Independent Review · Updated September 2026
Backpack Exchange Review
A crypto exchange, self-custody wallet and — since 2026 — a stock broker, with a transparent order book and competitive fees. Here's our honest take, plus referral code pepebrothers for 5% off your trading fees.
pepebrothers
Takes ~3 minutes · Code must be added before identity verification
What is Backpack Exchange?
Backpack is a crypto exchange and self-custody wallet built by the team behind the Backpack wallet and the Mad Lads NFT community. It runs a central-limit order book — the professional, transparent way to match trades — for spot markets and perpetual futures, with an integrated wallet under the same login.
In 2026 it grew well beyond crypto. Backpack Securities lets users buy and hold real stocks alongside tokenized securities, and the exchange launched its own token, BP, which you can stake to reach cheaper fee tiers.
Spot & perpetual futures
Hundreds of spot pairs and perps on a low-latency order book, with a 0% fee on the USDT/USDC pair.
Stocks (Backpack Securities)
Real stocks and tokenized securities, and since September 2026 stock and ETF perps can be used as collateral in one unified margin account.
BP token
Launched in March 2026 with 25% airdropped to users. Staking BP unlocks better fee tiers — down to 0% maker fees.
Self-custody wallet
Your keys, connected to the exchange for smooth moves between DeFi and your trading account.
What's new at Backpack in 2026
| When | What happened |
|---|---|
| March 2026 | BP token launch (TGE): 1 billion supply, 25% distributed to Points holders and Mad Lads holders. |
| June 2026 | Backpack Securities launches: buy and hold real stocks and tokenized securities. |
| July 2026 | 24/7 trading of select real US equities, for international investors. |
| September 2026 | Unified portfolio margining: stock and ETF perps usable as collateral across spot, margin and derivatives. |
Pros & cons
Pros
- Transparent central-limit order book
- Competitive fees, 0% on USDT/USDC
- Proof-of-reserves & strong custody
- Crypto and stocks in one account
- Stake BP for lower fee tiers
- Integrated self-custody wallet
Cons
- Only 21 US states so far (no NY, TX, FL yet)
- Some products differ by region
- Newer than incumbents like Binance
- Not built for total beginners
Fees at a glance
| Market | Maker | Taker |
|---|---|---|
| Spot (standard tier) | 0.08% | 0.10% |
| Perps (standard tier) | 0.02% | 0.05% |
| Best VIP tier | 0% | 0.025% spot · 0.018% perps |
| USDT/USDC | 0% | 0% |
Plus 5% off with referral code pepebrothers. Full breakdown, VIP tiers and examples: Backpack Exchange fees explained.
Backpack referral code: pepebrothers
New accounts can get one discount outside the VIP tiers: a referral code from an affiliate who shares their commission. Ours gives you 5% off trading fees. Type pepebrothers in the “Add referral” field when you sign up — or use our link, which fills it in. It has to be there before identity verification; Backpack can't add it later.
Everything else — where the field is, what to do if the code doesn't work, how the program pays referrers — is in our complete Backpack Exchange referral code guide.
Is Backpack available in the US?
Partly. As of September 2026, Backpack operates in 21 states plus Washington, D.C. and the US Virgin Islands — including California, Illinois, New Jersey and Virginia. New York, Texas and Florida are listed as coming soon. See the full list of US states where Backpack is available.
How Backpack compares
Ready to start trading?
Create your account with Backpack referral code pepebrothers to get 5% off your trading fees. It's free and takes about three minutes.
Sign up & save 5% on fees →Frequently asked questions
Is Backpack Exchange legit?
Yes — it's run by licensed entities, publishes proof-of-reserves and uses institutional-grade custody. Read our full is Backpack Exchange safe? breakdown.
What are the trading fees?
About 0.08% maker / 0.10% taker on spot and 0.02% / 0.05% on perps at the standard tier, falling to 0% maker on top VIP tiers. See Backpack fees.
What is the Backpack referral code?
pepebrothers — enter it in the “Add referral” field at sign-up for 5% off trading fees. Details on the Backpack referral code page.
Is Backpack available in my US state?
It's live in 21 states plus DC and the USVI. Check the Backpack US state list.
How do I sign up?
Follow our step-by-step Backpack sign-up guide. It takes about three minutes.