Based

The Base blockchain has become one of the most active Layer 2 networks in 2026, and an emerging group of perpetual DEXes has taken notice. Based is one of the newer entrants trying to carve out space in this growing ecosystem, offering an on-chain order book experience with competitive fees and a points program that has attracted early adopters looking for the next potential airdrop opportunity. We spent several weeks trading on Based, testing its order book depth, execution speed, and overall usability. Here is our honest assessment - a platform with real potential that still has significant growing to do.

What is Based?

Based is a decentralized perpetual futures exchange built natively on the Base blockchain, Coinbase's Ethereum Layer 2 network. Launched in 2024, the platform set out to deliver an experience that feels like trading on a centralized exchange - complete with an on-chain order book, limit orders, and fast execution - while maintaining the self-custody and permissionless nature of DeFi.

Base itself has seen enormous growth through 2025 and into 2026. The chain's total value locked surpassed $11 billion in late 2025, and it captured roughly 46% of all DEX volume among Layer 2 networks, overtaking Arbitrum. Base benefits from its connection to Coinbase, which funnels mainstream users into the ecosystem through direct Coinbase wallet integration and easy fiat onramps. For perpetual DEX builders, Base offers an attractive combination of high user traffic, very low gas fees (often under $0.01 per transaction), and Ethereum-level security.

Based positions itself within this ecosystem as a no-frills perpetual trading venue focused on core execution quality. The platform supports approximately 25 trading pairs with an order book model, offers competitive maker and taker fees (0.02% and 0.05% respectively), and runs an active points program designed to reward early users ahead of a potential token launch.

With $8 million in TVL and approximately $15 million in daily trading volume, Based is firmly in the early-stage category. It does not compete with Hyperliquid or dYdX on scale. But its positioning on one of the fastest-growing L2 chains, combined with the allure of point farming for a potential airdrop, has generated interest from the segment of DeFi traders who specialize in identifying platforms with upside before they reach critical mass.

The project's smart contracts are open source, which is a positive transparency signal. One independent security audit has been completed covering the smart contracts and trading engine. However, the auditor is listed as an "Independent Auditor" without a named firm, which is less reassuring than audits from well-known outfits like Trail of Bits, OpenZeppelin, or Zellic. There is no bug bounty program, which is a notable gap in the security posture.

Features and Functionality

Trading Interface

Based's trading interface takes clear inspiration from centralized exchanges, and that is meant as a compliment. The layout follows the standard three-panel design: a full TradingView chart occupying the center, an order entry panel on the right, and an order book visualization showing bid and ask depth. Below the chart, tabs display your open positions, active orders, trade history, and account balance.

During our testing, the interface loaded quickly and chart updates were smooth. Candle data, technical indicators, and drawing tools all functioned as expected through the TradingView integration. The order entry panel supports market orders, limit orders, and the ability to attach take-profit and stop-loss levels to your positions at the time of creation.

The order book visualization is a key differentiator from oracle-based platforms like GMX or MYX Finance. You can see actual bid and ask levels, understand the depth of liquidity at various price points, and make informed decisions about where to place limit orders. For traders coming from centralized exchanges, this feels familiar and transparent.

We did notice some areas that need polish. The interface lacks a multi-chart layout option, which limits the ability to monitor multiple markets simultaneously. Position management is functional but basic - there is no trailing stop functionality or advanced order types like OCO (one-cancels-other). The UI occasionally exhibited minor lag when rapidly switching between trading pairs, though this did not affect order execution.

Supported Markets

Based offers approximately 25 perpetual trading pairs, covering the major cryptocurrencies and a selection of popular altcoins. BTC/USD and ETH/USD are the primary markets with the deepest order book liquidity. Other available pairs include SOL, AVAX, DOGE, and several mid-cap assets.

The pair count of 25 is modest by current standards. Hyperliquid lists over 130 pairs, dYdX offers 100+, and even newer competitors on other chains often launch with 40-50 markets. For traders who primarily focus on major pairs, this is not a problem - BTC and ETH are the bread and butter of most perpetual traders, and Based covers these well. However, if you want to trade perpetuals on newer tokens, meme coins, or niche altcoins, you will need to use a different platform.

Based does not currently offer forex, commodity, or real-world asset perpetuals. This is an area where some competitors have been expanding, particularly platforms like Avantis on Base that offer gold, oil, and forex trading. For a pure crypto perpetual experience, Based keeps things focused.

Liquidity and Order Book Depth

With $8 million in TVL and $15 million in daily trading volume, Based is operating at a scale that places it among smaller perp DEXes. The order book model means that liquidity quality varies significantly by pair. BTC/USD and ETH/USD have the tightest spreads and deepest order books, with our testing showing spreads of 1-3 basis points during normal market conditions. Less popular pairs showed wider spreads, sometimes reaching 5-10 basis points, which adds meaningful cost for taker orders.

For position sizes under $50,000 notional, execution on the major pairs was generally good. We were able to fill market orders with minimal slippage. At larger sizes, the thinner order book becomes more apparent, and breaking up orders into smaller chunks is advisable to avoid moving the market against yourself.

This is the fundamental challenge for any new order book DEX: liquidity begets liquidity, and attracting market makers requires volume that in turn requires liquidity. Based is in the early stages of this flywheel. The points program helps by incentivizing volume, but until the platform reaches a critical mass of organic trading activity, the order book depth will remain its primary limitation.

Compared to oracle-based platforms like GMX or MYX Finance, where execution at oracle price eliminates slippage concerns, Based's order book model introduces variable execution quality. The tradeoff is price discovery - order books allow the market to set prices rather than relying on oracle feeds, which some traders prefer for its transparency and efficiency.

Advanced Features

Based's feature set is relatively lean, which is not necessarily a negative for a platform at this stage. The focus is on core perpetual trading functionality delivered well, rather than trying to be everything to everyone.

The points program is the main advanced feature and the primary incentive for early adoption. Users earn points based on their trading activity, with the expectation that these points will be convertible to a native token or other rewards as the platform matures. Points accumulation is boosted through referral links, with both the referrer and referred user receiving bonus points. The specifics of point-to-reward conversion have not been fully detailed, which is typical for pre-token platforms.

Based does not currently offer staking, yield farming, lending, or NFT-related features. There is no native token yet, which means there are no fee discount tiers or governance mechanisms. The platform also lacks cross-chain functionality - you must be on the Base network to trade.

Limit orders are well-implemented and a natural fit for the order book model. You can set your price, see exactly where your order sits in the book, and wait for it to fill. This is a feature that oracle-based DEXes often struggle with, since their limit orders still execute at oracle prices rather than specific levels in an order book.

Fees and Pricing

Fee Structure

Based uses a standard maker/taker fee model, which is the norm for order book exchanges. Maker fees are set at 0.02% - you pay this when placing limit orders that add liquidity to the order book. Taker fees are 0.05% - this applies when you place market orders or limit orders that immediately fill against existing orders.

The maker fee of 0.02% is competitive and encourages limit order placement, which builds order book depth. The taker fee of 0.05% is in line with industry standards and actually matches dYdX v4's taker rate.

Gas fees on Base are among the lowest in the entire Layer 2 ecosystem. During our testing, transaction costs ranged from $0.01 to $0.05, with most trades falling on the lower end. Even during periods of increased network activity, gas on Base rarely exceeded $0.10. This makes Based extremely affordable for active traders who might execute dozens of transactions per day.

There is a protocol fee component of 0.02% that feeds into the platform treasury. With no token yet, there is no staking or fee-sharing mechanism. The referral program provides bonus points rather than direct fee discounts, which means the base fee rates apply to all users equally.

How Based Fees Compare

Based's fee structure is nearly identical to dYdX v4 on the taker side and matches on the maker side. This is a credible positioning for a newer platform. Hyperliquid remains the cheapest for takers at 0.035% with zero gas, while Vertex offers maker rebates that effectively make it free to provide liquidity. Based's gas costs on Base are minimal and comparable to dYdX's costs on its appchain.

The absence of a VIP tier system or volume-based discounts means Based's fees are fixed regardless of how much you trade. This simplicity is appealing for transparency, but high-volume traders may prefer platforms that reward loyalty with lower rates.

Real-World Cost Examples

Let us examine the costs for a typical trade. You want to open a $2,000 long position on BTC/USD with 25x, giving you $50,000 in notional exposure.

As a taker (market order) on Based: Opening fee is $25 (0.05% of $50,000), closing fee is another $25, plus roughly $0.02 in gas each way. Total round-trip cost: approximately $50.04.

As a maker (limit order) on Based: Opening fee drops to $10 (0.02% of $50,000), closing with another limit order costs $10, plus gas. Total round-trip cost: approximately $20.04.

The difference between maker and taker here is substantial - $20 versus $50 for the same trade. This strongly incentivizes patience with limit orders. Compared to the same trade on Hyperliquid (taker: $17.50 each way, $35 total, zero gas), Based is more expensive for takers but nearly identical for makers.

For a smaller $500 position at 10x ($5,000 notional): taker cost is $2.50 each way ($5 total), maker cost is $1 each way ($2 total), plus negligible gas. At this scale, costs on Based are very affordable regardless of order type.

Security and Safety

Smart Contract Audits

Based has completed one security audit covering its smart contracts and trading engine, conducted in June 2024. The audit is attributed to an "Independent Auditor" rather than a named, well-known security firm. This is the weakest point in Based's security profile. While the audit itself may have been thorough, the lack of a recognized auditor name makes it difficult for users to evaluate the credibility and rigor of the review.

For comparison, leading perp DEXes typically have multiple audits from top-tier firms. Hyperliquid has been reviewed by several respected auditors, dYdX has undergone extensive reviews from Trail of Bits and others, and GMX has audits from ABDK and Guardian. Even newer protocols like MYX Finance have audits from PeckShield and SlowMist. Based would benefit significantly from commissioning an audit from a recognized firm to strengthen user confidence.

Security Track Record

Since its launch in 2024, Based has not experienced any publicly reported security breaches or exploits resulting in loss of user funds. The platform has been operational for over a year now, which provides some track record, though the relatively small TVL of $8 million means the platform has not been as attractive a target as larger protocols.

The Base blockchain itself inherits security from Ethereum through its optimistic rollup architecture, which means that even if the Base sequencer were to experience issues, user funds could ultimately be recovered through Ethereum's settlement layer. This provides a baseline level of security that all applications on Base benefit from.

User Protection Features

Based does not currently operate a bug bounty program, which is a notable omission. Bug bounties are considered standard practice for DeFi protocols, as they incentivize responsible disclosure of vulnerabilities before they can be exploited. The absence of a bounty program does not mean the platform is insecure, but it does remove an important layer of proactive defense.

On the positive side, Based's smart contracts are open source. This allows security researchers, independent developers, and concerned users to review the code themselves. Open source code creates a form of crowd-sourced security review that can catch issues an audit might miss.

The order book model provides some inherent protections. Unlike AMM-based platforms where sandwich attacks and frontrunning are common concerns, order book execution follows a clear price-time priority that is more transparent. Users can see exactly what price they will receive before placing a market order, and limit orders execute precisely at the specified price.

Getting Started with Based

Connecting Your Wallet

Getting started on Based takes just a couple of minutes. Navigate to app.based.one in your browser and click the wallet connection button. Based supports MetaMask, Coinbase Wallet, WalletConnect, and Rainbow Wallet. If you are using Coinbase Wallet, the experience is especially smooth since Base is Coinbase's native L2 - the chain is already configured by default.

After selecting your wallet and approving the connection, make sure you are on the Base network. If your wallet is set to Ethereum mainnet or another chain, you will be prompted to switch. In MetaMask, you can add Base as a network manually or let the platform add it for you automatically.

Making Your First Deposit

Based accepts USDC as primary collateral for trading. If you already have USDC on Base, you can deposit directly into the platform with a single transaction costing just a few cents in gas.

If your funds are on Ethereum mainnet or another chain, you will need to bridge them to Base first. Several options exist: the official Base Bridge (bridge.base.org) transfers assets from Ethereum to Base, though standard bridging takes about 10 minutes. For faster transfers, third-party bridges like Stargate, Hop Protocol, or Across are available and typically complete in under a minute. The simplest route for newcomers is to purchase USDC directly on Coinbase and withdraw it to your Base wallet address, which avoids bridging entirely.

Minimum deposit amounts are low, making the platform accessible to traders of all sizes. There is no KYC requirement - you connect your wallet and start trading.

Placing Your First Trade

With USDC deposited, select your trading pair from the market list on the left side of the interface. The chart loads with the current price action, and the order book displays available bids and asks.

For your first trade, we recommend starting with a limit order on BTC/USD or ETH/USD, where liquidity is deepest. Select the "Limit" tab in the order entry panel, enter your desired price, set your collateral amount and multiplier, and submit the order. Your order appears in the order book and fills when the market reaches your price. Alternatively, a market order fills immediately at the best available price in the book.

Set a stop-loss as soon as your position is open. Based allows you to attach take-profit and stop-loss orders to positions, which is essential risk management. Start with modest multiplier levels - 5x to 10x - until you are comfortable with the platform's behavior and the order book depth on your chosen pair.

User Experience

Desktop Platform

The desktop web application is functional and well-designed for a platform at this stage of development. The trading layout is clean and familiar to anyone who has used a centralized exchange. Chart performance is good, with smooth candle rendering and responsive indicator calculations through TradingView.

The order book visualization is one of the platform's stronger points. It provides a clear picture of available liquidity and updates in real time, making it easy to assess where to place limit orders for optimal fills. The color-coded bid/ask display and depth chart give quick visual feedback on market dynamics.

Areas for improvement include the lack of interface customization, no portfolio analytics or PnL tracking over time, and limited alert or notification functionality. These are features that more mature platforms offer and that Based will likely need to add as it grows. Performance was stable during our testing - we did not experience crashes, disconnections, or significant lag.

Mobile Experience

Based does not have a native mobile application. The web interface renders on mobile browsers but is not optimized for the smaller screen. The order book visualization becomes cramped, and precise limit order entry is difficult without a mouse. For monitoring positions and executing simple trades, the mobile experience is serviceable. For serious trading, desktop is the clear recommendation.

This is a common limitation among newer perp DEXes. Hyperliquid's mobile web experience is notably better, and some competitors like dYdX have dedicated mobile apps. If Based plans to compete seriously, a mobile-optimized experience should be on the roadmap.

Customer Support

Support is available through Discord and Twitter (X), where the Based team engages with the community. Documentation at docs.based.one covers the basics of using the platform, fee structures, and the points program. In our experience, general questions in Discord received responses within a few hours, though the community is still small enough that interaction feels more informal than what you might find on larger platforms.

The documentation could be more thorough. Key areas like detailed order type explanations, risk management best practices, and security architecture are either thinly covered or missing. For a platform targeting users familiar with centralized exchanges, more detailed how-to guides and educational content would be valuable.

Based vs Competitors

Hyperliquid is the dominant force in perp DEX trading, handling more volume than many centralized exchanges. Its custom L1 with gasless trading, deep order books, and 130+ pairs make it the gold standard for on-chain perpetual trading. Based cannot compete with Hyperliquid on any quantitative metric. The potential advantage of Based is its position on Base chain - if you are already active in the Base ecosystem and want to trade without bridging elsewhere, Based keeps your assets within the same network. The active points program also offers an asymmetric upside opportunity that Hyperliquid's completed airdrop no longer provides.

dYdX v4 operates on its own appchain with a proven order book model and matching fee structure (0.02% maker, 0.05% taker). dYdX has vastly more liquidity, more pairs, and a longer track record. Based's advantage is the low gas fees on Base (dYdX's appchain also has minimal gas) and the native integration with the Base/Coinbase ecosystem. For traders who already use Coinbase Wallet and Base, the onboarding friction to Based is lower than to dYdX, which requires bridging to a separate appchain.

Drift on Solana operates a hybrid model with a decentralized limit order book (DLOB) and offers maker rebates that make providing liquidity free. Drift has significantly more volume and pairs than Based. However, Drift requires operating on Solana, which is a different ecosystem entirely. For Ethereum-native users, Based on Base is a more natural fit than Drift on Solana.

The honest summary: Based is a bet on early-stage upside. It cannot match established competitors on liquidity, pairs, or features today. Its value proposition is the combination of a credible order book model, competitive fees, a growing Base ecosystem, and the optionality of an early points program potentially converting to meaningful token rewards.

Who Should Use Based?

Based is best suited for traders who are already active in the Base ecosystem and want to trade perpetuals without bridging to another chain. If you hold assets on Base, use Coinbase Wallet, or interact with other Base DeFi protocols, Based provides a convenient on-chain perp trading option that keeps everything within one network.

The platform also appeals to point farmers and airdrop hunters. With the points program actively running and no token launched yet, early users may position themselves for a potential airdrop by building trading history and accumulating points. This is speculative by nature - there is no guarantee of a token launch or specific reward conversion - but the strategy has paid off on platforms like Hyperliquid and dYdX, making the risk-reward calculation attractive for many DeFi users.

Traders who value on-chain order book transparency will appreciate Based's model. Unlike oracle-based platforms where execution happens at oracle prices, Based's order book lets you see exactly where liquidity sits and make decisions accordingly. Limit order users particularly benefit from the 0.02% maker fee.

Based is not ideal for traders who need deep liquidity for large positions. The $8 million TVL and $15 million daily volume mean that order books are thin compared to established competitors, and large orders may experience significant slippage on all but the most liquid pairs. High-frequency traders who depend on maker rebates will find better economics on Vertex or Drift. And anyone uncomfortable with the risks of a newer, less-audited platform should consider sticking with more established alternatives until Based builds a longer track record.

Frequently Asked Questions

What is Based and what chain does it run on?

Based is a decentralized perpetual futures exchange built on the Base blockchain, Coinbase's Ethereum Layer 2 network. It uses an on-chain order book model similar to centralized exchanges, supporting approximately 25 trading pairs with limit and market orders.

What are the trading fees on Based?

Based charges a 0.02% maker fee for limit orders that add liquidity and a 0.05% taker fee for market orders. Gas fees on Base are extremely low, typically ranging from $0.01 to $0.05 per transaction. There are no volume-based discounts or VIP tiers at this time.

Is Based safe to use?

Based has completed one independent security audit covering its smart contracts and trading engine. The code is open source, allowing community review. However, there is no bug bounty program, the auditor is not a widely recognized firm, and the platform is still relatively new. Standard DeFi risk considerations apply - trade only with funds you can afford to lose.

How does the Based points program work?

Users earn points through trading activity on the platform, with bonus points available through the referral program. Both referrers and referred users receive extra points. These points may be convertible to rewards or tokens in the future, though the conversion details have not been fully specified. The program is designed to reward early adopters.

Does Based have a token?

As of early 2026, Based has not launched a native token. The points program is widely interpreted as a precursor to a potential token airdrop, similar to the approach taken by Hyperliquid and other perp DEXes that distributed tokens to early users based on their activity and point accumulation.

How does Based compare to Hyperliquid?

Hyperliquid is significantly larger in every measurable way - deeper liquidity, more trading pairs, lower fees, and higher volume. Based's potential advantages are its position within the Base/Coinbase ecosystem, the active points program (Hyperliquid's airdrop has already completed), and the familiarity of the Base network for Ethereum-native users.

What wallets does Based support?

Based supports MetaMask, Coinbase Wallet, WalletConnect, and Rainbow Wallet. Coinbase Wallet users benefit from the smoothest onboarding since Base is already configured as a default network. You will need USDC on the Base network to fund your trading account.

Can I use Based on mobile?

There is no dedicated mobile app. The web interface works on mobile browsers but is not optimized for smaller screens. For position monitoring and simple trades, mobile is functional. For chart analysis and precise order placement, desktop is strongly recommended.

Final Verdict

Based earns a 7.2 out of 10 in our assessment, reflecting a platform that does the basics well but still has significant room to grow. The order book model is a sound choice for a perpetual DEX, the fee structure is competitive with established players, and the Base blockchain provides an excellent foundation with minimal gas costs and growing user adoption.

The platform's main weaknesses are honest and predictable for a DEX at this stage: thin liquidity compared to established competitors, a limited selection of 25 trading pairs, and a security posture that would benefit from a named auditor and an active bug bounty program. The absence of a mobile app and advanced trading features like trailing stops or portfolio analytics also limit its appeal to more demanding traders.

Where Based gets interesting is as an opportunity play. The Base ecosystem is expanding rapidly, the points program creates a reason to engage early, and the underlying infrastructure is solid enough to support growth if it comes. If Based can attract more liquidity providers, expand its pair selection, and commission a reputable security audit, it has the potential to become a meaningful player in the Base DeFi ecosystem. For now, it is best viewed as a promising early-stage platform worth exploring with a modest allocation, while keeping the bulk of your perpetual trading activity on more established venues.