Backpack Launches TradFi Perpetuals and Equity Collateral

This is a product and listing announcement. Products and services may not be available in all regions.

Backpack is expanding its TradFi markets with two new capabilities: 24/7 perpetual futures on stocks and ETFs, and real equities as collateral.

At launch, MU-PERP, SNDK-PERP, SPY-PERP, and QQQ-PERP are now live for perpetual trading. Micron and SanDisk shares held on Backpack are also now supported as collateral within Backpack's unified, cross-asset portfolio margin.

• Stock & ETF perpetuals: Trade perpetual futures on leading US stocks and ETFs 24/7, with USD yield on your PnL.
• Real equities as collateral: Use eligible stock holdings as collateral across Backpack's unified portfolio margin.
• One portfolio, more possibilities: Borrow USD, trade futures, or trade spot on margin against your stock holdings.

Stock & ETF Perpetuals

Backpack has launched four new perpetual futures markets, extending perpetual trading beyond crypto to stocks and ETFs.

Real Equities as Collateral

Stocks held on Backpack are real US equities, with each holding representing a security entitlement to the underlying shares.

With this launch, Micron and SanDisk shares can now also be used as collateral within Backpack's unified, cross-asset portfolio margin.

Users can:

• Trade perpetual futures using eligible stock holdings as collateral
• Borrow USD against their stock holdings
• Trade spot on margin against their stock holdings

This brings equities into the same portfolio-margin system already used across other supported assets and instruments on Backpack.

About the Underlying Assets

Micron Technology (MU)

Micron Technology (NASDAQ: MU) is one of the world's largest semiconductor companies, specializing in memory and storage solutions including DRAM, NAND flash, and high-bandwidth memory (HBM). Micron's products power data centers, AI infrastructure, mobile devices, and automotive systems, making the company a key supplier in the global AI and cloud computing buildout.

SanDisk (SNDK)

SanDisk (NASDAQ: SNDK) is a leading developer of NAND flash memory and data storage solutions. Following its separation from Western Digital in 2025, SanDisk operates as an independent company producing solid-state drives, embedded flash storage, and memory products for consumer devices, enterprise systems, and AI data infrastructure.

SPDR S&P 500 ETF Trust (SPY)

SPY (SPDR S&P 500 ETF Trust) is the world's most heavily traded exchange-traded fund and the first ETF listed in the US, tracking the S&P 500 Index of 500 leading US companies. SPY offers broad exposure to the US equity market in a single instrument and serves as a global benchmark for US large-cap stock performance.

Invesco QQQ Trust (QQQ)

QQQ (Invesco QQQ Trust) is one of the most actively traded ETFs in the world, tracking the Nasdaq-100 Index of the 100 largest non-financial companies listed on the Nasdaq. QQQ is widely used as a benchmark for large-cap technology and growth stocks, with top holdings spanning the leading names in AI, software, and semiconductors.

Important Notes

• MU-PERP, SNDK-PERP, SPY-PERP, and QQQ-PERP are perpetual futures markets and do not represent spot ownership, shareholder rights, or dividend entitlements in the underlying stocks or ETFs.
• Product and service availability may vary by region and supported market.

Disclaimer: This announcement is provided for informational purposes only and does not constitute financial advice, investment advice, or an endorsement of any listed asset by Backpack. Perpetual trading involves significant risk, including market volatility, leverage risk, and potential liquidation.