Based is a decentralized perpetual exchange built natively on Base, the Ethereum Layer 2 network developed and maintained by Coinbase. It launched in September 2024 and is one of the few perpetual DEXs that has chosen Base as its primary deployment chain, giving Base-native traders a local option for leveraged derivatives.

Base is an OP Stack rollup that benefits from Coinbase's infrastructure and branding while sharing Ethereum's security model through optimistic rollup proofs. For users already active in Base DeFi (Aerodrome, Morpho, Seamless), Based offers a natural on-chain derivatives venue without requiring a chain switch. Gas fees on Base are minimal, which makes the frequent position management that leveraged trading requires practically affordable.

The trading parameters are straightforward: up to 50x leverage across roughly 20 perpetual pairs, with maker fees at 0.02% and taker fees at 0.05%. This covers the major crypto markets and is consistent with the standard fee structure seen across the category. Cross-margin is not listed among the features, with the current offering focused on core leveraged trading mechanics.

The points program offers a 10% bonus for referred users, creating a modest but real incentive for community-led growth. This is a common strategy among protocols in early stages, designed to build trading volume and user base ahead of a potential token launch.

The biggest risk factors for Based are the absence of published security audits and its very early stage of development. No audit has been completed at the time of this review, which means users are trusting unverified smart contracts with their funds. Liquidity depth is also limited at this stage. Smaller pools or order books mean larger trades may experience meaningful slippage.

The Coinbase ecosystem connection cuts both ways. Base has seen rapid DeFi growth since its 2023 launch, and protocols that get established early could benefit from users migrating from Coinbase's centralized platform to on-chain alternatives over time.

If you are already on Base and want to trade perps without bridging elsewhere, Based is the native option. The lack of an audit means you should size your exposure accordingly.

Related Resources

Based deal — Points What Are Perpetual Futures? A Complete Beginner's Guide How to Trade Perpetual Futures on a DEX: Step-by-Step Guide Understanding Funding Rates: How They Work and How to Profit Fee Cost Calculator Live Funding Rates

Frederick Cormack

VC & Crypto Derivatives Analyst

Derivatives analyst with 8+ years in crypto & venture capital. Tested every protocol on PerpFinder with real funds.

8+ years in crypto derivativesFormer VC analystTested 40+ perp protocols with real fundsOn-chain data verification specialist

Last reviewed: April 4, 2026LinkedIn |Our Methodology

Affiliate Disclosure: This page contains affiliate links. We may earn a commission when you sign up through our links, at no extra cost to you. This does not influence our ratings or recommendations.

Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.

Key Features

Native to Base L2Low gas feesPoints programLeveraged tradingFast execution

Audits

Frequently Asked Questions

What is the maximum leverage on Based?▾

Based supports up to 50x leverage on perpetual futures. The platform is built natively on Base, Coinbase's Layer 2 network.

What are the trading fees on Based?▾

Based charges 2 basis points (0.02%) for makers and 5 basis points (0.05%) for takers. The fee structure is consistent with the standard across perpetual DEXes in the same tier.

How many trading pairs does Based offer?▾

Based currently lists approximately 20 perpetual trading pairs. Coverage focuses on major crypto markets suited to the platform's early liquidity depth.

What is the Base ecosystem and why does it matter for Based?▾

Base is an OP Stack Ethereum Layer 2 developed and maintained by Coinbase. Based being native to Base means traders already active in Base DeFi can trade perps without bridging to another network.

Has Based been audited for security?▾

Based has not published any security audits as of this review. As a newer and unaudited protocol, traders should size positions conservatively to reflect this elevated platform risk.

What are the gas fees like on Based?▾

Base is an Ethereum Layer 2 with very low gas fees, making frequent position management and order adjustments practically affordable. This is a meaningful advantage for active leveraged traders.

Does Based have a points program?▾

Yes, Based runs a points program rewarding early users with a 10% point bonus through its referral system. Points are expected to carry future value as the protocol matures.

Trading Tools

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Trading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.