Backpack Exchange Launches Futures Contracts in 2025

Backpack Exchange is a regulated platform that offers a comprehensive suite of trading features while serving as a gateway to the Web3 ecosystem. The platform provides low fees and includes everything traders need in one place without compromising security. Its best features and products are the Backpack Wallet, Backpack Lending & Borrowing, and Backpack xNFT Integration. These products provide a well-rounded experience for users who want to trade spot, futures, and perpetual contracts or simply manage their cryptocurrencies in a secure wallet.

Backpack Exchange was incorporated in April 2022 and initially started with the spot market but later rolled out futures contracts in early 2025. The platform was founded by Armani Ferrante, a Solana developer, who launched the self-custodial Backpack Wallet before expanding to the exchange. Despite losing $14.5 million (88% of its corporate treasury) on FTX in 2022, Backpack continued building and incorporated Backpack Exchange in March 2023. The Mad Lads NFT collection launched on Solana in April of the same year.

The Backpack Wallet is an all-in-one self-custodial crypto wallet that allows users to hold, trade, and manage non-fungible tokens (NFTs) and access decentralized finance (DeFi) applications. The wallet supports multiple chains, including Solana, Ethereum, Optimism, Eclipse, Monad, and Polygon. One of the key security features of the wallet is Backpack’s integration of xNFTs—programmable, non-fungible tokens that integrate directly into its wallet for convenient access to apps and content. This allows users to reduce the number of third-party apps connected to their wallets and minimize security risks.

Backpack Lend allows users to lend their assets to other traders to earn yield or borrow against their collateral without bridging between networks. The cross-margining feature allows users to earn yield on collateral and realized trading profits, even when they are not actively trading. The auto-lend feature enables the automatic lending of all available assets in a subaccount into the lending pool to generate yield by default. Backpack’s Lending system is integrated into the exchange to remove the friction of managing different accounts, and users can toggle this feature on and off at any time.

Backpack NFTs support executable non-fungible tokens (xNFTs), a new token standard on Solana that goes beyond ownership of digital images to grant users rights over interactive, executable code. Unlike traditional NFTs, which are static and dependent on third-party marketplaces, xNFTs function as applications within the Backpack ecosystem. This integration allows users to seamlessly interact with decentralized applications (dApps) and token-gated content directly inside the Backpack wallet. Backpack has a set of permissionless developer frameworks and APIs that allow anyone to build their own xNFT apps for any protocol on any blockchain.

The trading fees on the Backpack Exchange are charged according to the traders’ tier level, which is determined by their 30-day trading volume. The higher the trading volume, the lower the fees. For spot trading, the standard fees are 0.08% for makers and 0.10% for takers. For futures trading, the standard fees are 0.02% for makers and 0.05% for takers. Additionally, there are higher tier levels, and the USDT/USDC trading pair on Backpack is subject to a 0% fee, which means that trades on this pair do not count toward the 30-day volume requirements for fee tier upgrades. Backpack Exchange does not charge deposit fees, but withdrawal fees vary depending on the cryptocurrency.

To open a new account to buy and sell crypto on Backpack Exchange, users need to create an account through the platform’s official website or mobile app, fill in the required information on the registration page, and complete KYC verification to use Backpack’s products and services. The process involves downloading the Backpack App, verifying the account, completing KYC, depositing crypto, and starting trading. Users can trade on the spot or futures market, depending on the contract they want to invest in, and place orders using market, limit, or conditional orders.

Backpack Exchange is considered safe for cryptocurrency trading due to its robust security measures. The platform implements advanced security protocols, including two-factor authentication (2FA), cold storage for the majority of user funds, and routine security audits. It also has an innovative scam detection system that alerts users before interacting with potentially malicious websites. Users can add an extra layer of protection to their Backpack accounts by connecting hardware wallets for enhanced cold-storage security and using the NFT locking feature to protect their collectibles from unauthorized transactions.

Backpack Exchange offers a comprehensive suite of trading features and products, making it a competitive platform in the crypto exchange market. Its approach to futures trading and wallet-based lending and integrated DeFi features make it a strong contender among other platforms. The platform’s focus on security and user experience, along with its innovative features, positions it as a reliable option for traders looking to enter the Web3 ecosystem.