Centralized Exchanges · Review
ActiveBackpack Review 2026: Exchange, Stocks and Self-Custody Wallet
Backpack combines a centralized crypto exchange, US stock trading and a separate self-custody wallet in one app. Its main draw is cross-collateral margin that earns yield, and its main caveat is custodial and leverage risk.
By the DappsAtlas editorial team · Updated
DappsAtlas score
7.6/10
Good
Our verdict on Backpack
7.6/10Backpack suits active traders who want crypto spot, perps and US stocks in one account, plus a separate self-custody wallet. Its main strength is cross-collateral margin that earns yield on balances and open PnL. The main caveat is risk: the exchange is custodial, uninsured and offers up to 75x leverage, and no audits or full fee schedule appear. Check eligibility in your country and start small.
Score breakdown
How Backpack scores
- Security
- 6.5/10
- Ease of use
- 8.0/10
- Fees
- 5.5/10
- Features
- 8.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Backpack?
Backpack is a financial services platform that merges a crypto exchange, US stock and ETF trading, and a self-custody wallet. Its homepage pitches crypto, US stocks and dollars in one account, with trading available around the clock in 150+ countries.
The exchange offers spot, perpetual futures on crypto and equities, lending and a yield feature on balances. DefiLlama tracks it as a centralized exchange with about $533 million in TVL, and the site claims $518M+ under custody. DefiLlama lists a native token, BP.
Backpack began as a Solana-focused exchange and wallet, and a 2024 article describes growth after launching in 2022. Today DefiLlama lists a large set of supported chains, including Solana, Ethereum, Bitcoin, Hyperliquid and Sui.
The tradeoff is that the exchange account is custodial and offers high leverage. The wallet is self-custodial and kept separate.
How Backpack works
Backpack runs a centralized exchange where users hold an account balance in cash, crypto or stocks. Those assets can act as collateral under a unified portfolio margin system, so one pool of capital supports perp positions or borrowing.
Yield comes from lending. Users who enable Auto Lend make their balances available to borrowers on the platform, and margin and unrealized PnL can earn too. Rates are variable and accrue hourly.
The Backpack Wallet is a separate product. It is self-custodial across 20+ chains, so the user holds the keys and Backpack cannot move the funds. Stocks are offered by Backpack Securities and can be taken on-chain as tokens on Solana.
7 features
Key features
01
Perpetual futures
Trade perps on crypto and equities, long or short, with up to 75x leverage. Margin and PnL earn yield while positions are open.
02
Cross-collateral margin
Cash, crypto and stocks count as collateral. Users can trade perps or borrow against them.
03
US stocks and ETFs
Thousands of US stocks and ETFs sit in the same account as crypto, with zero commission and fractional buying from $1.
04
Tokenized stocks
Stocks can be withdrawn to Solana as tokens for a fee and deposited back. Blockchain network fees apply.
05
Yield on balances
Auto Lend earns variable yield on cash, collateral and unrealized PnL, funded by lending to borrowers on the platform.
06
Backpack Wallet
A separate self-custodial wallet covering 20+ chains, with Ledger, Trezor and Keystone hardware support.
07
Reserves, VIP and API
The site links a Proof of Reserves page, a VIP program with lower fees, an API and an affiliate program.
Pros and cons
What we like
- One account covers crypto, perps, US stocks and ETFs, with cross-collateral margin.
- A self-custodial wallet is built in, with 20+ chains and hardware wallet support.
- Yield is offered on cash, collateral and unrealized PnL, with the source stated as lending.
- A Proof of Reserves page and an API are linked from the site.
- Funding options include wire, debit card and crypto deposits from 10+ networks.
- The disclosures are clear about risks, such as non-insurance, variable yield and liquidation.
Watch out for
- Perpetual futures with up to 75x leverage carry a high risk of liquidation and loss of all collateral.
- DefiLlama lists no audits for the platform, and the exchange side is custodial, so users rely on the company.
- Balances are not bank deposits and are not insured by any deposit insurance program.
- Stocks are offered through Backpack Securities only in eligible jurisdictions, and product availability varies by region.
- Yield is variable, comes from lending to borrowers on the platform, and is not guaranteed.
- Licensing and regulatory details are not given publicly, so readers must check the User Agreement.
Backpack fees
Backpack advertises zero commission on stocks, but says quoted prices may include a spread. Withdrawing tokenized stocks to Solana costs a fee, and blockchain network fees apply. A VIP Program offers lower fees, though tiers are not given publicly.
USD wires have a $100 minimum and the user's bank may charge extra. Trading fee schedules for crypto spot and perps are not published publicly. Users would see them in the exchange fee pages or VIP Program section after signing up.
Is Backpack safe?
The exchange side is custodial, so users face counterparty risk. Backpack states it is not a bank, and balances are not insured by a government deposit insurance program. DefiLlama lists no audits. The site links a Proof of Reserves page, but its contents are not public.
The Backpack Wallet is described as fully self-custodial. Users alone hold the keys and Backpack cannot recover the phrase, reverse transactions or freeze accounts. Wrong-network or wrong-address transfers may not be recoverable.
Regulatory status and licenses are not detailed publicly. The company says geographic, regulatory and eligibility restrictions apply and may change, and stocks are available only in eligible jurisdictions. Perpetual futures can lead to loss of your entire collateral, so size positions with care.
6 steps
How to get started with Backpack
- 1
Check that Backpack and its stock offering are available in your country, and read the User Agreement.
- 2
Sign up on the website or the iPhone, Android or browser app and complete any identity checks it asks for.
- 3
Fund the account by USD wire, debit card or a crypto deposit, using only supported networks and native assets.
- 4
Decide whether to turn on Auto Lend to earn variable yield on available balances.
- 5
Start with spot or small stock purchases before using leverage on perps.
- 6
Optionally install the separate Backpack Wallet and store the recovery phrase offline.
Who Backpack is for
Backpack fits crypto traders who want perps, spot and stocks in one margin account. It also suits Solana users who want an exchange next to a self-custody wallet. It is not suited to anyone seeking insured deposits or low-risk products.
Backpack FAQs
What is Backpack?
Backpack is a financial services platform that combines a crypto exchange, perpetual futures, US stocks and ETFs, and a self-custodial wallet. It describes itself as a stock broker, crypto exchange and wallet in one account.
Is Backpack custodial or self-custody?
The exchange account is custodial, meaning Backpack holds the assets. The Backpack Wallet is separate and fully self-custodial, so only the user holds the keys and Backpack cannot recover, reverse or freeze anything in it.
How much leverage does Backpack offer?
The homepage says Backpack offers up to 75x leverage on perps, and that availability, maximum leverage and eligibility vary by market and region. Perpetual futures carry a high risk of loss, including loss of your entire collateral.
How does Backpack earn yield?
The homepage advertises yield of up to 6.8% on USD balances. Yield comes from lending to borrowers on Backpack and, where applicable, native staking and rewards. Rates are variable, accrue hourly and are not guaranteed.
Can I trade US stocks on Backpack?
Backpack says stocks are offered by Backpack Securities and available only in eligible jurisdictions. The homepage says it supports thousands of US stocks and ETFs with zero commission, though quoted prices may include a spread.
How do deposits and withdrawals work?
USD wire transfers have a $100 minimum and take 1 to 5 business days, and the user's bank may charge fees. The homepage also lists debit card funding and crypto deposits from 10+ networks.
Does Backpack have a token?
Backpack lists a token called BP in its DefiLlama data and links a BP Token page in its footer. The project does not give supply or distribution details.
Compare
Backpack alternatives
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
Robinhood is a US brokerage app offering commission-free stocks, options, futures and custodial crypto trading for retail investors.
Gate is a centralized crypto exchange founded in 2013 offering spot, futures, stocks and earn products for traders who want one multi-asset account.
Bitget is a centralized exchange for crypto spot and futures that also offers tokenized stocks, commodities and forex in one account, for active traders.
Deribit is a centralized crypto derivatives exchange known for Bitcoin and Ethereum options, plus futures, perpetuals and spot, aimed at active and institutiona
HTX, formerly Huobi Global, is a centralized crypto exchange offering spot, margin and futures trading on 600+ assets for active traders.
Same category
More Centralized Exchanges
Bitvavo is an Amsterdam-based, MiCA-authorized crypto exchange offering 400+ assets, euro deposits, staking and leverage trading for European users.
Crypto.com is a centralized crypto exchange and app for buying, trading and spending 400+ coins, with a Visa card, staking and a separate self-custody wallet.
Coinsquare is a CIRO-registered Canadian crypto exchange with 60+ coins, staking and a wealth service, now described as part of Robinhood.
SwissBorg is a MiCA-regulated European crypto app that aggregates exchanges for trading, with Auto-Invest, Earn and a BORG loyalty token.
Phemex is a centralized crypto exchange offering spot, futures up to 150X, copy trading, bots and earn products for retail and active traders.
NBX is a Norwegian, MiCA-authorized centralized crypto exchange listed on Euronext Growth Oslo, built for Nordic users trading in kroner.
Same chain
More on Solana
Lido is a liquid staking protocol where users stake ETH and receive stETH, a reward-earning token usable across DeFi, governed by LDO holders.
LayerZero V2 is a cross-chain messaging protocol and bridge infrastructure for developers and asset issuers, connecting dozens of blockchains.
Jito Liquid Staking lets Solana users stake SOL for JitoSOL, a liquid token that accrues staking and MEV rewards.
Marinade is a Solana staking protocol offering native and liquid staking (mSOL) via an auction where validators bid for delegated SOL.
Across is an intent-based cross-chain bridge and swap protocol for moving tokens between Ethereum, rollups and other chains, with an API for apps.
Sablier Lockup is an audited onchain protocol for token vesting, payroll, grants and airdrops, aimed at DAOs and businesses across many chains.
Guides
Guides that mention Backpack
Blockchain
How to Start Using Solana DeFi dApps and Wallets in 2026Solana offers low fees and fast transactions, which makes it a practical place to learn DeFi. This guide covers wallet setup, funding, safe connections, and a first few low-risk steps.
Memecoin
Best Meme Token Launchpads in Crypto (2026 Guide)Meme token launchpads let anyone create and trade a token in minutes, but they differ sharply in chain, fees, graduation rules and safety tooling. This guide compares the main platforms and explains how to judge any new one.
NFT
Best PFP NFT Avatars in 2026: Top Collections ComparedPFP NFTs are profile-picture collections that double as membership badges. This guide covers the collections that have lasted, how to judge them yourself, and where to trade them without getting burned.
DeFi
Crypto Prediction Markets Explained: How They Work in 2026Prediction markets let people trade contracts that pay out on real-world outcomes, and crypto versions settle in stablecoins on public blockchains. This guide covers how they work, what they cost, and where the real risks sit.
DeFi
Crypto Staking for Beginners: Top Opportunities and How to StartStaking lets you earn rewards for helping secure a proof-of-stake network, but the route you choose decides your risk. This guide compares native, liquid and exchange staking, names the main protocols on Ethereum and Solana, and walks through a careful first stake.
DeFi
DeFi Prediction Markets Guide: How Limitless on Base WorksPrediction markets let you trade on whether an event will happen, with prices that read as probabilities. This guide explains how they work on-chain, what Limitless on Base offers, and the risks to weigh first.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.