Backpack review

What Backpack is

In January 2025, Backpack acquired FTX EU for $32.7 million. Backpack wanted the MiFID II license that CySEC had issued to the European arm of FTX EU. In June 2025 CySEC gave that license again to Trek Labs Europe. It did so after the company settled a legal review for 200,000 euros.

That license matters. With it, Backpack EU can offer perpetual futures in the EU. It must follow the same client-protection rules as traditional finance firms. Those rules include segregated client funds, best-execution duties, and formal complaint rights. European law binds the firm to them. They are not just exchange policy.

Backpack EU launched in September 2025 after the FTX EU claims process was done. Former FTX EU users got a full refund before the new platform opened. That refund is the clearest data point on how Backpack deals with an inherited debt.

Backpack met the standard. The EU product lists 40-plus pairs at up to 10x leverage, which is the MiFID II cap. The global platform offers 70-plus pairs and up to 75x leverage on BTC-PERP. On that platform, a Costa Rica company (3-102-939537 SRL) provides perpetual futures (User Agreement).

The Dubai entity is Trek Labs Ltd FZE. It holds a VARA licence for spot exchange services only. Futures are not available in the UAE.

The team comes from Alameda Research and FTX. Those firms built the tech behind a large share of 2021-2022 crypto futures trading. The FTX link still weighs on its name. Three years of clean running has started to rebuild trust. No security events have been reported since Backpack was founded in 2022.

Security and proof of reserves

Backpack was founded in 2022. Its API lists January 2025 as the creation date of its oldest perpetual markets. Backpack has not disclosed a security breach or a loss of user funds. The exchange uses a cross-margin model.

USDC collateral is held against positions. Backpack has published no rehypothecation claims. Under MiFID II, EU law requires segregated client funds. So the segregation is a legal duty, not a free choice.

The FTX EU refund process began in April 2025 and finished before the September 2025 launch. Former FTX EU customers received their claims back in full. The refund is the best evidence of how Backpack deals with pressure. The PerpFinder team reviewed the Backpack EU claims docs. The team confirmed the process finished on time.

PerpFinder last checked in May 2026 and found no published Merkle tree Proof of Reserves. Backpack is less open here than Bybit, Bitunix, and BloFin. EU users get MiFID II reporting instead. Global platform users do not.

Fees in detail

Backpack's fee schedule starts at 0.02% maker and 0.05% taker at base tier for USDC-settled perpetual futures. VIP tiers update each hour. They are set by 30-day rolling volume:

• VIP 0 (default): 0.02% maker, 0.05% taker
• VIP 1 ($1M monthly volume): lower maker and taker rates (exact schedule on official docs)
• VIP tier at $15M monthly volume: 0.01% maker, 0.028% taker
• Top tier: 0% maker, 0.018% taker on futures

Take a $10,000 BTC/USDT round-trip at base tier with market orders. The taker cost is $10.00. That matches Binance and OKX at base tier, and beats Bybit at $11.00. At the $15M volume tier, the round-trip falls to $5.60.

No fees apply to deposits or withdrawals beyond network gas costs. Backpack has no fiat on-ramp, so you can use crypto only.

The base taker rate matches Binance, the benchmark most retail traders use. Limit-order traders get the same 0.02% maker rate as Binance at default. Use the PerpFinder fee calculator to model your own strategy.

Leverage and pairs

The global platform supports 75x max leverage on BTC-PERP and 50x on SOL-PERP. That cap is below Binance (150x), Bybit (150x), and BloFin (150x) on BTC. The EU product caps at 10x per MiFID II rules.

The global platform lists 70-plus perpetual pairs, one of the smaller counts here. All contracts settle in USDC, not USDT. So traders have no USDT risk, and the setup suits traders who already hold USDC.

Funding runs every hour, not every eight hours. With eight-hour gaps, funding can drift during trends and then correct in one event. Hourly funding keeps rates closer to fair value. It also cuts carry cost for traders on the wrong side of a trend. Hourly funding is a real edge over most perpetual venues.

The Backpack Wallet is Solana-native with cross-chain support. SOL-based assets, Solana NFT support, and the BP token airdrop in March 2026 all show deep Solana roots. See the pairs on PerpFinder.

Who Backpack is for

Backpack EU is one option for European traders who want MiFID II-regulated perpetual futures. Kraken also has a CySEC-licensed derivatives entity for the EEA. The law makes segregated funds, formal complaint rights, and best-execution rules a must. For European retail and pro traders who cannot use offshore venues, Backpack EU is the clearest pick.

Traders with Solana exposure get a perps venue that works natively with Solana wallets. The hourly funding fits carry-sensitive strategies.

Backpack is not right for three kinds of traders. Some need high leverage (75x on BTC-PERP vs 150x elsewhere). Some need wide altcoin coverage (70+ vs 400+ on Bybit). Some want a Merkle tree PoR. Depth on the global platform is still growing. Orders above $25k notional may face more slippage than on top-five venues.

How it compares

Backpack prices at the baseline of the majors. A $10k round-trip at base taker costs $10.00. That is the same as Binance and OKX, $1 under Bybit, and $1 over Hyperliquid. The real edge is EU licensing, USDC settlement, and hourly funding, not price.

Use the cost comparison tool to model fee gaps at your volume tier. There is no affiliate bonus program as of May 2026. Check the PerpFinder exchanges page for current Backpack data before you open an account.