Based: 10% Point Bonus on Base L2

Signing up through the Based referral link gives a 10% bonus on all points earned through the Based points program. The platform launched in September 2024 on Coinbase's Base L2 network. We tested this on March 2, 2026 and confirmed the points multiplier applied to our account on signup. One important fact to state upfront: Based has no published smart contract audits.

Based Exchange — what the 10% points bonus gives you

The 10% points multiplier means every 100 base points your trading generates becomes 110. Points accumulate through trading volume on Based. The platform is in an early points accumulation phase where participation now may represent a larger share of future distributions if and when a token launches.

Based launched September 2024. That makes it roughly 18 months old as of March 2026, significantly newer than Hyperliquid, dYdX, or GMX. Newer protocols at earlier stages of their points programs can offer proportionally higher allocations per unit of activity relative to more mature programs with large existing user bases. That dynamic cuts both ways: higher potential allocation per user, but also higher protocol risk.

Based Exchange fees vs the DeFi perp market

Based charges 0.02% maker (2 bps) and 0.05% taker (5 bps). The same base rates as Paradex and Extended.

At $100,000 in daily taker volume, Based costs $50/day. Hyperliquid with code AWD costs roughly $33.60. Reya costs $40. dYdX at base tier costs $50. GMX V2 at 0.06% average costs $60.

Based sits in the middle of the fee range — cheaper than GMX, matching dYdX at the base tier, and more expensive than Hyperliquid and Reya.

What Base L2 means for traders

Base is Coinbase's Ethereum L2, launched in mid-2023 and now one of the most active L2 networks by transaction count. Being on Base means Based benefits from established Coinbase infrastructure, relatively low gas fees, and a growing DeFi ecosystem.

For traders already holding assets on Base or who use Coinbase, the bridging path to Based is more direct than platforms on Arbitrum, Starknet, or purpose-built chains. Assets on Coinbase can be sent to Base with lower fees than bridging from Ethereum mainnet.

Leverage goes up to 50x on major pairs. Around 20 pairs are available, covering BTC, ETH, SOL, and other liquid assets.

The audit gap on Based

Based has no published smart contract audits as of March 2, 2026. Being on Base L2 provides a reliable settlement layer, but the application-level contracts — the order matching logic, liquidation engine, and margin calculations — have not been independently reviewed by a named firm with a public report.

We ran a small test position on March 2, 2026. Execution worked as expected. The UI is clean and straightforward. None of that replaces an audit. Position sizing for unaudited protocols should reflect that risk.

Based vs Hibachi — two unaudited newcomers

Based (on Base L2) and Hibachi (on Arbitrum) share several characteristics: similar fee structures (0.02% maker, 0.05% taker), similar leverage caps (50x), similar points bonus rates (10%), and both are unaudited. The key difference is the ecosystem: Based sits in the Base/Coinbase ecosystem, Hibachi sits in the Arbitrum ecosystem.

Based has more pairs (around 20 vs Hibachi's 15), though both are significantly narrower than Hyperliquid or dYdX. If you are choosing between the two, Based benefits from Coinbase's infrastructure and ecosystem support, while Hibachi offers a slightly simpler trading interface on Arbitrum.

Early-stage point farming on Based

Based is pre-token with an active points program. Precedent from Hyperliquid (HYPE), dYdX (DYDX), and Blur (BLUR) shows that early on-chain volume on pre-token platforms has been rewarded generously in retroactive token distributions. The strategy: trade small positions consistently, accumulate points over weeks or months, and wait for a potential token event. The 10% referral bonus accelerates point accrual without increasing risk. Based has no published audits and a small user base, so treat all capital deployed as high-risk and size positions accordingly. Spreading activity across multiple pre-token platforms like Based, Extended, and Hibachi diversifies the risk while building exposure to potential airdrops.

How to activate the Based points bonus

Click the referral link above. Based uses wallet authentication. Connect your wallet, sign the authentication message, and the referral is associated with your account. The 10% points multiplier activates immediately.

Deposits require bridging to Base L2 through the Based bridge UI or any standard Base bridge. Bridging from Coinbase to Base is the lowest-friction path. USDC is the primary collateral asset, and deposits typically confirm within a few minutes when bridging from Coinbase directly to Base.

Frequently Asked Questions