CIR animation

We compare platforms & may earn a commission. Learn more.

Email Alerts

Backpack vs Liquid

Compare rates, fees, access, and key features side by side.

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...

CIR score3.9
VS
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 ...

CIR score4.2

General

Platform
Backpacklogo
Liquidlogo
Founded
Backpack2022
Liquid2025
Headquarters
BackpackTokyo, Japan
LiquidDelaware, US
Availability
BackpackWorldwide (lending unavailable in US, a few states restricted)
LiquidWorldwide excluding US and Ontario

Fees & Financial

Bonus
Backpack
Liquid10% discount on fees with referral code: CIR
Token
Backpack
Liquid
Compounding
BackpackYes
LiquidNo
Payouts
Backpack
Liquid
Fees
Backpack
Liquid
Lockup
BackpackUnbonding period applies
Liquid4 day minimum
Maker Fee
Backpack0.08
Liquid0.07
Taker Fee
Backpack0.1
Liquid0.045

Cryptocurrency Rates

BTC Rate
Backpack0.03%
Liquid
BTC Max
Backpack
Liquid
ETH Rate
Backpack0.24%
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

Liquid

Review

Pros

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

Cons

  • Yield targets not guaranteed