In January 2025, Backpack paid $32.7 million for FTX EU's shell — specifically for the CySEC-issued MiFID II license inside it. That acquisition made Backpack the only crypto-native exchange with a regulatory framework to offer perpetual futures across the entire European Union under investor protection rules designed for traditional financial markets. Segregated client funds. Best execution obligations. Formal complaint procedures. These are not typical crypto exchange promises — they're legally enforceable requirements under European law.

Backpack EU went live in September 2025. The EU product lists over 40 pairs at up to 10x leverage, constrained by MiFID II requirements. The global platform, operating from Dubai, offers 70-plus perpetual pairs at up to 50x leverage. All contracts are USDC-settled, which removes the USDT conversion step for users who already hold USDC. Funding runs every hour rather than the eight-hour interval most exchanges use, which keeps rates tighter to fair value and reduces the funding rate imbalances that accumulate during extended trending markets.

The team background is ex-Alameda Research and FTX. That pedigree is simultaneously the best engineering signal you could ask for in a derivatives infrastructure build and an association that requires extra trust work to overcome. The FTX EU refund program completed successfully — existing EU customers were made whole — which is the one data point available on how Backpack handled an inherited obligation. No security incidents since launch.

Fees: 0.02% maker, 0.05% taker at base, matching Binance and OKX. The $15M VIP tier drops to 0.01% maker and 0.028% taker. No deposit or withdrawal fees beyond gas. No fiat on-ramp — crypto-to-crypto only.

Liquidity on major pairs is growing but still behind the top five. Mid-cap altcoin perps can show noticeable slippage during fast moves. The exchange was founded in 2022 and the global platform is newer still — this is a platform still building order flow, not one with established institutional depth. For European traders who want MiFID II-regulated perpetual futures, Backpack is currently the only option. For everyone else, it's a legitimate mid-tier venue with a differentiated custody and regulatory story.

Frederick Cormack — VC & Crypto Derivatives Analyst

Frederick has spent 8+ years in venture capital and crypto derivatives, personally testing every protocol listed on PerpFinder. His analysis combines on-chain data verification with direct trading experience across both centralized and decentralized perpetual futures platforms.

Last reviewed: 2026-04-04

Frequently Asked Questions

What are Backpack Exchange futures trading fees?▾

Backpack charges a 0.02% maker fee and 0.05% taker fee at the base tier, matching industry leaders like Binance, OKX, and Bybit. Volume-based tiers reduce fees further, with the $15M monthly volume tier dropping to 0.01% maker and 0.028% taker.

What is the maximum leverage on Backpack?▾

Backpack offers up to 50x leverage on major perpetual futures pairs on its global platform. The EU-regulated product (Backpack EU) is capped at 10x leverage due to MiFID II requirements. Leverage tiers scale down based on notional position size.

Is Backpack Exchange regulated?▾

Yes. Backpack acquired FTX EU in January 2025 for $32.7 million, gaining a CySEC-issued MiFID II license. This makes Backpack EU the only MiFID II-regulated perpetual futures platform in the European Union. The global platform operates from Dubai.

Why are Backpack futures settled in USDC instead of USDT?▾

All Backpack perpetual futures contracts are denominated and settled in USDC. This eliminates the conversion step for traders who already hold USDC, and aligns with the growing preference for a fully reserved, audited stablecoin. Funding intervals run hourly rather than the eight-hour standard.

How does Backpack compare to Binance for perpetual futures?▾

Binance offers more pairs (350+ vs 70+), higher leverage (125x vs 50x), and deeper liquidity. Backpack's advantages are EU regulation via MiFID II, USDC settlement, and hourly funding intervals. Fees are identical at the base tier. Backpack suits traders who prioritize regulatory compliance or are based in the EU.