Backpack vs MetaMask Comparison
| 0.02% maker / 0.05% taker | Fees | Depends on integrated perp provider (avg 0.02–0.06%) |
Cost comparison
The basis is a Bitcoin purchase worth €1,000, including all fees and spreads.
| 0.02% maker / 0.05% taker | Fees | Depends on integrated perp provider (avg 0.02–0.06%) |
Pros & Cons
- 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
- 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
- Perpetual trading without leaving the MetaMask wallet
- Execution through the Hyperliquid order book
- Fee openly disclosed, no hidden spread
- One-click funding from various EVM chains
- Self-custody, no KYC
- 0.1% builder fee on top of the executing order book's own fee
- Trading directly on Hyperliquid is noticeably cheaper
- No EU authorisation
- Blocked in several countries including the US and the UK
Score Comparison
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
- Out of beta since April 2026
- One-click funding from any EVM chain
- Transparently disclosed additional fee
- Leverage up to 50x
The five areas head to head
AI AnalysisFees & Costs
Standard fees are 0.02% for makers and 0.05% for takers, roughly the market average. At high volume, taker fees can be reduced further through limit orders. Against the fee-free competitors in this segment that is the more expensive route — set against a regulated framework. As of August 2026.
On top of the executing order book's fee — 0.015% maker and 0.045% taker at entry tier — sits a builder fee of 0.1% that MetaMask discloses openly. No additional swap markup applies on deposit. In total the wallet route is considerably more expensive than trading directly on the order book. As of August 2026.
Usability & User Experience
The interface is among the most approachable in the segment and navigable even without long futures experience. Unlike the pure on-chain competitors, an account with identity verification is required. As of August 2026.
The main advantage is skipping account opening and bridge transfers: existing MetaMask users can start without registration. The perpetuals interface is deliberately leaner than a full futures terminal, which eases entry but limits advanced functionality. As of August 2026.
Features & Offering
Globally the offering spans more than 200 markets at up to 50x leverage. EU clients operate under a separate, tighter frame: roughly 40 perpetual pairs and up to 10x leverage, offered through a European entity under MiFID II supervision. Reduce-only orders are available alongside standard order types. As of August 2026.
Trading runs from the MetaMask interface and is executed through Hyperliquid. Positions can be funded in one click from various EVM chains. Alongside market, limit, stop-loss and take-profit orders, partial position closes are possible, and leverage reaches 50x. As of August 2026.
Details
| Backpack Exchange (Coral) | Company | Consensys + integrated partners |
| United Arab Emirates | Headquarters | United States |
Verdict
In our overall rating MetaMask leads with 4.7 against 2.9 for Backpack.
For most investors MetaMask is therefore the better choice.
Backpack sits apart in this comparison because the question is not whether you accept a regulatory gap. Its European entity obtained a MiCA CASP licence and a payment institution licence from the Latvian central bank in May 2026, both passported across the EU and EEA. Perpetuals themselves fall outside MiCA — a separate European entity under MiFID II supervision covers them.
The price of that protection is a much tighter frame: EU clients trade roughly 40 pairs at up to 10x leverage, against up to 50x globally. Fees of 0.02% maker and 0.05% taker sit around the market average and above the fee-free competitors.
For EU-based traders this is a different proposition from the rest of the field: less leverage, fewer markets, higher fees — but a regulated framework and a named supervisory counterparty. For anyone unwilling to trade perpetuals entirely outside European supervision, it is one of the few available routes.
MetaMask brought perpetual trading into its own wallet and took it out of beta in April 2026. Execution is not handled by MetaMask but by Hyperliquid in the background, so users trade on the largest perpetual order book without leaving the wallet and without a separate account.
Convenience carries a clearly stated price: MetaMask charges an openly disclosed builder fee of 0.1% on top of Hyperliquid's own fee, which starts at 0.015% maker and 0.045% taker. Trading directly on Hyperliquid is therefore markedly cheaper — what you give up is one-click access from inside the wallet.
Access is blocked in the US, the UK, Ontario and Belgium. The platform holds no EU authorisation; perpetuals sit outside MiCA in any case, and tax reporting rests entirely with the user. The route makes sense for users already working inside MetaMask who value convenience over the last few basis points.