Introduction
Backpack and Bybit EU both hold a MiCA licence, but the similarity ends there. Backpack holds a MiFID II licence on top, which lets it offer perpetuals to European customers; Bybit's European entity may not while that application is pending. Data as at August 2026.
Which one for whom?
| Topic | Better | Why |
|---|---|---|
| Costs | Backpack | 0.08% / 0.10% against 0.10% / 0.25%. |
| Spread | Backpack | $0.10 measured on BTC perps. Bybit EU has no perpetuals, so that market does not exist there. |
| Safety and supervision | Backpack | Not a single filing against eight decisions in six countries. |
| Products | Backpack | Spot, perpetuals and real equities against spot and spot margin only. |
| Yield on collateral | Backpack | Auto-lend pays ~3.87% to ~6.87% while the money stays in place as collateral; Bybit's Earn is separate from it. |
| Ease of use | Bybit EU | Lite mode, a free demo account, 24/7 chat and a Dutch-language help centre against English-only with only email and Discord. |
Bybit if you want to trade in euros and spot is enough. Backpack if you want perps inside an EU-licensed venue, or if your collateral has to keep earning. Note: Backpack quotes in USD only, so there is a conversion step.
Head to head
| Backpack | Bybit EU | |
|---|---|---|
| Licences | MiCA (Latvijas Banka) + MiFID II (CySEC 273/15) | MiCA (FMA Austria, 28 May 2025) |
| Entity | Trek Technologies SIA (LV) · Trek Labs Europe Ltd (CY) | Bybit EU GmbH (AT) |
| Operating since | 2023 | 2018 (group) |
| Spot fees (entry tier, maker/taker) | 0.08% / 0.10% | 0.10% / 0.25% |
| Perpetuals | Yes — 0.02% / 0.05% entry tier | No in the EU entity, while the MiFID II application is pending |
| Currencies | USD pairs only | EUR and USD |
| Capital efficiency | Collateral earns interest while it serves as margin (auto-lend) | Earn, but not on collateral |
| Proof of reserves | Daily | Monthly |
| Hack and loss history | None | $1.46bn theft at group level in February 2025, customers compensated |
| Enforcement history | No enforcement record | 8 decisions in 6 countries |
| Exchange score | 8.8 / 10 | 6.0 / 10 |
How the scores are built
Backpack scores 8.8 / 10, Bybit EU scores 6.0 / 10. Supervision and safety of funds together account for half the score; the rest sits in products, costs and yield. The full weighting is set out in our methodology.
Costs
On the entry tier Backpack is cheaper: 0.08%/0.10% against 0.10%/0.25%. The difference sits mainly in the taker fee, and that is exactly the side most retail orders land on. Bybit's VIP discounts also run on broader criteria rather than volume alone, which makes them harder to drop into.
Spread
On BTC perpetuals we measured a spread of $0.10 at Backpack. At Bybit EU that measurement cannot be made: the Austrian entity offers no perpetuals, only spot and spot margin. So there is no fair comparison on this point as long as that remains the case. We have not measured Bybit EU's spot spread, and we do not publish figures we have not checked ourselves. What we do measure is in our spread measurement.
Safety and supervision
Both are MiCA-licensed, so both operate legally across the EEA. The difference is MiFID II: that second licence is needed for derivatives, and Backpack holds it via Cyprus. Their enforcement records diverge — Bybit has eight filings in six countries, including a fine of €2.25 million from the Dutch central bank and three Japanese warnings. Backpack has none.
Products
Backpack offers spot, perpetuals and real equities. Bybit EU offers only spot and spot margin within its European entity, while its MiFID II application is pending. For anyone who just buys and holds that changes nothing; for anyone who wants to hedge or short it is the whole difference.
Yield on collateral
Bybit EU has Earn, but that is separate from your collateral: money that earns yield does not cover a position. At Backpack the same money counts twice — through auto-lend it earns interest while it serves as margin, across 18 assets, roughly 3.87% base and up to around 6.87% for the highest tier. On a balance of €10,000 that is the difference between nothing and a few hundred euros a year. Caveat: lent-out collateral can only be withdrawn while the lending pool allows it. Check the numbers with the yield-on-collateral comparison.
Ease of use
Bybit EU is clearly the more accessible of the two. It has its own EU app, a Lite mode for beginners, a free demo account for spot, 24/7 live chat and a Dutch-language help centre. The order types are broad: market, limit, conditional, post-only, TP/SL, trailing stop, iceberg, TWAP, scaled and OCO. Backpack is English-only, has no demo environment, and offers only email and Discord on its EU page. Both require a mandatory knowledge test as soon as derivatives are involved. Both have REST and WebSocket; neither documents FIX.
Frequently asked questions
May Bybit offer perpetuals in Europe?
The European entity Bybit EU GmbH holds a MiCA licence but not yet a MiFID II licence. Perpetuals are derivatives and fall under MiFID II, so Bybit cannot offer them within the EU entity while that application is pending.
Why does Backpack score higher?
The score weighs regulation, safety of funds, products, costs and yield. Backpack scores on all five: two licences, daily proof of reserves, spot plus perps plus equities, low entry fees and interest on collateral. The full build-up is set out in the methodology.
Can I trade in euros at Backpack?
No. Backpack quotes in USD. You deposit euros and convert; that step costs money and belongs in your cost calculation.
What does 'collateral that works twice' mean?
In a unified cross-margin account with auto-lend, your deposited funds keep earning interest in the lending pool while counting as margin for your open positions at the same time. So you earn interest and trade with the same money. The caveat: withdrawal is only possible while utilisation of that lending pool allows it.