Backpack Exchange review
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
Perpetual futures are leveraged: a small move against you can liquidate your position. Only trade what you can afford to lose.
- Trading fees
- 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
- Fee rebates on referred accountsvia a referral link (not offered here yet)
- Max leverage
- up to 75×103 perp markets
- Identity check
- KYC required
- Custody
- Custodial: your balances sit on the exchange, wallet is a separate product
- Settles on
- Backpack Exchange (centralised matching) · USDC, USDT
- Where it runs
- Web, iOS, Android
- 30-day volume
- Not trackedDefiLlama classifies Backpack as a CEX and publishes no perp volume for it: no 30-day figure exists to compare with the DEXes. Its own API lists 103 PERP markets and 87 spot markets.
Who it’s for
Pick it if
You want a CEX-style experience with unified portfolio margin, stocks next to perps, and a referral that pays in cash.
Skip it if
You refuse to hand over your identity and your coins to a company, which is the exact trade-off here.
Strengths / Limits
Strengths
- 103 perpetual markets and 87 spot markets listed on the exchange's own public API.
- 10% of trading fees paid to the referrer, in cash, with rebates claimable for up to 24 months.
- Native iOS and Android apps, unified portfolio margin, and US stocks and ETFs in the same account.
- An affiliate tier above the standard rebate for partners who bring real volume, with published eligibility thresholds.
Limits
- Custody is the exchange's, not yours: this is the one card in the series where a platform failure means a direct loss.
- KYC is mandatory, and referrals only start paying once the invited user has passed it; no retroactive adds are possible.
- The fee table is an image, and DefiLlama publishes no perp volume for Backpack, so its real weight cannot be checked.
What it offers
- Order bookYes
- Cross marginYes
- Spot tradingYes
- Vaults / copy vaultsNot documented
- Copy tradingNot documented
- Stocks, gold or forexYes
- Points programYes
- APIYes
- Mobile appYes
- Telegram botNot documented
“Not documented” means we found no official page, not that the feature is missing.
How to start safely
- Open the official app
Type backpack.exchange yourself or use a bookmark: phishing copies of perp exchanges are common.
- Deposit a small amount first
Send a test deposit of the collateral the exchange accepts, on the chain it documents, before moving more.
- Set leverage and a stop before the order
Pick isolated margin for a new trade, keep leverage low, and place the stop-loss with the order, not after.
- Watch funding and liquidation price
Funding is paid regularly while a position is open, and the liquidation price moves closer as leverage rises.
Security record
No incident found in our sources. That is not a guarantee.
Official domains: backpack.exchange
Sources
Checked on 27 Sept 2026. Facts change quickly: re-check prices and fees in the app.
Backpack ExchangeTier table published as an image · backpack.exchange
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