Welcome
Last updated
Last updated
Backpack Exchange is a fully regulated global cryptocurrency exchange building an innovative, easy-to-use and compliant trading platform.
Built on robust, real-time risk management, Backpack’s engine automatically aggregates all user assets into a single, cross-margined environment while simultaneously enabling auto lending. This allows traders of all sizes to access advanced trading tools typically reserved for institutional participants on other platforms.
$60B Total Volume Traded
150+ Countries
500M+ Transactions Completed
If you choose to turn on Auto Lend, all of your deposited assets are automatically entered into our lending pool, generating yield for you by default. These assets remain fully margin-eligible, eliminating the friction of having to manage separate “earn” accounts.
Even unrealized position PnL is considered part of your total collateral, which continues to accrue yield until the position is closed.
Any assets you lend out can be utilized as margin for new trades, further enhancing your capital efficiency.
Backpack’s yield system is deeply integrated into the exchange’s core risk engine to ensure you retain full collateral value while earning interest.
Backpack’s risk engine, cross margin, and auto-lending are designed to offer every user the kind of capital efficiency typically locked behind VIP tiers on other exchanges.
Lower-tier users are not subjected to punitive margin requirements or restricted from advanced products. We focus on an inclusive design to level the playing field.
If you choose to turn on Auto Realize PnL, our settlement engine allows you to partially realize PnL on a rolling basis, adjusting or locking in gains without requiring a full position close.
This continuous settlement mechanism is particularly useful for hedging, high-frequency arbitrage, or complex multi-leg strategies.
Backpack’s fee structure is comparable to the most cost-efficient platforms in the market
We built this system from the ground up to create what we like to call Interest Bearing Perps - a system that blends perpetual trading with a borrow lending market so your collateral works overtime.
Have 30 seconds? Check out our quick Interest Bearing Perps walkthrough: