TRADING GUIDE

Complete Guide: Trade Perpetuals on Hyperliquid via Based

From wallet setup to your first profitable trade—everything you need to feel at home trading on-chain with a CEX-grade cockpit.

Part 1: Prerequisites

Getting started fast—no KYC, just your wallet.

Step 1: Set Up a Wallet

Use Rabby for advanced security or MetaMask for standard. Install browser or mobile, and guard your seed phrase on paper—never share it.

  • Rabby or MetaMask recommended
  • Write down 12-word seed offline
  • Never store seed in screenshots/cloud

Step 2: Get USDC on Arbitrum

Buy USDC on a major exchange, withdraw to Arbitrum One, and keep ~$1-2 in ETH for the bridge transaction.

  • Withdraw USDC to Arbitrum One
  • Keep small ETH for the bridge fee
  • Funds land in your Web3 wallet

Part 2: Deposit to Hyperliquid

Move funds into the Hyperliquid engine via Based.

  1. Step

    Open based.report and Connect Wallet.

  2. Step

    Hit "Deposit" top right and enter your USDC amount (e.g., 1000).

  3. Step

    Approve USDC, then Confirm deposit in wallet. Wait ~30s and see balance live—trading gas is now zero.

After deposit, all trading is gasless on Hyperliquid L1.

Part 3: Know Your Terminal

Four key zones to navigate fast.

Chart

Draw, add RSI/MA, change timeframes. Your visual ground truth.

Order Book

Live bids/asks with spread—spot walls and liquidity pockets.

Order Entry

Set leverage, size, direction (Long/Short). Your cockpit.

Positions

Track PnL, liquidation, and open orders at a glance.

Part 4: Execute Your First Trade

Example: Long ETH with discipline.

Order Setup

Pick ETH-USD, choose leverage (start 3-5x), and select Cross or switch to Isolated for contained risk.

  • Use slider for leverage; lower is safer while learning.
  • Cross uses full balance; Isolated caps risk per position.

Place the Order

Choose Market for instant fill or Limit for a specific price. Enter size in USDC or coin terms and hit Buy/Long.

  • With 1-Click off: confirm in wallet.
  • With 1-Click on: instant execution via Session Keys.
Position appears in the Positions tab immediately—track entry, size, and liquidation there.

Part 5: Manage & Close

Plan exits before emotions take over.

Set TP/SL

In Positions, add TP/SL. Define profit and protection before price moves.

  • Stop Loss: price where you cut drawdown (e.g., -5%).
  • Take Profit: lock gains above entry.

Close the Trade

Exit on your terms.

  • Close button: instant market exit.
  • Limit close: place a Sell/Short at target price for the same size.

Part 6: Pro Tips for Based Traders

Little edges that add up.

Funding Rates

  • Positive: longs pay shorts (bullish skew).
  • Negative: shorts pay longs (bearish skew).
  • Highly positive? Consider shorting to collect funding.

Hide Your Size

  • Use Scale/ladder tools to break big orders.
  • Avoid showing full size; reduce chance of front-run.

Withdraw Profits

  • Click "Withdraw" top right, enter USDC amount.
  • Bridge returns USDC to Arbitrum wallet in ~5-10 minutes.

Ready to Start?

Start small, feel the speed, and let the Based cockpit handle the heavy lifting. Same Hyperliquid liquidity—smarter execution.

Open Based App & Connect Wallet

Launch, sign once, and trade in minutes.

Launch Based

Disclaimer: Trading involves risk. Never trade what you cannot afford to lose.