Key Takeaways
- Three ways to trade: Backpack supports spot trading, perpetual futures, and grid trading, all accessible from one unified account without internal transfers.
- One account, full capital efficiency: All eligible assets are automatically accepted as collateral across spot margin, futures, lending, and borrowing.
- Your idle assets earn yield: Turn on Auto Lend and your deposited assets enter the lending pool while remaining fully available as collateral.
- Profits settle every 10 seconds: Gains are available to withdraw or redeploy without closing your position.
- Transparent by design: Proof of reserves is published daily using zero-knowledge proofs. Interest rate models are publicly accessible on the platform.
What Can You Trade on Backpack?
Backpack supports three types of trading: spot, perpetual futures, and grid trading.
Spot trading is the most straightforward. You buy and sell crypto directly, including BTC, ETH, SOL, and other assets, at the current market price. You own the underlying asset. There is no leverage unless you choose to use it.
Perpetual futures let you trade with leverage on major crypto assets. Perpetuals have no expiry date, so you can hold a position as long as you want. Backpack settles funding every hour instead of the standard 8-hour cycle used by most exchanges, meaning you collect or pay funding 24 times a day.
Grid trading automates a buy-low-sell-high strategy within a price range you define. Once configured, it runs without manual monitoring. It is built directly into the main exchange interface, no third-party tools required.
How Does the Backpack Account System Work?
Every product on Backpack runs through a single unified account. Your assets, including BTC, ETH, SOL, USDC, and others, are automatically accepted as collateral across spot margin, futures, lending, and borrowing. No internal transfers needed.
If you want to isolate risk, you can create subaccounts. Each subaccount keeps its margin and risk fully separate from the others. Switching between them takes one click.
On most exchanges, you manage separate wallets for spot, futures, and margin and move funds manually between them. Backpack removes that friction entirely.
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What Is Auto Lend on Backpack?
Turn on Auto Lend and your deposited assets enter Backpack's peer-to-peer lending pool, earning interest automatically. Those assets remain fully margin-eligible at the same time.
In practice, you can lend your SOL, collect the lending rate, and use that same SOL as collateral to hold a futures position simultaneously. You can toggle Auto Lend on or off at any time within each subaccount
How Does Auto Realize PnL Work?
On most exchanges, unrealized profit stays locked until you close a position. Backpack settles PnL automatically every 10 seconds.
Your gains are available to withdraw or redeploy without closing the trade. Unrealized PnL counts toward your account equity and earns or pays interest continuously, whether your position is open or not.
Transparency and Security
Backpack publishes proof of reserves daily using zero-knowledge proofs, verified by OtterSec. You can confirm the exchange holds what it claims to hold, in real time.
Interest rate models are public and accessible directly on the platform, so you can see exactly how your yield is calculated.
Get Started on Backpack
Create an account at Backpack Exchange, complete identity verification, and deposit funds via crypto or USD wire transfer.
Learn more about Backpack
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Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.
