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Liquid vs Backpack

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

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
VS
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

General

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

Fees & Financial

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

Cryptocurrency Rates

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

Liquid

Review

Pros

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

Cons

  • Yield targets not guaranteed

Backpack

Review

Pros

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

Cons

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