
I compared the true cost of trading on Backpack vs Kraken vs Hyperliquid vs OKX and the difference is massive
Retail trader profile — $10K collateral, $500K monthly volume.
Kraken costs you $190 a year. Backpack earns you $223. that’s a $413 swing.
active trader profile — $50K collateral, $2.5M monthly volume.
Kraken costs $825. Backpack earns $1,315. that’s a $2,140 difference.
the gap comes from yield on collateral covering fees and then some.
Kraken pays zero yield on collateral so you’re just bleeding fees. what exchange are you currently on?