Based Raises $11.5 Million Series A Led by Pantera to Scale Its Composable Web3 Consumer SuperApp
Singapore, Singapore, February 23rd, 2026, Chainwire
Funding will accelerate global expansion, deepen on-chain financial infrastructure, and position Based to become the gateway to Hyperliquid and the default financial app for on-chain users worldwide.
Based, a Web3 consumer SuperApp for trading and spending crypto globally, today announced it has raised a $11.5 million Series A financing round led by Pantera, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage. The new capital will accelerate Based’s expansion into new markets and expand its on-chain financial infrastructure offerings with the goal of scaling the platform into the default financial app for on-chain users worldwide.
Based lets users Trade Everything, Spend Everywhere. The platform unifies perpetuals trading, prediction markets, and real-world crypto spending, including a live crypto card, into one seamless interface. Just eight months after launch, the platform has grown to more than 100,000 registered users and 30,000 monthly active users across five regions, generating approximately $40 billion in cumulative trading volume.
“Most crypto products today are designed for traders or builders, not for everyday people who want a complete financial life on-chain. And even when you can invest, moving that money back into your daily life is a nightmare,” said Edison, co-founder and CEO of Based. “We’re building Based so anyone, anywhere can access global markets and also use those funds to purchase things they actually need without jumping through hoops. One app to invest globally and spend locally. That’s what gets us up every morning.”
The traction reflects a shift in how users are engaging with crypto. Rather than toggling between fragmented tools i.e. a DEX here, a card there, a separate portfolio tracker, based users trade, earn, and spend within one unified and curated experience. Built natively on Hyperliquid’s high-performance execution environment, the platform delivers the speed and liquidity of institutional-grade infrastructure with a consumer-grade interface.
“If Hyperliquid is building a house for all of finance, Based is already the front door to that house, as the leading gateway to the Hyperliquid ecosystem. We believe Based can become the go-to platform to trade everything, and spend anywhere, on Hyperliquid and beyond,” said Jay Yu, Junior Partner at Pantera. “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.”
In addition to its consumer product, Based has begun extending its core stack to power third-party trading venues, including HyENA, a Hyperliquid-native perpetuals venue that has processed more than $1.5 billion in volume within a few months of launch. This validates the modularity and reusability of the platform’s underlying architecture.
To learn more, users can follow Based on X and LinkedIn.
About Based
Based is a composable web3 consumer SuperApp. The platform enables users to trade on-chain markets and access real-world financial utility, while providing modular infrastructure that can be customized and deployed across partners and products. Built on Hyperliquid-native foundations, Based combines performance, composability, and user-centric design to scale the next generation of on-chain financial services.