Based
Based is a Singapore-based Web3 consumer SuperApp built on Hyperliquid, combining self-custody perpetuals and spot trading, prediction markets, and a crypto-linked Visa debit card for global spending, serving crypto-native traders and DeFi users across 160+ countries.
- Company typePrivate
- Founded2023
- HeadquartersNew City, United States
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Based does
Based is a Singapore-incorporated Web3 consumer SuperApp that combines self-custody perpetuals and spot trading, prediction markets, and crypto-linked Visa debit card spending within a single interface. The platform is built natively on Hyperliquid's HyperCore (order book) and HyperEVM (smart contracts) infrastructure, layering professional-grade trading tools such as TWAP, scale orders, and trailing stops on top of Hyperliquid's liquidity, while offering a Visa debit card that auto-converts crypto to fiat at point of sale across 150M+ merchants in 160+ countries. Multi-chain funding is supported from Solana, Polygon, Arbitrum, and Hyperliquid, and self-custody is preserved through Fireblocks MPC-based key management, distinguishing the product from custodial exchange offerings.
Based generates revenue primarily through trading take-rate fees on perpetuals and spot, card interchange and FX margin on Visa transactions, and a share of affiliate-driven Hyperliquid trading volume. The card product is gated by $BASED token lockup tiers (10,000 for HYPE Card, 100,000 for Gold Card), and the affiliate program distributes up to 60% of fees to T1 referrers with multi-tier downlines, creating a community-led growth flywheel. Go-to-market is product-led and community-driven, leveraging Discord, content marketing, ambassador networks, and seasonal XP/Points/Diamonds rewards rather than paid acquisition.
The company reports 100,000+ registered users, 30,000 monthly active users, $40 billion in cumulative trading volume, and nearly $14 million in cumulative revenue over approximately 8 months of operation through February 2026. Backed by Pantera Capital, Coinbase Ventures, Wintermute Ventures, and Karatage with a $11.5 million Series A, Based is positioned as a consumer-facing frontend for the Hyperliquid ecosystem with plans to expand into North America, double headcount, and develop AI-driven agentic commerce capabilities.
Based firmographics
Firmographics- Name
- Based
- Legal name
- Based
- Website
- https://based.one
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Based is a Singapore-based Web3 consumer SuperApp built on Hyperliquid, combining self-custody perpetuals and spot trading, prediction markets, and a crypto-linked Visa debit card for global spending, serving crypto-native traders and DeFi users across 160+ countries.
- Ownership category
- akta.pro rank
Based industry classification
Industry- Product category
- Cryptocurrency Trading Platform
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI)
- akta.pro secondary industries
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD)
Keywords
Where Based is headquartered
LocationHeadquarters
- HQ city
- New City
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Based business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Trading fees / maker-taker: Revenue from competitive trading fees on perpetuals and spot trading executed through the platform. Fees are shared with affiliates (up to 60% to T1 referrers).
- Card spending interchange: Revenue share from Visa card transactions including interchange fees on card spend volume at merchants worldwide (150M+ merchants, 160+ countries).
- Affiliate program revenue share: Revenue from referring traders to Hyperliquid; platform retains a portion of affiliate fees from referred user trading activity.
- Token-based staking tiers: Card tier upgrades tied to $BASED token lockup (10,000 for HYPE card, 100,000 for Gold card) create token utility and demand.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | HYPE Card — requires 10,000 $BASED lockup, 2% cashback, 1.5% FX markup, no top-up fee for USDT/USDC/XSGD, up to $10 AI subscription rebate |
| Transaction based/ take rate | Pay-as-you-go | Based Gold Card — requires 100,000 $BASED lockup, 4% cashback, 0% FX markup, $20 entertainment rebates (Netflix/Spotify/YouTube), up to $100 AI subscription rebate, 4 airport lounge visits/year, free physical card |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Based product offering
Product offeringCore offering
Based operates HyperApp, a consumer Web3 SuperApp built natively on Hyperliquid infrastructure that combines self-custody perpetuals and spot trading, prediction markets, and a multi-chain Visa debit card (Based Card / HYPE Card / Gold Card) for spending crypto at merchants across more than 160 countries. The platform layers in Based AI, an AI chat and agentic commerce tool with its own Agent Wallet, enabling automated crypto spending and trading. The offering is accessible through web, iOS, Android, and Windows/Mac desktop clients.
Product overview
Based is a Web3 consumer SuperApp providing a unified platform for on-chain trading, prediction markets, and crypto spending. The core product is HyperApp, which combines perpetuals and spot trading on Hyperliquid, a Visa debit card for spending crypto at 150M+ merchants, and prediction markets. The platform offers multiple access points: Web Terminal (browser-based), Mobile App (iOS/Android), and Desktop App, all built on Hyperliquid's infrastructure. Key products include Based Card (available in Gold and HYPE tiers), Prediction Markets (via Polymarket), Based AI (chat and agentic commerce), Affiliate Program (multi-tier), and Based Cloud (builder infrastructure). The ecosystem is powered by the $BASED token for staking and card tier qualification, and Based Points/Diamonds for reward tracking.
Differentiator
Problem solved
Functional benefit
Brands
- Based Gold Card: Premium metal Visa card requiring 100,000 $BASED lockup, offering 4% cashback, 0% foreign currency markup, and airport lounge access.
- HYPE Card
Products and services
- HyperApp SuperApp
- Hyperliquid Perpetuals and Spot Trading
- Based Card (HYPE Card and Gold Card)
- Prediction Markets
- Based AI (Chat and Agent Wallet)
- Based Cloud API
- Affiliate Program
Quantifiable outcome
- $40 billion in cumulative trading volume in approximately 8 months of operation
- +3 more outcomes
Companies that use Based
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles5 records
Based technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
AI capability4 records
Feature6 records
Based partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core infrastructure partner, core and standard.
- Hyperliquidcore infrastructure partnerBased is built natively on Hyperliquid's HyperCore (perpetuals/spot order book) and HyperEVM (smart contracts) infrastructure. Based provides an enhanced consumer SuperApp frontend for the Hyperliquid ecosystem, offering advanced trading tools, prediction markets, and Visa card spending on top of Hyperliquid's liquidity and execution layer.
- Visacore infrastructure partnerVisa is the payment network enabling the Based Visa debit card, providing access to 150M+ merchants across 160+ countries. The card auto-converts crypto to fiat at point of sale through Visa's payment rails.
- FireblockscoreFireblocks provides the underlying digital asset infrastructure for BasedApp V2, using Multi-Party Computation (MPC) for advanced key management and digital asset custody. Trusted by major financial institutions globally.
- SumsubstandardSumsub provides KYC/identity verification services for Based card issuance, used by most major crypto exchanges for regulatory compliance.
Scale indicators8 records
Recent moves14 records
Expansion highlights6 records
Based competitors and assessment
Company assessmentBroad incumbents
- Crypto.com: Large crypto exchange and Visa card issuer with global retail reach. Closest direct analogue to Based's trading + Visa debit card SuperApp concept, though Crypto.com operates as an incumbent custodian rather than a Hyperliquid-native non-custodial stack.
- MetaMask: Leading self-custody EVM wallet with portfolio, swap, and increasingly fiat on-ramp features. Comparable as the canonical non-custodial crypto consumer interface, with growing competition in the spending/utility layer Based targets.
- Bybit Card: Major crypto exchange offering a Visa/Mastercard debit card program to its user base. Comparable end-product (crypto-funded Visa card) and competes for users who want to spend exchange-derived balances.
- Revolut: Global fintech app offering multi-currency accounts, crypto trading, and card spending. Comparable SuperApp model for crypto-adjacent consumers, though regulated as a bank rather than as a non-custodial crypto protocol.
Direct peers
- Wirex: Crypto payments platform offering a multi-currency Visa debit card with crypto-to-fiat conversion at point of sale. Directly comparable to Based Card's core functionality, though Wirex is custodial and not natively tied to on-chain perps trading.
- dYdX: Decentralized perpetuals exchange with its own consumer trading app and chain. Comparable as an on-chain perps venue that Based's Hyperliquid frontend competes with for retail trader volume and frontend mindshare.
- Polymarket: Leading on-chain prediction market, integrated by Based for its prediction markets tab. Directly comparable product functionality; competing for the same retail speculator audience.
- BitPay: Long-standing crypto payments platform offering prepaid Visa/Mastercard cards and merchant acceptance. Direct competitor in the crypto-to-fiat card spending category, though more legacy and B2B focused.
Emerging players
- Phantom: Self-custody crypto wallet with built-in swap, perps, and now Visa debit card functionality. Competes with Based for the same on-chain consumer trader audience and has overlapping self-custody SuperApp positioning.
Others
- Hyperliquid: Core infrastructure partner and protocol on which Based is built. Relevant because Based's trading volume, fees, and affiliate economics are directly tied to Hyperliquid's order book and token incentives; not a competitor but a strategic dependency.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Based social profiles
Digital presenceBased financial estimates
Financial estimateRevenue estimate
Valuation estimate
Based leadership team
Management profileNumber of profiles
Profiles1 record
Based funding detail
Funding detailFunding overview
Funding rounds4 records
Investors13 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Based M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Based
What does Based do?
Based operates HyperApp, a consumer Web3 SuperApp built natively on Hyperliquid infrastructure that combines self-custody perpetuals and spot trading, prediction markets, and a multi-chain Visa debit card (Based Card / HYPE Card / Gold Card) for spending crypto at merchants across more than 160 countries. The platform layers in Based AI, an AI chat and agentic commerce tool with its own Agent Wallet, enabling automated crypto spending and trading. The offering is accessible through web, iOS, Android, and Windows/Mac desktop clients.
Is Based a public or private company?
Based is a private company. It is classified as venture growth investor backed and is currently operating.
When was Based founded?
Based was founded in 2023. It employs 1 to 10 people.
Where is Based based?
Based is headquartered in New City, United States, in the North America region.
How does Based make money?
Four revenue lines are on record. Trading fees / maker-taker is the primary driver. The others are card spending interchange, affiliate program revenue share and token-based staking tiers.
Who are Based's main competitors?
Broad incumbents on record are Crypto.com, MetaMask, Bybit Card and Revolut. Direct peers are Wirex, dYdX, Polymarket and BitPay. Phantom is listed as an emerging player. Hyperliquid is listed as an others.
Does Based have an API?
Yes. Based offers an API for API Traders, with support for webhook notifications and an Inference & Compute Gateway for AI capabilities. The API allows traders to integrate with Based's platform for trading automation, with XP earned for builder fees. Documentation available at basedapp.gitbook.io with an API Traders section under Integrations. Developer documentation is at basedapp.gitbook.io/docs/integrations/api-traders.
What industry is Based in?
Based's product category is Cryptocurrency Trading Platform. Its primary akta.pro industry code is FSADAIAI, POS, QR & In-Person Acceptance Infrastructure (Crypto), with a secondary code of FSAFANAO, Digital Asset/Crypto Trade Execution Platforms. Its NAICS code is 523210 and its SIC code is 6200.