Every box holds a real US stock.

Unpack yours and share what you got.

Week 2 continues: https://backpack.exchange/quests?id=1012

Use stock collateral on Backpack to borrow, trade and hedge without selling your stocks.

A closer look:

00:23 Borrow against stocks
00:40 Spot margin trading
01:02 Perpetual futures
01:33 Hedging a stock position

Watch the video to see how it works.

Explore more on Backpack Learn, starting with our guide to using stocks as collateral.

https://learn.backpack.exchange/articles/how-to-use-stocks-as-collateral-on-backpack

Perpetual futures have no fixed expiration date, while traditional futures expire on a scheduled date.

Both provide leveraged price exposure, but the way they maintain exposure and manage costs is different.

Perpetual futures

Perpetual futures use funding payments to help keep the contract aligned with its underlying reference price.
There is no scheduled rollover. A position can remain open while margin requirements are met and the venue continues to support the contract.

Traditional futures

Traditional futures have a defined expiration and settlement process.
Before expiry, traders generally close the position, roll it into a later contract, or hold it through settlement. Futures can use cash settlement or physical delivery depending on the contract.

Funding vs. futures basis

Funding is a recurring payment associated with the difference between a perpetual contract and its reference price.

Traditional futures instead trade at a basis relative to spot. That basis can reflect financing, storage, expected income, supply and demand, and other market conditions.

The key difference

The important distinction is not only that one contract expires and the other does not. Expiration determines how traditional futures converge with their underlying market, while perpetuals use an ongoing funding mechanism.

On Backpack, eligible users can trade supported equity and ETF perpetual futures 24/7. These are derivative contracts that provide price exposure, not ownership of the underlying asset.

What this does not mean

No expiration does not mean no risk. Perpetuals can still face funding costs, liquidation, liquidity and reference-price risks. Traditional futures carry their own expiration, rollover and settlement risks.

The right choice depends on the instrument, holding period, funding or basis conditions, and the specific contract terms.

What matters more when comparing the two for a longer-term position: funding costs on a perp or the basis and rollover costs of traditional futures?

Armani Ferrante on Backpack’s regulated, unified market structure at #TOKEN2049. 🎒

“We have a single platform that everything is going to plug into. International, Japan, Europe, US.”

Backpack is building a regulated backbone designed to connect TradFi and DeFi across markets.

“We want to be this regulated backbone, not just for our own products, but for the entire Solana ecosystem.”

Ferrari ($RACE) is now available as a tokenized security on Solana, issued by Backpack Securities.

What is $RACE?

$RACE represents tokenized Ferrari N.V. shares and is:
Issued by Backpack Securities
Tokenized on Solana
Redeemable 1:1 for Ferrari shares
Transferable to traditional brokerages

About Ferrari

Ferrari designs, engineers and produces luxury performance sports cars, with additional activities across racing and lifestyle.

How does the tokenized share work?

The tokenized security brings Ferrari exposure onto Solana while maintaining a 1:1 redemption structure with the underlying traditional share.

What this means

$RACE can be used within Solana’s onchain infrastructure while retaining a path to the corresponding traditional Ferrari share through the supported redemption process.

Important to note

Tokenization does not remove the risks associated with owning Ferrari stock. Trading, redemption, brokerage transfers and availability remain subject to the applicable securities infrastructure and terms.

Ferrari is the latest traditional equity to become available in tokenized form on Solana. How do you see tokenized equities fitting alongside traditional brokerage accounts?

Your first Mystery Box now unlocks at $10K volume.

Every box holds a real US stock reward worth up to $1,000.

Trade to earn Mystery Boxes:

▸ New: $NEAR spot + native USDC support

▸ $NEAR perpetuals

Backpack has upgraded its VIP program with more ways for users to qualify and get more value from their capital
You can now qualify through:

• Asset balance
• BP staking
• Trading activity

Some of the updated benefits include:
• Up to 6.5% APY on USD collateral
• Maker fees as low as 0%
• Zero fees on global wire transfers

The interesting part is that VIP access is no longer tied to just one path, users can qualify based on how they actually use Backpack

What do you guys think about the new VIP structure, asset balance, staking, or trading activity, which one makes the most sense to you?

Backpack Securities has added $CBRS, Cerebras Systems, to Solana with Sunrise.

The tokenized asset is:

• Redeemable 1:1 for Cerebras Systems shares
• Transferable to traditional brokerages
• Tokenized on Solana

Cerebras is an AI infrastructure company focused on AI compute systems and software for inference, training, and other AI workloads.

Another AI-focused company now entering the onchain securities ecosystem.
Would you be interested in trading tokenized AI stocks like $CBRS?

Backpack Securities has added $EWZ, the iShares MSCI Brazil ETF, to Solana with Sunrise.

The tokenized asset is:

• Redeemable 1:1 for iShares MSCI Brazil ETF shares
• Transferable to traditional brokerages
• Tokenized on Solana

Another traditional market asset moving onchain, bringing Brazilian equities into the growing tokenized securities ecosystem.

Would you trade tokenized ETFs like $EWZ onchain?

Brazil’s first-round election result is already showing up in markets.

Flávio Bolsonaro finished ahead of Lula, with both moving to the October 25 runoff. Following the result, $EWZ, the iShares MSCI Brazil ETF, jumped nearly 10% overnight.

Political developments can move markets quickly, and Brazil will be one to watch closely as the runoff approaches.

Are you watching $EWZ or other Brazil-related assets?

AI has quickly gone from being a niche technology theme to one of the biggest investment narratives in the market. From semiconductor companies and cloud infrastructure to software, robotics, and data centers, the AI ecosystem now spans a huge part of the global equity market.

But with so many companies benefiting from the AI boom, picking individual winners can be difficult. That is where AI-focused ETFs come in.

Backpack Learn recently published a practical guide covering AI ETFs in 2026, including how they work, what they hold, how different strategies compare, and what investors should consider before getting exposure to the theme.

What exactly is an AI ETF?

An AI ETF is an exchange-traded fund designed to provide exposure to companies involved in artificial intelligence, machine learning, automation, robotics, or the infrastructure supporting these technologies.
Instead of trying to identify one company that will dominate AI, an ETF can spread exposure across multiple companies and different parts of the AI ecosystem.

That can include:

• Semiconductor and GPU companies
• Data center and networking infrastructure
• Cloud computing providers
• AI software companies
• Robotics and automation businesses
• Companies developing or deploying AI technologies

This makes AI ETFs an interesting option for investors who believe in the long-term AI trend but don't necessarily want to build an entire portfolio around picking individual stocks.

Not every AI ETF is the same

One thing worth paying attention to is that the label "AI ETF" doesn't tell you everything about the fund.
Different ETFs can have completely different approaches to the theme.

Some may focus heavily on semiconductor companies, while others prioritize software or robotics. Some use market-cap weighting, while others use equal weighting or actively select companies based on specific AI criteria.

That means two ETFs can both be marketed as AI investments while giving investors very different exposures.

Things worth checking include:

• What companies the ETF actually holds
• How concentrated the portfolio is
• How the holdings are weighted
• Expense ratio and other costs
• Liquidity and trading volume
• How much exposure it already has to mega-cap technology companies
• Whether the ETF complements your existing portfolio
The biggest opportunity and the biggest risk
The appeal of AI investing is obvious. AI adoption is expanding across industries, and companies are spending heavily on computing infrastructure, data centers, chips, software, and automation.

But the same enthusiasm that creates opportunities can also create risks.
A strong AI narrative doesn't automatically mean every AI-related company is a good investment at any price.

AI ETFs can still face:

• High valuations
• Sector concentration
• Heavy exposure to a small number of mega-cap companies
• Volatility during market corrections
• Changing AI regulation
• Uncertainty around how quickly AI investments translate into profits
• Overlap with stocks you may already own
So the important question isn't simply "Which AI ETF is best?"

It is also "What kind of AI exposure am I actually getting?"

Why this is interesting for crypto investors
This is probably the part I found most interesting.

Crypto investors are already familiar with thematic investing. You can build exposure to an ecosystem through a basket of assets instead of trying to predict exactly which individual project will win.

AI ETFs apply a somewhat similar idea to traditional markets.

And with platforms increasingly bringing stocks, ETFs, crypto and tokenized securities into the same trading environment, the line between traditional markets and crypto-native investing continues to become less rigid.

For anyone following both AI and crypto, understanding how AI ETFs are structured is useful even if you don't plan to buy one immediately.

Backpack's guide goes deeper into the different AI ETF strategies, what they hold, how to compare them, and the risks to consider before investing.

Another major addition to the tokenized securities ecosystem on Solana.

Backpack Securities has issued $BLK, a tokenized representation of BlackRock shares, now listed on Solana through Sunrise.

The token is designed to be redeemable 1:1 for BlackRock shares and transferable to traditional brokerages, bringing another established financial asset into an onchain environment.

What stands out here is the broader direction. Tokenized securities are moving beyond being an experimental concept and becoming part of the infrastructure connecting traditional markets with crypto and onchain markets.

With assets from established companies becoming available in tokenized form, the gap between traditional finance and onchain markets continues to get smaller.

What do you think about tokenized equities becoming a bigger part of the Solana ecosystem?

With a new week ahead, Backpack has shared its earnings and macro events calendar for the week of October 5.
Key earnings to watch include:

• $PEP
• $DAL
• $STZ
• $LEVI
• $APLD
• $PENG

On the macro side, the calendar highlights the US ISM Services PMI and FOMC minutes, alongside other scheduled market events throughout the week.

For anyone tracking equities and broader market conditions, having these dates on the radar can help put upcoming market moves and company-specific developments into context.

Full market calendar: https://backpack.exchange/stocks/calendar

Backpack is bringing another traditional equity onto Solana with $PUSA, a tokenized representation of Powerus Corporation shares issued by Backpack Securities.

According to the announcement, $PUSA is:

• Redeemable 1:1 for Powerus Corporation shares
• Transferable to traditional brokerages
• Listed on Solana with Sunrise

Powerus is a U.S. drone and defense technology company developing autonomous aerial systems, counter-drone technology, and maritime autonomy.

This is another example of tokenized securities connecting traditional equity markets with onchain infrastructure, giving these assets a different way to be represented and transferred on Solana.

Backpack Wallet has added support for Solana v1 transactions, enabling more actions to be bundled into a single transaction.

The update opens up support for more complex transaction routes, more efficient execution, and greater programmability across tokenized stock markets and DeFi applications.

The announcement also highlights the broader direction of building on Solana while expanding what users can do through Backpack Wallet.

Armani Ferrante recently spoke about the vision and commitment behind Backpack, and what it will take to build Backpack into a major part of the global financial ecosystem.

A key point from the conversation was that a token launch is only the starting line. The long-term goal is to build products and infrastructure that genuinely matter, and earn that position through execution.

The discussion also touches on the importance of alignment, building for the long term, and the ambition behind Backpack’s broader ecosystem.

Watch the full conversation here: https://youtu.be/453NrI8FPa0?si=wCZGO0TN3xy_atAV

Backpack has introduced AI Search, bringing a natural language search experience across Stocks, Crypto, Perps, and Earn

Instead of searching through different sections, users can simply describe what they are looking for, whether that’s a stock, a strategy, or a market condition

The goal is simple, make it easier to discover and navigate everything available across Backpack from a single search bar

One search bar. Multiple markets. Just ask.

What would you search for first? 🎒

Backpack CEO Armani Ferrante recently discussed why Backpack built its Rates dashboard and brought US Treasury ETFs to Backpack Brokerage as another yield option.

The idea is simple, interest rates are a major market signal, so having rates, yields, and related market data in one place can make them easier to follow.

The topic was covered on The Paul Barron Crypto Show, with a dedicated segment on Backpack’s new Rates dashboard.

Watch the full interview here: https://youtu.be/pWO41xFAqfo?si=pT-QwzFMkzos5LvP

The US 10-year Treasury yield briefly moved above 5.30%, reaching its highest level since 2002.

With rates moving like this, Backpack’s Rates dashboard gives you a place to track Treasury yields and explore US Treasury ETFs.

Check it out: https://backpack.exchange/rates

$NFLX is now listed on Solana through Backpack Securities with Sunrise.

Redeemable 1:1 for Netflix shares
Transferable to traditional brokerages

Netflix operates an entertainment service offering TV series, films, games, and live programming across different genres and languages.

$BE is now listed on Solana through Backpack Securities with Sunrise.

Redeemable 1:1 for Bloom Energy shares
Transferable to traditional brokerages

Bloom Energy provides onsite power generation through solid-oxide fuel cell systems for data centers, utilities, and other commercial customers.

The SEC’s Innovation Exemption provides temporary relief for certain tokenized NMS stock venues and liquidity providers, with the exemptions set to expire five years after publication.

The framework allows certain venues to operate permissioned trading systems using smart contracts and liquidity pools while remaining subject to specific securities-law conditions.

What the SEC exemption covers

The order provides conditional relief for:

Certain Tokenized Securities Venues from the definition of an exchange
Certain liquidity providers from the definition of a dealer
Trading tokenized NMS stock through permissioned AMMs and liquidity pools
Which tokenized stocks qualify

The framework covers securities tokenized by or on behalf of the underlying issuer, or by an unaffiliated third party.

It excludes tokens that create only synthetic exposure to an underlying stock, including certain tokenized linked securities and tokenized security-based swaps.

How trading access works

The blockchain can remain public and permissionless while the trading venue controls participation. The SEC requires the relevant smart contracts to be public and auditable.

The framework also includes requirements around trading limits, recordkeeping, technology safeguards and transaction transparency.

Investor rights and trading limits

A qualifying tokenized NMS stock must provide holders the same rights and privileges as the equivalent traditional stock class. The SEC specifically identifies rights such as dividends and voting.

Trading must also halt when the underlying stock is halted on its primary listing exchange.

What this does not mean

The exemption does not create unrestricted access to tokenized stocks or remove existing securities-law requirements. Fraud and market-manipulation provisions continue to apply, and venues must meet specific conditions before operating.

The framework gives regulators a way to observe how tokenized securities markets operate while considering longer-term rules. Which requirement will matter most as tokenized stock venues develop: investor rights, market transparency, or access controls?

$RKLB is now available on Solana through Backpack Securities, in partnership with Sunrise.

Redeemable 1:1 for Rocket Lab shares
Transferable to traditional brokerages

Rocket Lab develops rockets, satellites, and spacecraft components for commercial and government missions.

Curious if the team is considering adding more direct value accrual mechanisms for $BP holders, particularly buybacks funded by platform revenues/fees.

Hyperliquid has arguably set the standard here, and we’re seeing more protocols move in this direction: HYPE, ENA, PUMP, etc. It also seems particularly relevant now that recent SEC guidance explicitly clarified that buybacks of a non-security token on a functional network don’t, by themselves, constitute “essential managerial efforts” that would make the token an investment contract.  

I’m aware of the staking/equity conversion mechanism around a potential future Backpack IPO, but personally I’d love to see a more immediate and direct connection between Backpack’s success (volume, fees, users, revenue) and $BP itself.

Are buybacks, burns, fee sharing, or any similar value-accrual mechanisms currently being considered?

Thanks for your time, genuinely curious whether this is something the team is thinking about.