Kraken vs Backpack

Introduction

Kraken has existed since 2011 and in those fifteen years has had no major loss of customer funds. Backpack is young, but charges entry fees that are a fraction of Kraken's and publishes daily proof of reserves. Data as at August 2026.

Head to head

Costs

This is where the biggest difference sits, and it is big. Kraken Pro starts at 0.40%/0.80% and only comes down with volume; Backpack starts at 0.08%/0.10%. At a hundred thousand dollars a month you still pay 0.12%/0.25% at Kraken against 0.07%/0.09% at Backpack. Do note the distinction at Kraken: the ordinary app charges around 1 percent for instant buys, Kraken Pro is the cheap environment.

Safety and supervision

Both hold MiCA and MiFID II, so both may offer spot and derivatives in the EEA. Kraken has the longest clean track record in the sector: no major loss of customer funds since 2011. Against that, Kraken carries six enforcement decisions — among them an SEC settlement of $30 million over staking and an Australian fine of AU$8 million — while Backpack has none. Backpack publishes proof of reserves daily, Kraken quarterly.

Products

Both offer spot and perpetuals. Kraken also has equity CFDs, Backpack real equities. That difference is bigger than it looks: with a CFD you have no ownership, with a real share you do. 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 One caveat belongs with that: lent-out collateral can only be withdrawn while utilisation of the lending pool allows it.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

Kraken Pro scores 6.6 and Backpack 9.0. 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?

Kraken Pro if a long track record and euro pairs weigh more heavily than the rate. Backpack if you steer on costs, want daily proof of reserves or need interest on your collateral. Run your own volume through the comparison tool — at high volumes Kraken's rates come down sharply.

Frequently asked questions