Backpack vs Vertex Protocol Comparison
| 0.02% maker / 0.05% taker | Fees | 0.02% maker / 0.05% taker |
Backpack
vs
Vertex Protocol
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
- Cross-margin across spot and perpetual positions
- Competitive fees of roughly 0.02% maker / 0.05% taker
- Migration onto a Kraken-incubated layer 2
- Product direction retained according to the provider
Cons
- Existing network deployments are being deprecated
- The VRTX token is being wound down
- Migration not complete at the time of review
- Considerably lower liquidity than the market leaders
- No EU authorisation
Score Comparison
4.6Usability3.9
4.0Features3.6
4.2Fees4.0
4.2Stability3.0
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
- Rebuild onto the Ink layer 2 underway
- Cross-margin model
- Existing EVM deployments deprecated
- Token wind-down announced
Details
BackpackVertex Protocol
| Backpack Exchange (Coral) | Company | Vertex Protocol |
| United Arab Emirates | Headquarters | USA |