Introduction
In perpetuals trading a large share of your balance sits locked as collateral — usually USDC. On traditional venues that money earns nothing. On modern platforms it can simultaneously earn 3-7% APY without losing margin function.
The relevant question is not only how much APY is promised, but whether it continues on the same collateral supporting your position.
This article explains the seven categories of yield that matter for perp collateral, and shows how the main exchanges score on each category.
The comparison table — 7 categories
| Category | Backpack | OKX | Kraken |
|---|---|---|---|
| Yield on perp collateral | Yes — USDC + 17 assets | Limited — USDG only | No — futures wallet earns nothing |
| Lending yield on collateral | Yes — 18 assets | No | No |
| SOL staking on collateral | Yes | No | No |
| Yield on unrealized PnL | Yes | No | No |
| USDC/USD yield as collateral | Yes | No | No |
| Assets earning yield as collateral | 18 (USDC + 17 others, incl. USDT, ETH, SOL, BTC, PAXG, XRP) | USDG only | None |
| Base APY | ~3.87% | 3.5% | None |
| Max APY (VIP) | ~6.87% | 4.1% | None |
| Payout | Monthly (auto-accruing) | Weekly | N/A |
| Lockup required | No | No | N/A |
| Minimum for access | None | None (buy USDG) | N/A |
This table is a snapshot and is updated monthly.
1. Yield on perp collateral
This is the basic question: do you earn any yield at all on your collateral while a perpetual is open?
- Fully supported: yield on cash + multiple assets (USDC + other stablecoins + crypto)
- Limited: only on specific stablecoins (e.g. USDG only)
- Lending only: yield via a separate lending pool (not automatic)
- Not supported: no yield during open trades
For traders with €10,000+ in collateral, this is the difference between "0% return on idle balance" and "a free 3-7% per year on top of your trading results".
2. Lending yield on collateral
Some platforms offer a lending pool your collateral is automatically placed into. Other users (such as short-sellers) borrow those assets at interest, part of which flows to you.
Important variables:
- Number of supported assets — the more, the more options
- Automatic or manual — automatic just works; manual requires an explicit opt-in
- Impact on margin — on good exchanges lending has no impact on your trading margin
With 18-asset support you can, for example, have BTC, ETH, SOL and stablecoins earning at the same time.
3. SOL staking on collateral
On Solana-native platforms, staking SOL as collateral can be an extra yield layer. Your SOL earns network staking rewards (~5-7% APY) while serving as margin for your trades.
Only a few Solana-native exchanges offer this.
4. Yield on unrealised PnL
An advanced concept: even your unrealised profits (gains on open positions not yet realised) can generate yield. Few platforms do this, but on large positions it can be significant.
Example: do you have $100,000 of unrealised PnL open? At ~4% APY that is another $4,000/year extra while your position stays open.
5. USDC/USD yield as collateral
The most important category for European traders: do you earn yield on your USDC or USD while it serves as margin?
- Fully integrated — automatic yield, no separate action needed
- Only via a lending pool — you must explicitly enable lending
- Not supported — no yield possible on stablecoins as collateral
6. Base APY
The base yield everyone gets, regardless of VIP tier. Current range:
- Efficient platforms: ~3.5% to 4%
- DEX platforms: ~1.5% to 2% (lending only)
- Traditional exchanges: 0%
On €100,000 of collateral that is a difference of €0 to €4,000 per year. Without doing anything extra.
7. Max APY (VIP tiers)
With large volumes or high balances, VIP tiers can raise the effective yield further:
- Top-tier VIP: up to ~6.87% APY
- Standard tier: ~3.5% - 4%
- DEX platforms: no VIP tiers
For high-volume traders the gap between base and VIP APY can add up to €3,000-5,000 per year extra on €100k collateral.
Backpack's Base APY of ~3.87% is built from two layers: lending yield (~0.28%) plus stablecoin yield (~3.59%), with the VIP boost of up to +3.0% on top. The 17 extra assets besides USDC include USD, USDT, ETH, SOL, BTC, PAXG, XRP, SUI, DOGE, BNB and JUP — and SOL collateral additionally earns native staking rewards.
The above comes with per-platform context. OKX: only USDG earns as collateral (discount rate 0.98; cap 40M USDG per sub-account) — USDC and USD balances earn nothing, and the VIP boost to 4.1% requires €100K+ in assets or volume. Hyperliquid: Portfolio Margin with lending yield exists only for accounts with $5M+ weighted volume — an institutional threshold. Kraken: Auto Earn works exclusively in the spot account; support confirmed that balances in the futures wallet earn no yield, and the stablecoin rewards (USDC 1.75-3.75%) are not available in the EEA anyway. Nuance: Kraken does have a good Auto Earn product on the spot account (up to 22% on some assets) — but you have to choose: earn yield on spot or trade with that money as futures collateral, not both. Backpack: Auto Lend is on by default and the VIP boost runs from +0.5% (VIP 1) to +3.0% (VIP 5, cap $1M), unlockable via volume or staking (balance cap $1M at VIP 5 — where OKX allows up to 40M USDG per sub-account; relevant for institutional volumes).
VIP tiers compared
Backpack unlocks yield boosts via trading volume or BP staking; each tier raises both the bonus and the balance cap:
| Tier | Extra APY | Balance cap |
|---|---|---|
| VIP 1 | +0.50% | $50,000 |
| VIP 2 | +1.00% | $100,000 |
| VIP 3 | +1.50% | $250,000 |
| VIP 4 | +2.00% | $500,000 |
| VIP 5 | +3.00% | $1,000,000 |
OKX ties VIP to account balance or 30-day volume (either threshold works); VIP is required to lift USDG yield from 3.5% to 4.1%:
| Tier | Assets (EUR) | 30-day volume (EUR) |
|---|---|---|
| VIP 1 | €100,001 – €250,000 | €100,001 – €250,000 |
| VIP 2 | €250,001 – €500,000 | €250,001 – €500,000 |
| VIP 3 | €500,001 – €2,000,000 | €500,001 – €1,000,000 |
| VIP 4 | €2,000,001 – €5,000,000 | €1,000,001 – €2,500,000 |
Hyperliquid has no VIP system: yield on collateral sits exclusively behind Portfolio Margin ($5M+ weighted volume) and is limited to lending yield of ~1.66% on idle USDC. Kraken has no yield-bearing collateral: Auto Earn only works in the spot account, not in the separate futures wallet (confirmed by Kraken support). Reference date: May 2026.
What it means for your effective return
Worked example for a trader with €50,000 collateral in BTC perpetuals:
Efficient platform (base APY ~3.87%):
- Yield per year: €50,000 × 3.87% = €1,935
- Trading fees on €5M/month volume: ~€1,750
- Net: yield covers nearly all trading fees
Traditional platform (0% yield):
- Yield per year: €0
- Trading fees: ~€3,750 (higher fees without yield optimisation)
- Net: full costs out of trading
Difference per year in this scenario: ~€5,685
Frequently asked questions
Do I need to do anything to receive yield?
On good platforms it is automatic. On lending-based venues you may need to opt in.
Do I lose yield when a position is open?
On efficient platforms no; on older exchanges yield applies only to idle balance — if at all.
Is yield guaranteed?
No. APYs are variable, driven by funding rates and lending demand.