Backpack Exchange Launches Perpetual Futures in EU After Acquiring FTX's European Unit

Backpack Exchange has officially introduced perpetual futures trading for European Union users, its first major product rollout since acquiring the European arm of the collapsed FTX exchange earlier this year. The service, operating under Backpack EU, is currently in Beta, requiring prospective users to register for a waitlist.

Perpetual futures, a popular product in crypto markets, differ from standard futures contracts in that they have no expiry date. Instead, they use a funding rate system—where long and short traders make regular payments to each other—to align prices with the spot market. This structure enables continuous speculation and leveraged trading without the need to roll over contracts. Backpack's initial offering covers 40 trading pairs, each with up to 10x leverage.

The launch follows Backpack's efforts to restore confidence among former FTX EU customers. In January 2025, the exchange acquired FTX EU for $32.7 million, a move that included assuming responsibility for processing customer claims. Since the acquisition, Backpack has been distributing refunds to affected users through the European entity, a step that CEO Armani Ferrante said was essential before expanding services.

"We enter into the EU at a time when global regulators are providing clearer compliance frameworks, institutions are embracing crypto, and yet traders lack the regulated venues to meet the moment," Ferrante commented. He added that the company looks forward to building a long-term presence in Europe while prioritising regulatory alignment.

Backpack EU's entry into derivatives trading comes amid increasing competition in Europe's digital asset markets. Kraken launched crypto derivatives in May after securing a MiFID II licence by acquiring a Cyprus broker. Coinbase has also obtained a licence through a similar acquisition but has yet to launch a European product.

The broader backdrop is one of evolving regulation across the EU, with the Markets in Crypto-Assets (MiCA) framework gradually taking effect. Exchanges like Backpack are seeking to position themselves as compliant venues for both retail and institutional traders, aiming to capture demand for crypto derivatives in a regulated environment.

By combining its newly acquired licence from the Cyprus Securities and Exchange Commission (CySEC) with the rollout of perpetual futures, Backpack Exchange is betting that transparency, compliance, and customer restitution will help it stand out in a crowded market.