Introduction
Backpack and Bybit EU both hold a MiCA licence, but the similarity ends there. Backpack holds a MiFID II licence on top, which lets it offer perpetuals to European customers; Bybit's European entity may not while that application is pending. Data as at August 2026.
Head to head
| Backpack | Bybit EU | |
|---|---|---|
| Licences | MiCA (Latvijas Banka) + MiFID II (CySEC 273/15) | MiCA (FMA Austria, 28 May 2025) |
| Entity | Trek Technologies SIA (LV) · Trek Labs Europe Ltd (CY) | Bybit EU GmbH (AT) |
| Operating since | 2023 | 2018 (group) |
| Spot fees (entry tier, maker/taker) | 0.08% / 0.10% | 0.10% / 0.25% |
| Perpetuals | Yes — 0.02% / 0.05% entry tier | No in the EU entity, while the MiFID II application is pending |
| Currencies | USD pairs only | EUR and USD |
| Capital efficiency | Collateral earns interest while it serves as margin (auto-lend) | Earn, but not on collateral |
| Proof of reserves | Daily | Monthly |
| Hack and loss history | None | $1.46bn theft at group level in February 2025, customers compensated |
| Enforcement history | No enforcement record | 8 decisions in 6 countries |
| Exchange score | 9.0 / 10 | 5.5 / 10 |
Costs
On the entry tier Backpack is cheaper: 0.08%/0.10% against 0.10%/0.25%. The difference sits mainly in the taker fee, and that is exactly the side most retail orders land on. Bybit's VIP discounts also run on broader criteria rather than volume alone, which makes them harder to drop into.
Safety and supervision
Both are MiCA-licensed, so both operate legally across the EEA. The difference is MiFID II: that second licence is needed for derivatives, and Backpack holds it via Cyprus. Their enforcement records diverge — Bybit has eight filings in six countries, including a fine of €2.25 million from the Dutch central bank and three Japanese warnings. Backpack has none.
Products
Backpack offers spot, perpetuals and real equities. Bybit EU offers only spot within its European entity. For anyone who just buys and holds that changes nothing; for anyone who wants to hedge or short it is the whole difference. There is one difference that no fee table shows and that bites harder than the rate on larger positions: what your collateral does while it is collateral. At Backpack, deposited funds keep earning interest through auto-lend while serving as margin for your positions at the same time — so it counts twice. At most other exchanges collateral sits idle: it covers your position and earns nothing. One caveat belongs with that: lent-out collateral can only be withdrawn while utilisation of the lending pool allows it. Check the numbers with the yield-on-collateral comparison.
How the scores are built
Backpack scores 9.0 and Bybit EU 5.5. The score is the weighted sum of five pillars: regulation and oversight (25%), safety of funds (25%), product range (20%), costs (20%) and yield (10%). The full build-up is set out in the methodology.
Which one for whom?
Bybit if you want to trade in euros and spot is enough. Backpack if you want perps inside an EU-licensed venue, or if your collateral has to keep earning. Note: Backpack quotes in USD only, so there is a conversion step.
Frequently asked questions
May Bybit offer perpetuals in Europe?
The European entity Bybit EU GmbH holds a MiCA licence but not yet a MiFID II licence. Perpetuals are derivatives and fall under MiFID II, so Bybit cannot offer them within the EU entity while that application is pending.
Why does Backpack score higher?
The score weighs regulation, safety of funds, products, costs and yield. Backpack scores on all five: two licences, daily proof of reserves, spot plus perps plus equities, low entry fees and interest on collateral. The full build-up is set out in the methodology.
Can I trade in euros at Backpack?
No. Backpack quotes in USD. You deposit euros and convert; that step costs money and belongs in your cost calculation.
What does 'collateral that works twice' mean?
In a unified cross-margin account with auto-lend, your deposited funds keep earning interest in the lending pool while counting as margin for your open positions at the same time. So you earn interest and trade with the same money. The caveat: withdrawal is only possible while utilisation of that lending pool allows it.