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Backpack

Backpack

Backpack Exchange, is a fully regulated cryptocurrency exchange built by the team behind the Solana-native Backpack Wallet and the Mad Lads NFT collec...

Liquid

Liquid

Liquid is a non-custodial trading and yield platform launched in 2025. While best known for its high-leverage trading, it also offers a Vault product ...

VS

General

Platform
Backpack logo
Liquid logo
Founded
Backpack 2022
Liquid 2025
Headquarters
Backpack Tokyo, Japan
Liquid Delaware, US
Availability
Backpack Worldwide (lending unavailable in US, a few states restricted)
Liquid Worldwide excluding US and Ontario

Fees & Financial

Bonus
Backpack
Liquid 10% discount on fees with referral code: CIR
Token
Backpack
Liquid
Compounding
Backpack Yes
Liquid No
Payouts
Backpack
Liquid
Fees
Backpack
Liquid
Lockup
Backpack Unbonding period applies
Liquid 4 day minimum
Maker Fee
Backpack 0.08
Liquid 0.07
Taker Fee
Backpack 0.1
Liquid 0.045

Cryptocurrency Rates

BTC Rate
Backpack 0.03%
Liquid
BTC Max
Backpack
Liquid
ETH Rate
Backpack 0.24%
Liquid
ETH Max
Backpack
Liquid
Stablecoin Rate
Backpack
Liquid

Backpack

Review →

Pros

  • Fully regulated in multiple jurisdictions
  • Solana-native with strong ecosystem

Cons

  • Lending rates are dynamic and can be low
  • Newer platform

Pros

  • Non-custodial with automated vault strategies
  • Targets 10%+ APY on USDC

Cons

  • New platform launched 2025
  • Yield targets not guaranteed