Asset Intelligence / Hyperliquid Context
BASED
Archive-backed market intelligence for BASED: every HIPERWIRE mover article tied to this asset, plus a client-refreshed live market panel.
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BASED Cracks $0.13 Shelf as Bithumb Rally Unwinds Into May Unlock
BASED is down 18.52% over 24 hours to $0.1155 on its hyna HIP-3 perp, breaking through the $0.131 floor that held since the token's April 21 Bithumb KRW listing. The Korean retail bid that took price as high as $0.16 with RSI near 80 is now flushing back toward the $0.109 secondary shelf flagged at listing as the line a profit-booking unwind would target. Hanging over the chart: the May 11 Season 3 claim that unlocks 50M tokens, 5% of supply with no vesting, two weeks out.
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All BASED Mover Articles
BASED Cracks $0.13 Shelf as Bithumb Rally Unwinds Into May Unlock
BASED is down 18.52% over 24 hours to $0.1155 on its hyna HIP-3 perp, breaking through the $0.131 floor that held since the token's April 21 Bithumb KRW listing. The Korean retail bid that took price as high as $0.16 with RSI near 80 is now flushing back toward the $0.109 secondary shelf flagged at listing as the line a profit-booking unwind would target. Hanging over the chart: the May 11 Season 3 claim that unlocks 50M tokens, 5% of supply with no vesting, two weeks out.
How to Trade BASED on Hyperliquid
BASED is the native token of Based, a Hyperliquid-native crypto super app from the team behind HyENA, the largest fee-generating app on the network. It launched at the March 30, 2026 TGE with 36% of supply going straight to the community, and trades on hyna's HIP-3 perpetual market with USDe as collateral. With Season 3 ending May 4 and a 50M-token unlock on the calendar, the hyna perp is one of the cleanest ways to take a directional view before the next supply event hits.
BASED Extends Bithumb Korea Bid Into Day Three
The BASED hyna perp is up 16.89% over 21h to $0.1354 as Korean retail flow from the April 21 Bithumb KRW listing runs into a third session. The HIP-3 book is still following the Ethereum spot quote on thin $80K perp volume, with $0.150 the next level that matters. Behind the move: a May 11 Season 3 claim that unlocks 50M BASED tokens, 5% of supply, with no vesting.
BASED Perp Grinds Higher on Day Two of Bithumb's Korea Listing
BASED is extending its post-listing move on the hyna perp market, adding another 10.78% in 14 hours as Korean retail flow continues to work through the order book. Bithumb opened BASED/KRW at a 167 won reference price on April 21, and the follow-through session is now pulling the thin HIP-3 perp along with it. The book here is too small to be setting price. It is catching up to spot.
BASED Perp Pushes Higher Into the Season 3 Unlock Window
BASED is $0.1316 on the hyna perp, up 27.52% over 24 hours, continuing the grind higher off the spot token's April 11 $0.05025 low. The setup is bounded by two hard dates: BasedApp's Season 3 rewards program ends May 4, and 50 million BASED tokens unlock to diamond holders on May 11 with no vesting. Perp book is still thin at $146K in 24h volume, so the real positioning is happening in spot, where the token has already done a 5x off the low.
BASED Perp Catches Up to Spot's Recovery Off the April 11 Low
BASED is $0.1534 on the hyna perp, up 52.38% over 22 hours and finally moving in step with spot instead of fighting it. The underlying token is up around 141% over the past week off its $0.05025 April 11 low, with spot volume clearing $180 million in 24 hours while the hyna book sees just $116K. This is the first recent session where the hyna perp is the follower rather than the leader, and the $0.308 April 16 all-time high is the level that frames everything from here.
BASED Perp Snaps Back 20.77% as Spot Rally Resets the Premium
BASED is $0.1002 on the hyna perp, +20.77% over 16 hours on $25,971 of 24-hour volume and the twentieth consecutive HIPERWIRE mover session for this book. The move is not a new catalyst — it is the perp re-expanding a premium back over spot after last week's full compression toward the underlying. Spot BASED has quietly recovered from roughly $0.052 on April 10 to about $0.087 on CoinGecko, which put the perp at a brief discount 16 hours ago before it snapped back. The 50 million-token May 11 Season 3 unlock is still the real event on the calendar; everything between now and then is noise priced against it.
BASED Perp Fades 40.58% Toward Spot as the hyna Premium Bleeds Out
BASED is $0.1261 on hyna, down 40.58% over 22 hours and the nineteenth consecutive HIPERWIRE mover session on this book. Spot BASED is trading around $0.064, so even after this leg the hyna perp is still printing roughly 97% above the underlying token. Twenty-four-hour perp volume is only $309,494 on a market HIP3Radar flagged for manipulation risk at about $265K of open interest, and no fresh company catalyst hit the wire. The move is the reflexive funding trade unwinding back toward spot, one ticket at a time.
BASED Fades to $0.14 on an Eighteenth Mover Session as the May 11 Claim Window Narrows
BASED is trading $0.1401 on hyna, a 51.97% move over 24 hours and the eighteenth consecutive HIPERWIRE mover session on this book. Price has fallen another ~18% from the $0.17 print posted earlier today and roughly 36% from the $0.2178 intraday all-time high set April 15. 24-hour perp volume is $1,162,824 on a market HIP3Radar flagged this week for manipulation risk at about $265K of open interest. The BasedApp Season 3 claim, 50 million tokens worth 5% of supply, becomes claimable May 11 with no vesting and is the one scheduled event inside four weeks that can force the ladder to reprice.
BASED Fades to $0.17 on a Seventeenth Mover Session as the Season 3 Claim Tightens
BASED is trading $0.17 on hyna, an 84.65% move over 24 hours and the seventeenth consecutive HIPERWIRE mover session on this book. Price has fallen another 8% from the $0.1858 slip posted hours earlier, and roughly 22% from the $0.2178 intraday all-time high set April 15. 24-hour perp volume is $1.14M on a market HIP3Radar flagged this week for manipulation risk at about $265K of open interest. The BasedApp Season 3 claim, 50 million tokens worth about 5% of total supply, opens May 11 and is the one scheduled event inside four weeks that can force the ladder to reprice.
BASED Slips Back to $0.1858 on a Sixteenth Mover Session as the Unlock Nears
BASED is trading $0.1858 on hyna, a 103.54% move over 24 hours and the sixteenth consecutive HIPERWIRE mover session on this book. Price has slipped roughly 8% from the $0.203 print posted earlier today as the same thin book that walked the move higher now absorbs offers on the way down. 24-hour perp volume is $1.14M on a market HIP3Radar flagged this week for manipulation risk at about $265K of open interest. The April 30 community unlock of about 5% of supply now sits inside two weeks of the book.
BASED Bounces Back to $0.203 on a Fifteenth Mover Session With the Unlock Thirteen Days Out
BASED is trading $0.203 on hyna, a 123.72% move over 24 hours and the fifteenth consecutive HIPERWIRE mover session on this book. The tape has repaired back within 7% of the $0.2178 all-time high set April 15 after yesterday's fade to $0.1786 got absorbed overnight. 24-hour perp volume is $1.14M on a market HIP3Radar flagged earlier this week for manipulation risk at roughly $265K of open interest. The April 30 community unlock of about 5% of supply now sits thirteen days in front of the book.
BASED Fades to $0.1786 on a Fourteenth Mover Session as the April 30 Unlock Moves Inside Two Weeks
BASED is printing $0.1786 on hyna, a 100.20% move over 24 hours and the fourteenth consecutive HIPERWIRE mover session on this book. The tape is roughly 8% under yesterday's $0.1952 thirteenth-session close and about 18% below the $0.2178 all-time high set April 15. 24-hour perp volume is $1.13M on a market HIP3Radar flagged earlier this week for manipulation risk at roughly $265K of open interest. The April 30 community unlock of about 5% of supply now sits fourteen days in front of the book.
BASED Climbs Back to $0.1952 as a Thirteenth Mover Session Chases the ATH
BASED is printing $0.1952 on hyna, a 118.86% move over 24 hours and the thirteenth consecutive HIPERWIRE mover session on this book. The tape is clawing back within roughly 10% of the $0.2178 all-time high set on April 15 after yesterday's lower session closed at $0.1785. 24-hour perp volume is $1.13M on a market HIP3Radar flagged earlier this week for manipulation risk at roughly $265K of open interest. The reflexive ladder now has an April 30 community unlock of about 5% of supply sitting fourteen days in front of it.
BASED Churns at $0.1785 on a Twelfth Mover Session That Hasn't Reclaimed the ATH
BASED is printing $0.1785 on hyna, a 100.15% move over 24 hours and the twelfth consecutive HIPERWIRE mover session on this book. The tape now sits roughly 18% below the $0.2178 all-time high posted yesterday, the second session of the run without a higher print. 24-hour perp volume is $1.12M on a market HIP3Radar flagged earlier this week for manipulation risk at roughly $265K of open interest. The only narrative still holding the bid is the unverified report that the Based team has accumulated around 4% of circulating supply since the March 30 TGE.
BASED Cools to $0.1984 on an Eleventh Mover Session After the ATH Pullback
BASED is printing $0.1984 on hyna, a 122.42% move over 23 hours and the eleventh consecutive HIPERWIRE mover session on this book. It is also the first session of the run to fade rather than extend, trading roughly 9% below the $0.2178 high posted yesterday. 24-hour perp volume is $1.12M on a market HIP3Radar flagged earlier this week for manipulation risk at roughly $265K of open interest, still with no token-specific disclosure to hang the move on.
BASED Extends to $0.2178 on a Tenth Mover Session With No Token News
BASED is printing $0.2178 on hyna, up 147.62% over 24 hours and roughly 11% above the ATH break posted on the ninth session. It is the tenth consecutive HIPERWIRE mover print, still with no token-specific catalyst attached. 24-hour perp volume is $1.07M on a book HIP3Radar flagged earlier this week for manipulation risk at roughly $265K of open interest.
BASED Breaks Its March ATH on a Ninth Mover Session With No Token News
BASED is printing $0.1953 on hyna, up 127.30% over 24 hours and a fresh all-time high above the March 30 TGE peak near $0.1605. It is the ninth consecutive HIPERWIRE mover session on an asset where the only token-side signal this week has been reported team accumulation of roughly four percent of circulating supply. The book still has no depth to defend the extension, with HIP3Radar flagging manipulation risk earlier in the week at roughly $265K of open interest.
BASED Extends to Eighth Mover Session But Fades From Intraday High After HIP3Radar Flag
BASED is printing $0.1792 on hyna, up 110.59% over 21 hours and extending an eighth consecutive HIPERWIRE mover session off the April 11 all-time low. The perp has already fractioned off today's $0.1968 high, with HIP3Radar flagging the book this morning for a mark 1.3% below oracle, roughly $265K of open interest, and manipulation risk. Eight sessions in, there is still no token-specific catalyst, a 24-hour perp volume just above $1 million, and a funding curve that keeps rewarding whoever is willing to step in front of the longs.
BASED Prints Seventh Mover Session as HIP3Radar Flags the Book
BASED is printing $0.1968 on hyna, up 130.70% over 20 hours and extending a seventh consecutive HIPERWIRE mover session off the April 11 all-time low. 24-hour volume on the perp has finally cleared $1 million, but HIP3Radar flagged the same book this morning for mark price 1.3% below oracle, roughly $265K of open interest, and manipulation risk. No token-specific catalyst has printed in a week. The only variable that keeps changing is how many longs are willing to pay a punitive funding tax to stay in the trade.
BASED Perp Keeps Bidding Through a Punitive Funding Tax
BASED printed $0.2276 on the hyna perp, extending to roughly a 4.5x from the April 11 all-time low and stacking a sixth consecutive HIPERWIRE mover session. The only variable that has changed since the 26% day-one print is how many longs are now willing to pay a punitive funding tax to stay in the trade, with the prior 9,083% APR extreme implying roughly 1% of notional per hour. What has not changed is any token-specific news. What should be changing but is not is the presence of short interest willing to fade the move on a book with under $600,000 of 24-hour volume.
BASED Quadruples From All-Time Low as the Funding Loop Becomes the Trade
BASED printed $0.2056 on the hyna perp, now a ~4x from the April 11 all-time low at $0.05 and extending for a third consecutive HIPERWIRE mover session. There is still no token-specific catalyst — the Based team's fundamentals and the HYPE ETF backdrop are unchanged from 48 hours ago. What is changing is the funding tax, which has anchored near prior 9,000%+ APR extremes and is now the single reflexive variable pulling in more longs into a book with $581,864 of 24-hour volume.
BASED Perp Extends 135% as Funding Rate Rips Past 9,000% APR
BASED added another 135% over 20 hours, pushing the hyna perp to $0.18 and extending the ecosystem beta trade into a second day of continuation. The funding rate cleared 9,000% APR as longs crowded in, nearly four times the extreme reading from yesterday's print. The perp has now roughly tripled from its April 11 all-time low of $0.05 on no token-specific catalyst, and $396,745 in 24-hour volume underscores how thin the book is underneath the move.
BASED Catches a Bid as Three Asset Managers Race to Launch a HYPE ETF
BASED added 26% in 24 hours with no token-specific catalyst. The move tracks directly to Hyperliquid ecosystem momentum: 21Shares filed its second S-1 amendment for a HYPE spot ETF today, Bitwise and Grayscale are both competing with their own filings, and HYPE itself hit $44 on record commodity perp revenue. The Based team built Hyena, Hyperliquid's largest revenue-generating application, making BASED the most direct ecosystem beta play outside HYPE itself.
BASED Doubles From Post-TGE Floor as Bitcoin Tests $76K
BASED hit a new all-time low of $0.050 on April 11, four days after its first bounce attempt from $0.054 failed to hold. The token has since roughly doubled, with the Hyperliquid perp trading at $0.10, riding a broader crypto market rally as Bitcoin tested $76,000 on Iran peace signals. No token-specific catalyst here — this is post-TGE capitulation supply finally exhausting against a macro tailwind.
BASED Bounces 18% Off Its All-Time Low as Broader Market Snaps Back
BASED hit its all-time low of $0.0537 on April 7 after nine straight days of post-TGE selling, then reversed sharply as the broader crypto market bounced on ceasefire headlines and a wave of short liquidations. The token remains down 59% from its March 30 launch price, but this is the first meaningful bid since the airdrop unlock began.
BASED Drops 50% From Launch as Unlocked Airdrop Supply Meets Thin Market
The Hyperliquid superapp token launched four days ago with 24% of its billion-token supply immediately circulating and zero vesting for community recipients. That supply has been hitting the market steadily since, dragging BASED to within 1% of its all-time low as the broader crypto sell-off removes any bid support.
Background reading selected from this asset's symbol, builder context, and archived catalyst coverage.
What Is HYPE? Hyperliquid's Native Token Explained
HYPE is the native token of Hyperliquid, the largest on-chain perpetual futures exchange. Used for staking, gas, governance, and fee discounts, HYPE has a unique economic model: zero VC allocation, protocol-level buybacks exceeding $1 billion, and dual burn mechanisms that have made it net deflationary.
How to Stake HYPE on Hyperliquid: APY & Rewards
Delegate HYPE to validators to earn staking rewards with automatic compounding on Hyperliquid. Step-by-step setup, validator selection, trading fee discounts, and how unstaking works.