Based is an omnichannel trading platform designed for the Hyperliquid ecosystem, the decentralized exchange (DEX) specialized in perpetual derivatives. Unlike a traditional blockchain protocol, Based operates as an application layer and trading infrastructure built on top of Hyperliquid, providing traders with advanced tools for buying, selling, and managing crypto positions.
The project positions itself as the “operating system for on-chain finance” within Hyperliquid. With more than $2 billion in lifetime trading volume, over 5,000 active users, and $350,000 in affiliate fees distributed, Based has already carved out a significant role in the ecosystem.
Backed by investors like Hashed, Delphi, Newman, and Spartan, and partnered with Ethena (for USDe adoption) and MoonPay (for fiat on-ramps), Based is strengthening Hyperliquid’s reach. Its native token, $PUP, is fully community-distributed via airdrops and ties directly into the platform’s growth strategy.
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What Is Based?
Based is a self-custodial, multi-channel trading platform that connects directly to Hyperliquid. Its mission is to make trading accessible, scalable, and private while still offering professional-grade tools.
Rather than locking users into a single interface, Based provides multiple ways to trade:
- Mobile App (iOS & Android): Manage positions, set automated take-profit/stop-loss orders, and receive push notifications.
- Web Terminal: Easy-to-use browser interface for quick access.
- Telegram Bot: Place trades directly within Telegram without switching apps.
- Desktop App: High-performance, client-side execution with maximum privacy.
All of these channels are synchronized with the user’s self-custodial wallet, ensuring seamless access across devices.
Trading Features
Based integrates directly with Hyperliquid’s infrastructure, offering deep liquidity, speed, and reliability. It currently represents around 7% of Hyperliquid’s 24h global perp trading volume.
Core Tools:
- Spot and perpetual trading.
- TP/SL automation and trailing stop-loss.
- Real-time price alerts and execution notifications.
Advanced Order Types:
- TWAP (Time-Weighted Average Price): Splits large orders into smaller executions. Based also offers Privacy TWAP, executed client-side for full confidentiality.
- Scale Orders: Gradual position scaling for strategic entries/exits.
- Scalp Orders: Optimized for high-frequency, small-margin trades.
Wallet and Security
- Self-Custodial: Users log in with email or Google through Privy, a Web3 authentication layer. Keys remain under user control.
- Enhanced Privacy: No third-party intermediaries, ensuring private execution.
Payments and On-Ramps
- MoonPay Integration: Buy crypto using Apple Pay, Google Pay, credit cards, PayPal, Venmo, Revolut Pay, or bank transfers (depending on region).
- Based Debit Card: Spend stablecoins like USDe or $HYPE anywhere debit cards are accepted, bridging DeFi with real-world payments.
This dual functionality—trading and spending—positions Based as more than a trading tool, but a gateway to practical crypto adoption.
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The Based Airdrop Campaign
The Based airdrop campaign distributes the $PUP token, launched in partnership with Upheaval on HyperEVM. The campaign is structured in seasons, with Season 1 already completed and future airdrops planned.
Tokenomics of $PUP
- 100% community distribution (no team allocation).
- 50% to community (Season 1): Distributed to eligible users.
- 20% to liquidity providers (LPs): Incentivizing liquidity on Upheavalfi.
- 30% reserved for Season 2: Ensuring ongoing distribution.
Season 1 rewarded users with about 3x their builder’s fees in $PUP tokens.
Eligibility and Rewards
- Season 1 Snapshot: Taken on August 19, 2025. Roughly 4,100 addresses qualified, with allocation based on trading activity, fees paid, and platform engagement across mobile, web, and Telegram.
- Anti-Sybil Measures: Wash trading and fake accounts were excluded manually to ensure fairness.
- Rewards Example: Some traders reported receiving around $400 worth of $PUP after only a few weeks of activity.
For new users, eligibility for Season 2 and beyond is straightforward: actively trade on Based. There are no minimum requirements beyond genuine platform usage.
Permanent XP Boost Program
To encourage long-term loyalty, Based introduced a Permanent XP Boost system linked to $PUP holdings:
- Hold ≥35% of airdropped $PUP → +25% XP boost.
- Hold ≥70% → +50% XP boost.
- Hold ≥110% (by buying extra) → +60% XP boost.
- Non-recipients can also qualify by purchasing and holding 2,000,000 $PUP spot → +25% XP boost.
This program activates within hours of each distribution and provides additional advantages in future rewards and campaigns.
Future Outlook
The Based team emphasizes that this is just the beginning. With more airdrops planned, deeper integrations in Hyperliquid, and ongoing partnerships, the platform is poised to expand its role as a centralized hub for trading, payments, and incentives in DeFi.
Unlike many point-based farming systems, Based focuses on real usage and fair rewards, ensuring sustainability and reducing exploitation.
Final Thoughts
Based is more than just a PerpDEX interface—it’s a full financial ecosystem on top of Hyperliquid, combining trading, payments, staking, and real-world usability.
The $PUP airdrop campaign highlights its community-first approach, with fair distribution and incentives for real traders instead of speculative sybil farming. For airdrop hunters, Based represents an attractive opportunity not just for immediate rewards, but also for ongoing benefits in a growing ecosystem.
If you’re active on Hyperliquid or looking to expand your DeFi participation, keeping an eye on Based’s future campaigns could be a highly rewarding move.
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🔗Links
Based: Official Website
Based Documentation: Docs
Disclaimer
This is not financial advice. If you decide to interact with the mentioned protocols, you do so at your own risk. Airdrop Guild is not responsible for any potential losses resulting from participation. Always do your own research before engaging with blockchain-based projects.