Backpack vs dYdX Comparison
| 0.02% maker / 0.05% taker | Fees | 0.05% taker / 0.01% maker |
Backpack
vs
dYdXWinner
Pros & Cons
Pros
- MiCA authorisation for the European entity, passported across the EU
- Perpetuals for EU clients through an entity under MiFID II supervision
- A named European supervisory counterparty
- Clean, approachable interface
- 200+ markets in the global offering
Cons
- EU clients limited to roughly 40 pairs and 10x leverage
- Fees above the fee-free competitors
- Not a pure DEX — execution runs on operator-run order-book infrastructure
- Account with identity verification required
Pros
- Fully decentralised order book — matching runs through validators
- Purpose-built Cosmos chain rather than a rollup dependency
- Long operating history and mature market structure
- 200+ markets
- Low network fees
Cons
- Market share has fallen sharply as liquidity moved to newer venues
- Thinner books and higher slippage in secondary markets
- No EU authorisation
- Support runs through community channels
Score Comparison
4.6Usability4.2
4.0Features4.2
4.2Fees4.2
4.2Stability4.5
4.0Support3.6
Features
- One of the few perpetual venues with EU authorisation
- MiCA CASP since May 2026
- Perpetuals for EU clients since September 2025
- Solana-native infrastructure
- Decentralised matching at validator level
- Purpose-built Cosmos chain
- Established name in derivatives
- 200+ perpetual markets
Details
BackpackdYdX
| Backpack Exchange (Coral) | Company | dYdX Trading Inc. |
| United Arab Emirates | Headquarters | United States |