Backpack vs Kwenta Comparison
| 0.02% maker / 0.05% taker | Fees | 0.25% - 0.3% |
BackpackWinner
vs
Kwenta
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
- Access to synthetic perpetuals from the Synthetix ecosystem
- More than 40 tracked assets
- Existing trading functionality retained during the transition
- Low network fees on Optimism
Cons
- No longer a standalone project — acquired by Synthetix
- The native token is set to cease to exist
- Fees of 0.25% to 0.3% per trade, far above the segment norm
- Not a sensible candidate for a fresh start
- No EU authorisation
Score Comparison
4.6Usability3.8
4.0Features3.5
4.2Fees3.0
4.2Stability3.6
4.0Support3.2
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
- Acquisition by Synthetix
- Token wind-down announced
- Synthetic perpetuals on Optimism
- Trading still possible during the transition
Details
BackpackKwenta
| Backpack Exchange (Coral) | Company | Synthetix (acquired Kwenta) |
| United Arab Emirates | Headquarters | Decentralised, no registered office |