Provider by region EU Trek Labs Europe Ltd, "Trek Technologies" SIA UAE Trek Labs Ltd FZE US Trek Labs, Inc.
Risk warning. Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection.
Backpack lists 15 lending markets where you can lend assets or borrow against collateral. The rate block below shows the crypto lending rates read on 6 October 2026: the lend and borrow APY for USD, SOL and BTC. Every rate is variable, depends on borrowing demand and is not guaranteed.
| Asset | Lend APY | Borrow APY |
|---|---|---|
| USD | 3.52% to 6.52% | 2.85% |
| SOL | 3.48% | 1.05% |
| BTC | 0.02% | 0.41% |
Each APY is variable and not guaranteed.
Static snapshot, not a live feed: the figures were read once from the live lend table and are not updated here.
Method and window: not stated on the live table.
Fee basis (net or gross of any platform share): not stated on the live table.
Rates for the other 12 markets were not captured on that date. The live table carries no date of its own; the date above is the day it was read.
Last reviewed
APY stands for annual percentage yield: a yearly rate that includes the effect of compounding. The lend APY is the rate shown to a lender of that asset. The borrow APY is the rate shown to a borrower, and it is a cost.
The USD row is a range. The live table does not say what places an account at one end of it or the other.
This table is the only place on this site where a lending or borrowing rate is printed. The fee schedule read for this site covers trading, and whether lending carries a fee of its own is not stated in the sources read. The schedule is set out under trading fees and funding costs.
A lending return is paid by borrowers. Someone who borrows an asset pays a variable borrow rate on it for as long as the loan is open, and the lenders of that asset receive those payments, less any share the platform keeps.
Both rates follow utilisation: the part of an asset's pool that is out on loan. When more people want to borrow, both rates tend to rise. When demand falls, the rates fall with it, and a lender may receive very little.
One thing in the table does not fit that picture. On the date read, the lend figure for USD and for SOL was above the borrow figure for the same asset. The live table does not explain the gap, so the lend figure may not be made up of borrower payments alone.
The live site names auto-lend alongside lending and borrowing. How auto-lend chooses balances, and how it is switched on or off, is not stated in the sources read.
None of this is a promise of income. The yield is variable, it depends on other people wanting to borrow, and it can stop.
You supply an asset to its market. Each of the 15 listed assets has its own lending pool, and your asset joins the pool for that asset.
A borrower posts collateral and draws a loan. The loan comes out of the pool. The collateral stays posted for as long as the loan is open.
The borrower pays the borrow rate. It is variable, and it is charged for as long as the loan is open.
Lenders receive the lending return. It comes from what borrowers pay, and it is variable.
If the collateral falls too far in value, it is liquidated. The collateral is sold and the proceeds repay the pool.
Getting an asset back is the part the sources say least about. Lock-up periods, withdrawal timing and minimum amounts are not stated in the sources read. In pooled lending generally, a withdrawal is paid from the part of the pool that is not out on loan, so it can wait when most of the pool is borrowed.
Borrowing runs the other way. You post assets you already hold as collateral and draw a different asset from its market, without selling what you hold. You pay the variable borrow rate for as long as the loan is open. The figures read for USD, SOL and BTC are in the borrow column of the rate table.
Whether every one of the 15 markets can be borrowed, which assets count as collateral and how much can be borrowed against each are not stated in the sources read.
The live site describes spot and perpetual futures as sharing one margin system, and says US stocks are usable as collateral. Those products are covered on their own pages: using collateral for perpetual futures and US stocks held in the same account.
Collateral is what a borrower pledges to cover a loan. If the collateral falls in value, or the borrowed asset rises, the loan grows large against it. Past a set level the collateral can be liquidated: sold, in whole or in part, to repay the loan. In a fast market that sale can happen at a poor price.
Three levels matter: the most you can borrow against an asset, the point at which a warning is sent and the point at which liquidation starts. None of them, and no liquidation fee, is stated in the sources read. Check them in the product before you borrow. The terms are defined in the glossary: APY, utilisation and collateral explained.
The lend sitemap listed 15 markets on , each with its own page:
The list has a USD market and a USDT market, and no USDC market. The sources do not say how the USD balance is held.
Rates were captured for three of the 15: USD, SOL and BTC. A listed market is not an offer to every reader. Whether you can use one depends on where you live, as set out under who can use lending and borrowing.
Lending and borrowing can lose you money in four main ways. The longer text is the lending and borrowing risk disclosure.
When you lend, the asset is passed on to borrowers and what you hold is a claim to get it back. If a borrower's collateral does not cover the loan, someone bears the shortfall. Whether that is the lenders in the pool, a reserve fund or the platform is not stated in the sources read.
How lent assets are treated if the company providing the service fails is not stated either: whether they remain yours, or become a claim against that company.
If you borrow, your collateral can be sold when its value falls against the loan. In a sharp move this can happen quickly and at a poor price, and you may get back much less collateral than you posted. The levels at which it starts are not stated in the sources read.
Both rates are variable. The lend rate can fall towards zero when few people borrow. The borrow rate can rise while your loan is open, which raises its cost and brings liquidation closer.
Because lock-up periods and any early-exit fee are not stated, it is not known how quickly a lender can leave when a rate falls.
USDT is one of the 15 markets. A stablecoin can trade below the currency it tracks. A lender of a stablecoin is repaid in that stablecoin, not in the currency, and a borrower who posts one as collateral carries the same fall in value.
The sources do not say how the USD balance is held, so the same question applies to the USD market.
Regulatory status. Backpack lending and borrowing is not a bank product. The live footer reads: "Backpack is a financial services platform, not a bank. Banking services are provided by Backpack's bank partners." Lent assets are not covered by any investor protection or deposit guarantee scheme. Availability depends on where you live.
No source read names the company that provides lending and borrowing in any region, so no region is marked as offered.
| Region | What the sources say |
|---|---|
| European Union | Not stated in the sources read. The EU host serves the lend pages, but the ESMA register row for "Trek Technologies" SIA lists services a, c, d, e and j, and lending is not one of them. |
| Dubai and the UAE | Not stated in the sources read. VARA licence no. VL/23/07/001 (Trek Labs Ltd FZE) is spot only and "does not cover Futures or Margin Trading", so lending is treated here as not covered. |
| United States | Not stated in the sources read. |
| United Kingdom | Not stated in the sources read. No Backpack host states an FCA authorisation or registration. |
| Other regions | Not stated in the sources read. No contracting company is named for readers outside the EU, the UAE and the US. |
Ask support whether lending is offered in your country and which company you would contract with. What each licence covers is set out under Backpack licences by region.
| Question | Lending on Backpack | Holding | Staking, in general |
|---|---|---|---|
| Source of return | A variable rate paid by borrowers | None. Only the price of the asset changes | Rewards paid by a proof-of-stake network for helping to validate it |
| Lock-up | Not stated in the sources read | None | Often an unbonding period set by the network |
| Counterparty | Borrowers, and the company that provides the service | Whoever holds the asset for you | The validator and the network's rules |
| Who sets the rate | Borrowing demand in each market; the method is not stated | There is no rate | The network's rules and how much is staked |
| Main drawback | You can lose some or all of what you lend, and the rate can fall | No return, and the full price risk | Lock-up, changing rewards and, on some networks, penalties for validator faults |
Staking is described in general terms. This page covers no staking product and compares no staking rate.
Holding on an exchange still has a counterparty: a company holds the asset for you. Self-custody removes that company and makes you responsible for the keys.
In the rate block near the top of this page, which shows the lend and borrow APY read for USD, SOL and BTC on 6 October 2026. It is a static snapshot, not a live feed. The current figure for each market is on the live lend table. Check it there before you lend, because every rate is variable and not guaranteed.
No. The lending rate is variable and not guaranteed. It moves with borrowing demand in each market, so the figure shown when you lend can be lower or higher a day later. The table on this page records one date for three assets and is not a forecast.
From borrowers. A borrower pays a variable borrow rate on the asset they draw from a market, and the lenders of that asset receive those payments, less any share the platform keeps. The sources read do not say whether such a share applies, or whether the lend figure includes anything else. When fewer people borrow, the lending return falls.
Yes. You can lose some or all of what you lend if a borrower's collateral does not cover the loan, if the company providing the service fails, or if the asset falls in value or loses its peg. The sources read do not say who bears a borrower shortfall or how lent assets are treated in an insolvency. Lending is not a bank product.
The live lend table showed a borrow rate for USD, SOL and BTC on 6 October 2026. Whether all 15 markets can be borrowed, which assets count as collateral and how much you can borrow against them are not stated in the sources read. Check the borrow column of the live table and the collateral rules in the product before you open a loan.
The sources read do not say. Backpack's published description says the daily proof of reserves, verified by OtterSec, covers spot balances, margin positions and unrealised PnL. Lent balances are not named in that scope, so their treatment is not stated in the sources read. See the daily proof of reserves and what it covers and the guide on how to verify that an exchange holds client assets.
No source read for this page names the company that provides Backpack lending and borrowing in any region.
The licences that Backpack companies hold do not show lending among the services they cover. Trek Labs Ltd FZE is licensed by VARA for Exchange Services, spot trading only, licence no. VL/23/07/001. "Trek Technologies" SIA is authorised as a crypto-asset service provider by Latvijas Banka for custody, exchange, order execution and transfer services. Trek Labs Europe Ltd is licensed by CySEC as a Cyprus Investment Firm, licence no. 273/15, which the site gives as the basis for perpetual futures in the EU.
Lending and borrowing is not a bank product and is not covered by any investor protection or deposit guarantee scheme.
This page is for information only and is not investment advice. Rates are variable and not guaranteed. See who operates Backpack.
The risk disclosure covers crypto, futures, lending and stocks in one place. Read it before you commit an asset to a lending market or open a loan.