Backpack Unlocks Equity Collateral for Cross-Asset Trading
Backpack, the crypto exchange and neobrokerage built on Solana, has expanded its cross-asset trading capabilities by allowing users to post real shares of Micron Technology (MU) and SanDisk (SNDK) as collateral. This move enables equities to be used as working capital for leveraged trading across stocks, crypto, and perpetual futures.
The update treats stock positions like multi-purpose assets, making it possible to use them towards margin balance that supports trading on the platform's full product suite.
In addition to this collateral update, Backpack has launched perpetual futures contracts for MU, SNDK, SPY, and QQQ. These contracts are crypto-native instruments that work like traditional futures but never expire, with funding rates keeping prices tethered to spot.