Introduction
Kraken has existed since 2011 and in those fifteen years has had no major loss of customer funds. Backpack is young, but charges entry fees that are a fraction of Kraken's and publishes daily proof of reserves. Data as at August 2026.
Which one for whom?
| Topic | Better | Why |
|---|---|---|
| Costs | Backpack | 0.08% / 0.10% against 0.40% / 0.80% — a factor of five on the entry tier. |
| Spread | Backpack | $0.10 against ~$1.00 on BTC perpetuals. Both measured. |
| Safety and supervision | Backpack | Zero filings against six decisions in three countries. |
| Products | Draw | Both spot and perpetuals. Kraken has equity CFDs, Backpack real equities. |
| Yield on collateral | Backpack | ~3.87% to ~6.87% on collateral; at Kraken the futures wallet sits idle. |
| Ease of use | Kraken Pro | 28 languages, 24/7 chat and phone, verification in 45 minutes against English-only and up to seven days. |
Kraken Pro if a long track record and euro pairs weigh more heavily than the rate. Backpack if you steer on costs, want daily proof of reserves or need interest on your collateral. Run your own volume through the comparison tool — at high volumes Kraken's rates come down sharply.
Head to head
| Kraken Pro | Backpack | |
|---|---|---|
| Licences | MiCA (CBI Ireland) + MiFID II (CySEC) | MiCA (Latvijas Banka) + MiFID II (CySEC 273/15) |
| Entity | Payward European Solutions Ltd (IE) | Trek Technologies SIA (LV) · Trek Labs Europe Ltd (CY) |
| Operating since | 2011 | 2023 |
| Spot fees (entry tier, maker/taker) | 0.40% / 0.80%, falling per tier | 0.08% / 0.10% |
| Perpetuals | Yes — 0.02% / 0.05% entry tier | Yes — 0.02% / 0.05% entry tier |
| Currencies | EUR and USD | USD pairs only |
| Capital efficiency | Collateral sits idle | Collateral earns interest while it serves as margin (auto-lend) |
| Proof of reserves | Quarterly | Daily |
| Hack and loss history | No major loss of customer funds since 2011 | None |
| Enforcement history | 6 decisions in 3 countries | No enforcement record |
| Exchange score | 6.5 / 10 | 8.8 / 10 |
How the scores are built
Kraken Pro scores 6.5 / 10, Backpack scores 8.8 / 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
This is where the biggest difference sits, and it is big. Kraken Pro starts at 0.40%/0.80% and only comes down with volume; Backpack starts at 0.08%/0.10%. At a hundred thousand dollars a month you still pay 0.12%/0.25% at Kraken against 0.07%/0.09% at Backpack. Do note the distinction at Kraken: the ordinary app charges around 1 percent for instant buys, Kraken Pro is the cheap environment.
Spread
This is the biggest measured difference in this comparison, and it appears on no fee page. On BTC perpetuals we measured a spread of $0.10 at Backpack and around $1.00 at Kraken — a factor of ten. For someone trading ten times a day with 0.1 BTC per order that adds up from about $365 to $3,650 a year, on spread alone. A snapshot, not a 24-hour average: see our spread measurement for the method and the caveats.
Safety and supervision
Both hold MiCA and MiFID II, so both may offer spot and derivatives in the EEA. Kraken has the longest clean track record in the sector: no major loss of customer funds since 2011. Against that, Kraken carries six enforcement decisions — among them an SEC settlement of $30 million over staking and an Australian fine of AU$8 million — while Backpack has none. Backpack publishes proof of reserves daily, Kraken quarterly.
Products
Both offer spot and perpetuals. Kraken also has equity CFDs, Backpack real equities. That difference is bigger than it looks: with a CFD you have no ownership, with a real share you do.
Yield on collateral
This is the point where the two are furthest apart. At Backpack, deposited funds keep earning interest through auto-lend while serving as margin for your position at the same time — 18 assets, roughly 3.87% base and up to around 6.87% for the highest tier, paid out monthly and with no lockup. At Kraken the money in the futures wallet sits idle: it covers your position and earns nothing. One caveat belongs with that: lent-out collateral can only be withdrawn while utilisation of the lending pool allows it. Check the numbers with the yield-on-collateral comparison.
Ease of use
Kraken wins this chapter, and not narrowly. Kraken has 28 languages including Dutch, 24/7 live chat and phone support, and publishes its own turnaround times: automatic verification instantly, manual review around 45 minutes. Backpack is English-only, has only email and Discord as contact channels on its EU page, and states itself that a manual review can take up to seven days in busy periods. Against that, Kraken requires a separate Pro app, and that one is only available in Arabic, English and French. Both offer REST and WebSocket; Kraken also FIX 4.4 for institutional parties.
Frequently asked questions
Is Kraken safer because it is older?
Age is no guarantee, but it is evidence. Kraken has had no major loss of customer funds since 2011, and that is measurable. Backpack is too young for such a track record, but sets daily proof of reserves against it.
Why is Kraken so much more expensive on the entry tier?
Kraken uses a classic volume-tier structure that starts at 0.40%/0.80% and falls quickly. Backpack starts low already. At very high volumes they move closer together; at retail amounts they do not.
What is the difference between real equities and equity CFDs?
With a real share you are the owner and entitled to dividends. With a CFD you have a contract with the provider on the price difference. We explain that on the page about real equities versus wrappers.
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.