Overview
Backpack is a crypto exchange aimed at professional traders and institutions, with a focus on regulation and capital efficiency. Through Backpack EU the platform serves all 27 EU member states with MiCA, MiFID II and Payment Institution licences. Products span spot crypto, perpetuals and tokenised stocks (real shares).
Licences and regulation
- MiCA: Bank of Latvia (FCMC)
- MiFID II: Cyprus (CySEC)
- Payment Institution (PSD2/EMI): Bank of Latvia (FCMC)
- Passporting: active in all 27 EU member states
- DNB fine: none — clean track record
Products
| Product | Status | Details |
|---|---|---|
| Spot crypto | Live | Under MiCA |
| Crypto perpetuals | Live | True perpetuals (no expiry), under MiFID II |
| Tokenised stocks | Live (beta) | Real shares under NY UCC Article 8, 1,000+ stocks |
| SEPA fiat rails | Live | Direct EUR in/out under PSD2 |
| Prediction markets | Coming | Beta live |
Fees and tiers
- Spot: 0% maker, 0.02% taker (top VIP)
- Perpetuals: −0.005% maker (rebate), 0.02% taker (top VIP)
- Stocks: 0.02% taker
- Fee holiday: new market makers receive the MM5 tier for the first month
Yield and capital efficiency
- Yield on collateral: yes — USDC + 17 other assets
- Base APY: ~3.87% · Max APY (VIP): ~6.87%
- SOL staking on collateral: yes · Yield on unrealized PnL: yes
- Cross collateral: multi-asset (19 assets, including real stocks MU and SPCX)
- Unified wallet: yes — spot, perps, stocks and margin in one account
Proof of Reserves
- Frequency: daily public ZK proofs (internal: every 10 minutes)
- Technology: Plonky2 recursive ZK proofs (PoRv2)
- Coverage: all assets, including margin and unrealized PnL
- Monitoring: OtterSec · Open source: yes
Track record
No DNB fines, no known incidents. Founded 2023 (US/CA operators).
Pros / cons
Pros: all three EU licences; real shares under NY UCC Article 8; highest yield optimisation (base 3.87%, VIP 6.87%); daily ZK Proof of Reserves; unified wallet; clean regulatory record; instant settlement 90% of the time.
Cons: relatively new (2023); smaller stock range than Binance (7,000+); no dedicated Dutch-language interface; lower brand awareness than legacy venues.
Best suited for
Active derivatives traders, investors wanting real on-chain shares, EU traders combining regulation with yield, institutions and market makers.
Frequently asked questions
Is Backpack available in the Netherlands?
Yes, under MiCA passporting.
Can I use SEPA?
Yes, under its own Payment Institution licence.