Investing in Based

We’re leading a $11.5M investment round in Based, a leading trading platform for Hyperliquid and beyond.

Over the past year, Hyperliquid has been one of the most exciting crypto projects, crossing over 3 trillion dollars in notional volume, and creating a robust ecosystem through HIP-3 markets and Hyperliquid builders. Today, Hyperliquid builders comprise nearly 40% of daily active users, and collected over $30 million in fees.

 

 

Hyperliquid Builders Cumulative Revenue. Source: Hypertracker

 

Based is one of the leading gateways into the Hyperliquid ecosystem. Since the platform was launched in July 2025, Based has gone from zero to making up over 1% of global daily Hyperliquid volume, making it the leading Hyperliquid Builder by volume. In that 6 month window, Based has generated over $13M in fees, and remained competitive against incumbent trading platforms such as Phantom, MetaMask, and Axiom in the Hyperliquid ecosystem.

 

All of these numbers speak volumes for themselves: if Hyperliquid is the house for all of finance, Based is already the front door to that house.

 

Meet the Team

 

Based’s founders Edison and Zac embody the spirit of the Hyperliquid ecosystem: young, hungry, and scrappy, fueled with both the grit and execution capabilities to win in a highly competitive market. Everyone that we talked to, be it customers, integration partners, or investors, highlighted their contagious hustle and remarkable ability to get things done and bootstrap ideas from zero to one.

 

Edison has been actively trading on Hyperliquid since 2024 and is among the top traders on Hyperliquid by the end of 2025. Based’s team has remarkable founder market fit, building a platform with features such as private TWAPs, trailing stop-loss, and multi-asset collateral that are for traders, by traders. In a cutthroat consumer landscape filled with incumbent Goliaths, we believe Based is the underdog, armed with both the passion and the traction to outship everyone else.

 

Looking Ahead

 

Based’s story starts on Hyperliquid, but its vision stretches beyond any single ecosystem. We believe Based can become the go-to platform to trade everything, and spend anywhere. Already, Based has been making huge strides to this vision, becoming a leading trading venue in Polymarket’s Builder Program. In addition, with its Based Card offering, Based allows traders to turn their profits into spendable cash, linking the onchain world of Hyperliquid with the offchain world of everyday payments, eventually becoming a “neobank” built on crypto rails, becoming the go-to platform where users store, spend, trade, and grow money.

 

At Pantera, we always look for “killer apps” that marry together a full-stack product instinct with relentless execution. We’re extremely excited to partner with Based on their journey by leading their Series A investment.

 

The future is Based.

 

Disclaimer: ​​Information presented is for informational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. All investments involve risk and unless otherwise stated, are not guaranteed. There can be no assurance that this investment will provide a return for the investing fund. Be sure to consult with a tax professional before implementing any investment strategy.  Investment Advisory Services offered through Pantera, a Registered Investment Advisor with the U.S. Securities & Exchange Commission. Registration does not imply a certain level of skill or training. Past performance is not indicative of future results.