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.
Mover Brief
The Catalyst: Bithumb Opens BASED/KRW
The move here is not a mystery. Bithumb began KRW trading for BASED on April 21 at 17:00 KST with a 167 won reference price and deposits restricted to the Ethereum network. The token spiked more than 50% in the first session, briefly printing $0.16 against a market cap around $37M, before settling near $0.1385 as Bithumb's initial order-type restrictions unwound. What is happening now on the hyna perp is the second-day continuation of that same Korean retail bid, with BASED pushing back to $0.1319 from roughly $0.1191 fourteen hours ago. This is the Bithumb listing still playing out, not a new narrative.
Why the Perp Is the Follower Here
The 24h volume on hyna:BASED is $81,603. That is not a market that leads a $37M-cap spot token listed on Korea's second-largest exchange — it is a market that gets dragged around by it. HIP3Radar has flagged hyna:BASED for manipulation risk on oracle-mark divergence and light open interest, which is exactly what you expect when spot is moving on heavy Korean flow and the perp has to reprice with a book this thin. For traders using the 3x leverage on the hyna market, the execution question is real: the HIP-3 venue is a derivative of a derivative right now, tracking KRW flow through the Ethereum spot quote. If the Bithumb bid fades, the perp will unwind faster than spot.
What Sets the Range From Here
Two levels matter. The immediate one is $0.150, which acted as resistance into the first post-listing pullback and is the pivot the second-day move is working toward. The bigger magnet is the $0.311 April 16 ATH, printed days before the Bithumb event when the token was already running on the spot-led recovery off the April 11 $0.05025 low. Beyond that, the clock matters: BasedApp's Season 3 campaign closes May 4 and claims open May 11, unlocking 50M tokens — 5% of supply — to diamond holders with no vesting. That is the supply event that caps any sustained move above the ATH. A token with 23.5% of supply circulating and a scheduled cliff unlock three weeks out does not typically run clean continuation past a prior high.
Trading on Hyperliquid
Trade BASED on Hyperliquid with up to 3x leverage.
Sources & Provenance
Citations below are preserved as structured Postgres source rows for this brief.
Citations Preserved
7
Reference links carried forward from the published mover record.
Original Signal
Open source tweetMarket Route
New to Hyperliquid? Open HIPERWIRE first for the same fee discount, then come back to this market route.
- 1Cryptonewsz — BASED price surges after Bithumb listingcryptonewsz.com
- 2Phemex News — Bithumb launches BASED/KRW on Ethereumphemex.com
- 3Cryptonews — BASED holds gains amid volatility after Bithumbcryptonews.net
- 4MEXC — BasedApp Airdrop Guide (Season 3 mechanics)blog.mexc.com
- 5Tokenomist — BASED unlock eventstokenomist.ai
- 6CoinGecko — BASED price and historycoingecko.com
- 7HIP3Radar — hyna:BASED manipulation risk warningx.com
This content is for informational purposes only and does not constitute financial advice. Trading perpetual futures involves substantial risk of loss.
Live Market Metrics
Monitor real-time open interest and funding for BASED.
Trade BASED on Hyperliquid
Use referral code HIPERWIRE for 4% off trading fees on your first $25M in volume.