TL;DR:
- Pantera Capital led an $11.5 million Series A round for Based, a web3 SuperApp built on Hyperliquid.
- The round included Coinbase Ventures, Wintermute Ventures, and Karatage, and was structured as equity with token warrants.
- Based surpasses 100,000 registered users, $40 billion in cumulative volume, and nearly $14 million in generated revenue.
Pantera Capital led an $11.5 million Series A funding round for Based, a web3 trading and payments application built on Hyperliquid’s infrastructure. The operation, which began in the fourth quarter of 2025 and closed last week. In addition to Pantera, the round included participation from Coinbase Ventures, Wintermute Ventures, and Karatage.
The round was structured as an equity investment with token warrants, as confirmed by Edison Lim, co-founder and CEO of Based. As part of the agreement, Pantera secured an observer seat on the board. The firm did not disclose its valuation.
Pantera Bets on the Future of Trading
Based presents itself as a consumer-oriented web3 “SuperApp” that integrates perpetual futures trading, prediction markets, a wallet, on- and off-ramps, and a Visa card linked to cryptocurrencies, all within a single mobile interface. Lim described the relationship with Hyperliquid in functional terms: while Hyperliquid operates as the underlying trading engine, Based acts as the product layer designed for everyday users.
Pantera has made a strategic bet. The platform accumulates more than 100,000 registered users, 30,000 monthly active users across five regions, and approximately $40 billion in trading volume. Revenue, close to $14 million, comes primarily from builder code fees when users trade on Hyperliquid and Polymarket through Based’s interface, as well as services tied to its card.
Agentic Commerce and Global Expansion
A central part of Based’s roadmap is the development of financial agents powered by artificial intelligence, capable of identifying opportunities in prediction markets and perpetuals, executing trades, and facilitating payments. “Our roadmap targets the next 100 million users who want sophisticated financial outcomes without the learning curve,” said Lim. Further details on these capabilities are expected in the second quarter of 2026.
Based also operates its own Cloud infrastructure, which allows third parties to deploy customized perpetual trading frontends. One example is HyENA, a Hyperliquid-native perpetuals platform built on the app’s stack that has already processed more than $1.5 billion in volume since its launch.
Headquartered in Singapore with a team of 15, Based plans to double its headcount in marketing, product, and engineering, focusing on AI engineers and legal advisors specialized in payments regulation. Its geographic expansion targets primarily North America.
