Backpack (Futures) market summary
Decentralized (DEX). Country British Virgin Islands. Established 2023.
Coverage: 70 active pairs across 70 tradable assets. Liquidity profile: Moderate. Concentration: Diversified. Execution quality: Competitive. Key pairs include BTC/USDC, SOL/USDC, ETH/USDC, BNB/USDC.
Understanding activity and pricing
Volume mix: USDC is the largest tracked quote currency at about 100.0% of measured flow. Trust rank is best read as a positioning cue, and 24h BTC volume complements it with recent activity scale. Coverage describes how many active pairs and tradable assets are available, which influences routing options and price discovery. Concentration tells you if activity is focused on a few markets or distributed across many pairs. Median spread is a practical measure of how tight pricing tends to be on the leading markets. For venue selection, combine breadth, concentration, and spread conditions with the key pairs list to understand where activity really sits.
Editorial note: This analysis was prepared by the YearBull research team under the direction of Alan Zelvin, Founder and Lead Crypto Researcher. The assessment follows YearBull’s internal research methodology and editorial standards. Methodology · Editorial Policy