Hyperliquid vs Backpack Exchange
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
| Line | Hyperliquid | Backpack Exchange |
|---|---|---|
| 30-day volume | #P01 · $204,136.0MEdge | #P13 · Not tracked |
| Trading fees | 0.045% taker · 0.015% makerSeven tiers on 14-day weighted volume: 0.045%/0.015% below $5M, 0.040%/0.012% above $5M, 0.035%/0.008% above $25M, 0.030%/0.004% above $100M, 0.026%/0% from $2B. Maker rebates are paid on each trade. Spot volume counts double toward the tier. | Tier table published as an imageBackpack documents one tier table covering spot and perpetual futures, sorted by 30-day volume, with tiers recalculated every hour and the effective tier driven by whichever is highest between BP staking, volume and pre-TGE Mad Lad NFT holdings. The table itself is published as a screenshot on guide.backpack.exchange, so the numbers cannot be read in text; the USDT/USDC pair is charged 0% and does not count toward tiers. |
| New-user perk | 4% off fees on your first $25M of volume | Fee rebates on referred accounts |
| Max leverage | up to 40× | up to 75×Edge |
| Perp markets | 234Edge | 103 |
| Identity check | No KYCEdge | KYC required |
| Custody | Non-custodial: positions signed from your wallet | Custodial: your balances sit on the exchange, wallet is a separate product |
| Settles on | HyperCore (L1 Hyperliquid) | Backpack Exchange (centralised matching) |
| Collateral | USDC | USDC, USDT |
| Where it runs | Web | Web, iOS, Android |
| Chains | EVMArbitrum, HyperEVM | Solana · EVM · Bitcoin · SuiSolana, Ethereum, Arbitrum, Base, Polygon, Avalanche, Bitcoin, SuiEdge |
| Documented features | 6 of 10 | 7 of 10Edge |
| Order book | Yes | Yes |
| Cross margin | Yes | Yes |
| Spot trading | Yes | Yes |
| Vaults / copy vaults | Yes | Not documented |
| Copy trading | Not documented | Not documented |
| Stocks, gold or forex | Yes | Yes |
| Points program | No | Yes |
| API | Yes | Yes |
| Mobile app | Not documented | Yes |
| Telegram bot | No | Not documented |
Which one should you pick?
Pick Hyperliquid if
You want deep liquidity, low fees and a public fee ladder you can plan around.
The deepest perp book in the set by an order of magnitude ($204B over 30 days) and the cheapest base tier, at 0.045% taker and 0.015% maker. Everything settles on Hyperliquid's own L1, with USDC arriving mainly through Circle's CCTP from Arbitrum.
app.hyperliquid.xyz
Pick Backpack Exchange if
You want a CEX-style experience with unified portfolio margin, stocks next to perps, and a referral that pays in cash.
The only centralised venue of the series, and the only one where you give up custody: accounts are KYC-verified, balances sit on the exchange and the 10% referral rebate is paid on trading fees rather than points. Backpack also lists US stocks and ETFs next to 103 perpetual markets.
backpack.exchange
