystem layer rather than the underlying exchange.
Current Based documentation says users pay Hyperliquid trading fees plus, where applicable, Based builder fees.
- 0.025% builder fee for Hyperliquid perpetuals.
- 0.1% on spot sells.
- No Based builder fee on spot buys.
The Hyperliquid exchange component changes with rolling volume and HYPE staking. Based then adds its own $BASED staking discounts to the builder-fee portion.
$BASED can reduce the builder fee
| $BASED staked | Builder-fee discount | Example perp builder fee |
|---|---|---|
| Below 60,000 | 0% | 0.025% |
| 60,000+ | 30% | 0.0175% |
| 300,000+ | 60% | 0.0100% |
| 600,000+ | 100% | 0% |
These discounts apply to Based builder fees, not Hyperliquid's underlying exchange fee.
TradFi Perp Fees Need a Freshness Check
Recent Based pages for markets such as the S&P 500 state that TradFi perps start around 0.011% taker and 0.005% maker all-in before staking discounts.
The central Based fee documentation currently displays a HIP-3 Growth Mode summary of approximately 0.014% taker and 0.008% maker at its illustrated highest-fee tier.
Prediction Markets Through Polymarket
Based integrates Polymarket directly into the terminal and mobile experience. Prediction contracts are fundamentally different from perpetual futures because they settle according to an event outcome rather than continuously tracking an asset price.
Based's current documentation says prediction fees are applied on buys/opening positions using a probability-sensitive formula, while sells/closing positions currently do not incur that same fee under the published structure. Prediction features can also be restricted in certain jurisdictions.
Based Cash: Spending Crypto Is a Different Custody Model
This is one of the most important distinctions in the review.
Based's trading wallet is marketed as self-custodial. Based Cash is not simply the same wallet with a Visa logo attached.
Current card terms say the Based Debit Card requires KYC and uses a segregated card account managed through Fireblocks and licensed third-party card issuers. The terms also say Based and its partners may freeze, reject, block or delay deposits or transactions for AML, sanctions, fraud or legal-compliance reasons.
Based Cash Benefits and Costs
The current Based Cash page advertises crypto-funded Visa spending and says the card can be used where the applicable Visa program is accepted, subject to jurisdiction and card terms.
The current Premium-card page lists 2% cashback on eligible spend, a 1.5% FX markup on non-USD spending, a monthly OpenAI / Anthropic subscription rebate at the shown tier and a $BASED lock-up requirement. Card benefits vary by tier and can change.
Self-Custody and Social Login
Users can create an account using email or Google through Privy or connect an existing wallet. Based says neither it nor Privy can access the user's funds, and its documentation provides a workflow for exporting the private key from a social-login wallet.
The ability to export the key gives the user a practical escape hatch from the interface. The trade-off is the normal one: if the user loses control of their wallet or recovery material, Based cannot reverse an onchain theft or transaction.
Advanced Orders Go Beyond a Basic Hyperliquid Wrapper
The current Based homepage promotes automated TP / SL, scale orders, scalp orders, TWAP and trailing stop loss.
The docs also describe a Privacy TWAP that executes client-side in the user's browser. That can reduce information leakage around the intended execution path, but closing or refreshing the browser pauses the local execution process.
Based AI and Infinity
Based is no longer treating AI as a cosmetic chat box.
Its August 2026 Infinity launch describes a model and agentic harness designed specifically for trading research. Based says Infinity combines a specialized reasoning model with 16 live data sources spanning derivatives, onchain activity, market fundamentals, filings, news and sentiment.
Infinity launched in research preview. The current Based AI page goes further and now markets autonomous trading agents capable of translating a plain-language strategy into executable rules, monitoring conditions and trading automatically.
Based has a structural advantage in AI trading because the research layer and execution layer live inside the same product. Infinity can theoretically see equities, commodities, crypto, derivatives and news, while the Based account already has access to Hyperliquid execution. The opportunity is enormous. So is the safety burden. The winning version needs explicit capital limits, permission scopes, simulation, strategy logs and emergency kill switches that are as visible as the AI itself.
Agent Wallets Already Have Permission Boundaries
Based's current FAQ documents an Agent Wallet. These wallets can trade perpetuals, trade spot and swap tokens, but the documented limitations include inability to transfer or withdraw funds.
That permission separation is exactly what we want to see in agentic finance. As Based expands autonomous trading, this permission model should become a core public security feature rather than a footnote.
$BASED: Utility, Staking and Incentive Risk
$BASED is now part of the platform economics. Current staking documentation describes staking rewards, builder-fee discounts, card-related benefits and future ecosystem utility.
Trading discounts can be meaningful for frequent users, but buying or staking a volatile token solely to save trading fees creates a separate investment decision. Users should compare expected fee savings against capital lock-up and token-price risk.
The Referral Program Is Aggressively Commercial
Based operates a three-tier affiliate system. Current public documentation lists 60% of qualifying trading-fee revenue from direct referrals, 12% from second-tier referrals and 4% from third-tier referrals, for a maximum network share of 76%.
That makes Based commercially attractive to creators and communities. It also means readers should expect a large amount of Based content online to carry referral incentives.
Referral link: https://app.based.one/r/DECENTRALISE
Code: DECENTRALISE
Based's docs say referral discounts can apply to a referred user's first $25 million in volume, but the exact discount percentage was not clearly stated on the public pages we reviewed. We therefore do not promise a specific saving.
Security: What We Can and Cannot Verify
Based's security model has several layers: the trading wallet is self-custodial, social login uses Privy, trading executes through Hyperliquid, prediction markets use Polymarket, the card uses regulated issuer infrastructure and a Fireblocks-managed card account, and AI can increasingly interact with research and execution.
During this review, we did not locate a current public independent security audit specifically covering the full Based application, wallet integration and agentic-execution layer.
Positive: Based relies heavily on established infrastructure rather than rebuilding every execution component, uses self-custodial trading wallets, supports key export and documents agent-wallet permission limits.
Limitation: we did not locate one canonical independent audit covering the current Based application and AI/agentic surfaces.
What we would like next: a public security hub mapping Privy integration, application security, agent signing permissions, audits, incident history and bug-bounty coverage.
Hyperliquid Dependency Is Both the Strength and the Risk
Based gets enormous leverage from using Hyperliquid. It inherits deep crypto-perp liquidity, HIP-3 markets, spot infrastructure and a mature onchain trading engine.
But it also inherits Hyperliquid-related risk. If Hyperliquid's core market, oracle, validator infrastructure or a HIP-3 deployer has a problem, Based cannot simply make that underlying risk disappear through a cleaner interface.
Weekend Stock Trading Has Basis Risk
Based's 24/7 RWA access is one of the platform's strongest features. It is also one of the easiest to misunderstand.
When Nasdaq is closed on Saturday, there is no continuously updating cash-market price for Nvidia. The perpetual can still trade, but the market is expressing a synthetic forward view of the next tradable cash price.
That can create wider spreads, lower liquidity, basis divergence and sharper repricing when the underlying exchange reopens.
Based vs Using Hyperliquid Directly
| Dimension | Based | Hyperliquid direct |
|---|---|---|
| Core liquidity | Hyperliquid | Hyperliquid |
| Additional builder fee | Yes on specified routes, reducible via $BASED staking | No Based builder fee |
| Mobile / super-app UX | Strong | More execution-focused |
| Prediction-market integration | Built into Based | Not the same integrated workflow |
| Visa spending | Based Cash | Not core Hyperliquid product |
| AI research / agents | Based AI / Infinity | Not the same first-party product layer |
| $BASED rewards | Yes | No |
| Execution dependency | Still Hyperliquid underneath | Direct |
The economic question is simple: Are Based's extra products and interface worth the incremental builder fee for your workflow?
Based vs Liquid and Blackboard
Liquid is building a multi-market trading interface with MCP-native AI execution.
Blackboard is aggregating Aster, Hyperliquid HIP-3, Polymarket and tokenized collectibles behind one gateway.
Based goes deeper around a single core execution engine and then expands horizontally into trading, spending, prediction markets and AI.
That makes Based less of a venue aggregator than Blackboard and more of a Hyperliquid-native financial super-app.
Best Based Alternatives
| Platform | Why compare it | Access |
|---|---|---|
| Hyperliquid | Direct access to the underlying execution engine without Based's additional builder layer. | Official site |
| Liquid | Closest broad super-app comparison, especially for AI/MCP-driven multi-asset trading. | Explore Liquid |
| Blackboard | Multi-venue gateway combining Aster, Hyperliquid HIP-3, Polymarket and other onchain markets. | Explore Blackboard |
| Avantis | Focused onchain crypto + RWA perpetual trading with a different execution architecture. | Explore Avantis |
| Trade[XYZ] | Useful direct comparison for HIP-3 RWA markets and 24/7 TradFi perpetuals. | Official site |
Who Is Based Best For?
Strong fit
- Hyperliquid traders who want a richer mobile and super-app experience.
- Users who want crypto, stock/index/commodity perps and prediction markets together.
- Traders interested in 24/7 equity-linked markets, especially Asian stocks.
- Users who value self-custody but prefer email/Google onboarding.
- People who want to move trading gains into a crypto-funded spending product.
- AI-native traders interested in live-data research and autonomous strategy tooling.
- Creators and communities interested in a high-revenue-share affiliate structure.
Weak fit
- Investors who want actual shares, dividends and voting rights.
- Users who want to avoid any builder fee above direct Hyperliquid execution.
- Beginners attracted to stock perps without understanding funding and liquidation.
- Users who assume the Visa card is self-custodial in exactly the same way as the trading wallet.
- Traders uncomfortable with Hyperliquid / HIP-3 dependency.
- Anyone delegating autonomous trading without strict risk limits.
What Based Gets Right
1. It starts with proven market infrastructure. Based does not need to bootstrap its own perp liquidity.
2. It gives Hyperliquid a consumer-friendly shell. Web, desktop, mobile, social login, advanced orders and spending create a coherent product around the exchange.
3. It connects trading and real-world spending. That remains uncommon among self-custodial trading products.
4. Its AI strategy is becoming substantive. Infinity's live-data research stack and agent tooling are more ambitious than a generic chatbot.
5. It clearly states that stock products are derivatives rather than pretending users own shares.
What Based Still Needs to Prove
Fee clarity across HIP-3 routes. The recent TradFi market pages and central fee table should converge on one canonical current reference.
AI safety. Autonomous strategy execution needs detailed public controls around capital limits, permissions, logs, simulation and emergency shutdown.
Security evidence. A canonical public audit / security hub for the current application would improve confidence.
Card transparency. The difference between the self-custodial trading wallet and the regulated card account should remain highly visible.
Weekend execution quality. Independent data on spreads and basis during cash-market closure would be genuinely valuable.
Long-term economics. The super-app must prove that user loyalty survives incentives and $BASED emissions.
What Would Change Our View?
| Would raise our assessment | Would lower our assessment |
|---|---|
| Public benchmark of stock-perp spreads, basis and fill quality during weekends. | Persistent poor liquidity or extreme basis divergence during closed-market periods. |
| Canonical security hub covering wallet, app and AI-agent permissions. | Material key, wallet, agent-permission or application compromise. |
| Clear live fee display reconciling HIP-3 product pages and central docs. | Surprise builder-fee changes or unclear total trading costs. |
| Agentic trading shipping with simulation, hard capital caps and kill switches. | Autonomous strategies able to exceed user-defined risk boundaries. |
| Continued organic usage after incentive programs mature. | Volume or user activity collapsing when rewards fall. |
| Expansion of card availability while preserving transparent issuer/custody disclosures. | Marketing blurring the line between self-custodial trading funds and card-account funds. |
Final Verdict
Based is one of the more convincing examples of what a crypto-native financial super-app can look like.
Its strength is not that it replaces Hyperliquid. It does the opposite.
Based treats Hyperliquid as infrastructure and builds a broader financial experience around it: crypto trading, 24/7 equity/index/commodity perps, prediction markets, advanced execution, mobile trading, crypto spending and increasingly AI research and autonomous execution.
The most important caveat is that these products do not all share the same risk model.
The trading wallet is self-custodial. The card is a regulated payment product with KYC and a Fireblocks-managed card account. Stock products are perpetual derivatives rather than shares. Prediction markets have event-resolution risk. AI agents add software and permission risk.
The interface is unified. The risks are not.
Based's endgame may be larger than becoming the best Hyperliquid wallet. The strategic opportunity is to make a self-custodial wallet behave like a global financial account: trade crypto and world markets, research them with AI, automate strategies, express event probabilities and spend the resulting balance through conventional payment rails. If this model works, the financial “account” becomes the wallet, while exchanges, prediction venues, card issuers and AI models become modular infrastructure underneath it.
How We Review at Decentralised News
| Dimension | What we evaluated |
|---|---|
| Architecture | Based's role as a self-custodial interface above Hyperliquid and other integrations. |
| Markets | Crypto, spot, stock/index/commodity perps and prediction markets. |
| Execution | Hyperliquid fees, builder fees, HIP-3 fee modes and advanced order tooling. |
| Custody | Trading-wallet key control, social-login wallet export and the separate Based Cash card-account model. |
| AI | Infinity data architecture, current Based AI positioning and documented Agent Wallet permission boundaries. |
| Spending | Visa card structure, KYC, Fireblocks-managed card account and current disclosed fees/perks. |
| Security | Key control, external dependencies, agent permissions and public audit evidence. |
| Transparency | Difference between direct ownership and derivatives, fee freshness and jurisdictional limitations. |
DN ratings are editorial research assessments, not safety certifications or guarantees of future performance.
Primary Sources and Evidence Ledger
- Based official website — current $44B+ company-reported volume, 100K+ users, 24/7 equities/crypto/commodities positioning, self-custody, advanced orders and Based Cash.
- Based documentation — current product overview across trading, predictions and cards.
- Based Fees — Hyperliquid fee tiers, Based builder fees, spot/perp structure and HIP-3 Growth Mode.
- Based Staking — current $BASED builder-fee discounts and staking mechanics.
- Based Prediction Markets — Polymarket integration, current fee formula, beta notice and access restrictions.
- Based S&P 500 market page — current 24/7 stock/index-perp framing, derivative ownership disclaimer and current TradFi fee reference.
- Based self-custodial stock-trading explainer — current wallet/key model and stock-perp ownership distinction.
- Based Cash — current Visa card tiers, FX markup, cashback/rebates and KYC FAQ.
- Based Card Terms — issuer structure, KYC, Fireblocks-managed card account, AML/freezing provisions and card-specific risks.
- Based AI — Infinity positioning, 16 institutional-grade data sources and autonomous-agent product positioning.
- Introducing Infinity — research-preview architecture, retrieval/data system and live-market inputs.
- Based General FAQ — Hyperliquid relationship, private-key export and Agent Wallet permission limits.
- Based Litepaper 2026 — $11.5M Series A led by Pantera and broader super-app thesis.
- Based affiliate program — current three-tier referral structure.
Frequently Asked Questions
What is Based.one?
Based is a self-custodial trading and financial super-app built around Hyperliquid. It combines crypto and spot trading, 24/7 stock/index/commodity perpetuals, prediction markets, Based Cash and AI tools.
What is the Based referral code?
The Decentralised News Based referral code is DECENTRALISE. Use https://app.based.one/r/DECENTRALISE.
Does DECENTRALISE give a fee discount?
Based's current docs say referral discounts apply for a referred user's first $25 million in volume, but we did not locate a clear current public percentage tied specifically to this link. We therefore do not promise a specific discount.
Is Based a broker?
No. Based describes itself as a self-custodial wallet and interface rather than a stock broker. Stock, index and commodity products are perpetual futures on Hyperliquid, not ownership of the underlying securities or physical assets.
Can I buy Nvidia stock on Based?
You can trade an NVDA-linked perpetual market through Based, but this is a derivative rather than an Nvidia share. You do not receive dividends or voting rights.
Can I trade stocks on weekends?
Based markets its Hyperliquid-linked stock and index perpetuals as available 24/7, including weekends. Traders should understand that liquidity and basis can behave differently while the underlying cash exchange is closed.
What are Based trading fees?
Based follows Hyperliquid's trading-fee model and adds builder fees on specified routes. Current public docs list a 0.025% builder fee on standard Hyperliquid perpetuals, 0.1% on spot sells and no builder fee on spot buys, with discounts available through BASED staking and different economics for some HIP-3 Growth Mode markets.
Is Based self-custodial?
The trading wallet is described as self-custodial. Based supports social login through Privy and documents private-key export. Users remain responsible for securing their keys and recovery material.
Is Based Cash self-custodial?
Not in the same sense as the core trading wallet. Current card terms say the card requires KYC and uses a segregated card account managed through Fireblocks and third-party issuers, with AML and legal-compliance controls that can include transaction freezes or delays.
Does Based have prediction markets?
Yes. Based integrates Polymarket prediction markets into its terminal and mobile ecosystem, subject to jurisdictional restrictions and product availability.
Does Based have AI trading?
Based AI currently includes Infinity, a trading-focused research system using 16 live data sources, and markets autonomous trading agents that can convert plain-language strategies into monitored execution logic.
Can a Based Agent Wallet withdraw funds?
Based's current FAQ says Agent Wallets can trade perps, trade spot and swap tokens but cannot transfer or withdraw funds.
Is Based safe?
No trading super-app should be treated as risk-free. Based users face wallet, Hyperliquid, HIP-3, liquidation, funding, oracle, market-liquidity, prediction-market, payment-infrastructure and AI-automation risks. The card product also has a separate regulated account and compliance model.
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