Introduction
In perpetuals trading a large share of your balance sits locked as collateral — usually USDC. On traditional venues that money earns nothing. On modern platforms it can simultaneously earn 3-7% APY without losing margin function. This page compares the main venues across seven yield categories.
The comparison table — 7 categories
| Category | Backpack | OKX EU | Hyperliquid | Kraken |
|---|---|---|---|---|
| Yield on perp collateral | Yes — USDC + 17 assets | Limited — USDG only | USDC lending only (~1.66%) | No — futures wallet earns nothing |
| Lending yield on collateral | Yes — 18 assets | No | USDC only | No |
| SOL staking on collateral | Yes | No | No | No |
| Yield on unrealized PnL | Yes | No | No | No |
| USDC/USD yield as collateral | Yes | No | Lending only | No |
| Base APY | ~3.87% | 3.5% | ~1.66% (lending) | None |
| Max APY (VIP) | ~6.87% | 4.1% | N/A — no VIP tiers | None |
Snapshot, updated monthly.
The context per platform
Backpack's ~3.87% base APY consists of two layers: lending yield (~0.28%) plus stablecoin yield (~3.59%), with a VIP boost of up to +3.0% on top (unlockable via volume or staking; balance cap $1M at VIP 5 — where OKX allows up to 40M USDG per sub-account). The 17 assets beyond USDC include USD, USDT, ETH, SOL, BTC, PAXG, XRP, SUI, DOGE, BNB and JUP — and SOL collateral additionally earns native staking rewards.
OKX EU: only USDG earns as collateral (discount rate 0.98, 40M cap); USDC and USD balances earn nothing, and the 4.1% VIP boost requires €100K+ in assets or volume. Hyperliquid: Portfolio Margin with lending yield requires $5M+ weighted volume — institutional territory. Kraken: Auto Earn works only in the spot account (up to 22% on some assets); the support desk confirmed the futures wallet earns no yield, so you must choose between earning (spot) and margin (futures). Stablecoin rewards are unavailable in the EEA altogether.
What it means for your effective return
A trader with €50,000 collateral: on an efficient platform yield (~€1,935/year) covers nearly all trading fees; on a 0%-yield venue the full fee bill (~€3,750) lands on trading results. Difference in this scenario: ~€5,685 per year.
Frequently asked questions
Do I need to do anything to receive yield?
On good platforms it is automatic. On lending-based venues you may need to opt in.
Do I lose yield when a position is open?
On efficient platforms no; on older exchanges yield applies only to idle balance — if at all.
Is yield guaranteed?
No. APYs are variable, driven by funding rates and lending demand.