Based Raises $11.5 Million in Series A Funding Round Led by Pantera Capital

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Based, a Web3 trading and payments platform built on Hyperliquid, raised $11.5 million in a Series A round on February 23, 2026. Pantera Capital led the investment, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage.

Company Overview

Based is a digital asset trading and payments platform focused on integrating on-chain market access with real-world spending functionality. The company provides users with tools to trade spot and derivatives markets through web, desktop, and mobile trading terminals. It also operates prediction markets and affiliate infrastructure tied to trading activity. A core product includes crypto-linked payment cards that enable users to spend digital assets across global merchant networks.

Round Details and Investors

Pantera Capital, a pioneer in blockchain investments since 2013, led the round. The firm manages over $5 billion in assets and has backed more than 100 crypto protocols, with a focus on DeFi primitives, Layer 1 infrastructure, and trading platforms. Notable prior investments include Ondo Finance and Sei Network, both emphasizing scalable on-chain finance.

Coinbase Ventures joined as a key participant. The arm of the Coinbase exchange has committed over $1.7 billion to more than 280 projects since 2018, prioritizing consumer-facing applications and infrastructure that bridge Web2 and Web3. Wintermute Ventures, the investment division of the market-making giant, supports liquidity-focused protocols; it has funded entities like dYdX and GMX. Karatage, a newer entrant, targets early-stage Web3 builders in trading and consumer tech, with bets on projects like Lombard Finance.

These investors bring complementary expertise: Pantera’s long-term thesis on perpetuals markets, Coinbase’s distribution reach, Wintermute’s liquidity playbook, and Karatage’s agility in emerging niches. The syndicate signals confidence in Hyperliquid’s momentum, which has captured significant perp DEX market share amid 2025’s trading volume resurgence.

Funding History

This Series A follows prior rounds cross-verified across sources:

• Strategic round on September 8, 2025, backed by Ethena Foundation (amount undisclosed).
• Undisclosed round on October 6, 2022, raising $2.7 million from The Spartan Group, Alex Svanevik, Delphi Ventures, DeFiance Capital, Hashed, Newman Capital, and others.
• Pre-seedPre-seed on February 15, 2022, raising $1 million led by Delphi Ventures, with Alex Svanevik, DeFiance Capital, Terra, Nick Tong, GT Capital, and additional participants.

Total funding to date exceeds $15.2 million, excluding the undisclosed strategic amount.

Market Context

Perpetuals decentralized exchanges (perp DEXes) like those built on Hyperliquid have seen increased activity in 2025–2026, with projects emphasizing integrated trading and real-world spending to bridge DeFi and consumer finance. In recent Web3 Funding udates, comparable raises have emerged from other Hyperliquid ecosystem builders targeting similar trading volumes and infrastructure expansion. Broader crypto venture funding remains selective, favoring protocols with demonstrated revenue and sustainable models, such as Based’s reported $30 million annualized figure.