Backpack Exchange
Backpack
A Solana derivatives exchange offering a hybrid model with self-custody of user funds, ZK-based proofs and a Dubai VASP license. It remains a relatively new service, and the Dubai VASP license does not equate to EU MiCA regulation. The data field, however, reports a custodial classification.
Data & conditions
| Maker / Taker fee | 0.08% / 0.1% |
|---|---|
| Markets | Spot + Derivatives |
| Max leverage | 75× |
| Supported assets | 80+ |
| Trading pairs | 74+ |
| 24h volume | $247.55M |
| Fiat on-ramp | Yes |
| Deposit methods | Crypto deposit, Bank transfer (SEPA/Wire), Credit/debit card |
| Geo restrictions | Sanctioned jurisdictions, Some US states not yet available |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | APAC, MENA, EEA · 30+ countries |
| Regulator | VARA |
| OAM Italy registration | No |
| Segment | B2C |
| MiCA / License status | VASP Dubai VASP Dubai |
Strengths
- Not-custodial hybrid (funds user self-custody); ZK-proof; Solana; VASP Dubai.
- No notable sovereignty advantage documented.
Weaknesses
- relatively new; VASP Dubai not MiCA EU.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (VASP Dubai): reporting to authorities and freezes on order.
- Geographic restrictions (Sanctioned jurisdictions, Some US states not yet available).
Verdict
The A rating rests on competitive fees for the average user (0.08%/0.1% maker/taker) and a Dubai VARA VASP license, but that license is not equivalent to EU MiCA and the venue is still young: both temper the score and call for restraint on exposure. The leverage of up to 75x remains a tool to handle carefully if you are not an experienced trader.
Here Backpack stands apart from the custodial pack: the hybrid model keeps funds in self-custody and uses ZK-based proofs, a stance rarely seen on a derivatives venue. Full mandatory KYC and the custodial classification in the data still weigh in, capping how much you can truly escape counterparty and identification.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
What are Backpack Exchange's fees?
On Backpack Exchange, spot fees are maker 0.08% / taker 0.1%. They drop with monthly volume and VIP tier.
Is Backpack Exchange regulated in Europe?
Regulatory status of Backpack Exchange: VASP Dubai. Licence: VASP Dubai.
Does Backpack Exchange publish Proof of Reserves?
Proof of Reserves publication is not documented for Backpack Exchange. No third-party reserve audit is documented. Reserve transparency is a critical factor after the FTX collapse.
Can I send transfers to third-party IBANs from Backpack Exchange?
No, Backpack Exchange is an exchange and does not allow transfers to third-party IBANs: fiat withdrawals return to a bank account in your own name.
Does Backpack Exchange support derivatives and futures?
Backpack Exchange offers derivatives trading.
Sources
- Official service page Maker/taker fees · Regulatory framework · Derivatives Data verified on Jun 14, 2026
- aicoin.com Variante derivatives.funding rate Data verified on Jun 14, 2026
- cer.live Certifications Data verified on Jun 14, 2026
- coinledger.io Past incidents Data verified on Jun 14, 2026
Show 8 more sources
- crunchbase.com Founders Data verified on Jun 14, 2026
- cryptonews.net Data verified on Jun 14, 2026
- csoonline.com Data verified on Jun 14, 2026
- liquidityfinder.com 24h volume Data verified on Jun 14, 2026
- oakresearch.io Data verified on Jun 14, 2026
- prnewswire.com Data verified on Jun 14, 2026
- whales.market Variante derivatives.open interest 24h usd Data verified on Jun 14, 2026
- cryptowinrate.com Third-party audit · Max leverage · Trading pairs · Volume data · +1 Data verified on Jun 13, 2026