Backpack vs Extended: A Tale of Two Exchanges

Backpack and Extended are two popular cryptocurrency exchanges that offer different features and benefits to their users. One key difference between the two is their authorization status in Europe.

Backpack has received MiCA authorisation for its European entity, allowing it to passport across the EU and provide perpetuals for EU clients through an entity under MiFID II supervision. This means that Backpack's clients in Europe have access to a wider range of trading pairs and higher leverage levels than those offered by Extended.

However, this comes at a cost - fees for using Backpack are higher than those charged by its competitors, including Extended. Additionally, while Backpack is not a pure decentralized exchange (DEX), it does offer a clean and approachable interface that makes it easy to use. On the other hand, Extended has around 50 trading pairs available, but its lack of EU authorisation means that it cannot offer perpetuals for EU clients.

Extended's fees are also lower than those charged by Backpack, with a 0% maker fee and 0.025% taker fee. Additionally, Extended offers daily maker rebates based on maker share, as well as very low network fees on Starknet. However, its smaller size compared to the market leaders may be a drawback for some users.

Overall, both exchanges have their strengths and weaknesses, and the choice between them will depend on individual user needs and preferences.