Based review

What Based is

Based launched in September 2024 as a native perp exchange on Base. Base is the OP Stack Ethereum L2 built and run by Coinbase. Based is one of the few perp DEXes that chose Base as its main chain from the start.

Most perp DEX deployments to Base came as a second chain after the protocol launched on Arbitrum or its own L1.

The platform targets traders already active on Base. Aerodrome, Morpho, and Moonwell users who hold assets on Base can trade perps without bridging. Gas fees on Base are below one cent for most trades. That makes frequent position updates affordable in a way that Ethereum mainnet trading is not.

Security and audits

No security audit has been published as of May 2026. This is the top risk factor for any capital here. Unaudited smart contracts may have bugs in liquidation logic, margin math, or access controls that a formal review would catch.

No sign-off from Trail of Bits, Zellic, OpenZeppelin, or a similar firm means the code has not been checked.

Based is not unique here. Several 2024-vintage perp DEXes launched without audits. The risk is real no matter how common it is. Size positions to match.

Fees in detail

Standard fees are 2 bps (0.02%) for makers and 5 bps (0.05%) for takers. A $10,000 round-trip taker trade costs $10. Avantis uses a different model. It charges a 1 to 4.5 bps position fee when a trader opens and when the trader closes.

Aevo uses an order-book fee model. There is no published Based volume-tier discount.

The platform lists 20 pairs at up to 50x leverage. That is thin vs larger venues. Hyperliquid had 177 active validator-operated perp markets in its official API snapshot on August 11, 2026. Avantis offers 30+ including forex and goods markets. For traders who want broad altcoin coverage, Based is a constraint.

Use the fee calculator to compare Based's cost per trade vs other Base-chain and cross-chain options.

Volume and market position

Based sits in the small-cap tier. DefiLlama tracks Based Markets at low daily volume — typically well below $50 million — which puts it outside the top 20 by 24h volume on most days. On the PerpFinder live rankings, Avantis handles much more volume on the same Base chain.

The Base DeFi ecosystem has grown a lot since 2023. Total TVL on Base was around $4-5 billion in early 2026. Based runs in that growth context but has not yet taken a big share of the chain's trading activity.

Trading experience

The interface at app.based.one accepts any WalletConnect wallet with no KYC. Traders get limit orders, market orders, and basic position tools. Cross-margin is not listed as a feature. Isolated margin is the default.

The points program pays a 10% bonus to referred users. The referral link goes through based.one/r/AXIOM. Points are expected to carry future value — no token launch is confirmed as of this writing.

Base's gas costs mean active traders can adjust stops and take-profits without much cost. A position update on Base costs under $0.05 in gas at most times, vs $2-10 on Ethereum mainnet.

Based vs Avantis: the Base-chain numbers side by side

Generic perp DEX lists include Based without much analysis. PerpFinder adds:

1. Based charges a 5 bps taker fee. Avantis uses a separate 1 to 4.5 bps position fee for each open or close. Compare price impact and other execution costs separately
2. We track live Based volume from DefiLlama daily, allowing direct comparison to Avantis and all other chain-native rivals on the perpetuals leaderboard
3. The lack of an audit contrasts with Avantis's Zellic coverage — both are on Base, one is audited and one is not, a point most comparison sites skip

Who Based is for

Traders already on Base who want perps without switching networks: Based is the most direct option here, especially for traders with assets in Aerodrome or other Base-native protocols.

Points farmers ahead of a potential token event: the referral point bonus makes early use relevant if the eventual token prices in a way that reflects early volume.

Traders who need deep pools for large positions: liquidity depth at this stage makes Based unsuitable for positions above a few thousand dollars without real slippage. Check live OI on the open interest tool before sizing.