Backpack vs Hyperliquid Comparison
| 0.02% maker / 0.05% taker | Fees | 0.015% maker / 0.045% taker |
Backpack
vs
HyperliquidWinner
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
- Order book held fully on-chain on a purpose-built layer 1
- CEX-level fees from 0.015% maker / 0.045% taker
- No network fees on trades
- 170+ perpetual markets with order types including TWAP
- Self-custody, no mandatory KYC
Cons
- No EU authorisation and no regulated counterparty
- Support runs through community channels only
- Leverage is capped tightly on smaller markets — headline figures apply to major markets only
- Tax reporting rests entirely with the user
Score Comparison
4.6Usability4.8
4.0Features4.8
4.2Fees4.7
4.2Stability4.6
4.0Support3.8
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
- Largest perpetual DEX by trading volume
- Purpose-built layer 1 rather than a rollup dependency
- Fee discount through HYPE staking
- TWAP orders available to retail users
Details
BackpackHyperliquid
| Backpack Exchange (Coral) | Company | Hyperliquid Labs |
| United Arab Emirates | Headquarters | United States |