Perpetuals on HyperEVM · up to 1000×
The next‑generation exchange for crypto perps.
You earn even when you lose.
Who earns
Losses and liquidations pay the stakeholders. You're one of them.
On most exchanges, what traders lose is simply gone. Here it pays the house, and the house pays its stakeholders: the traders who stake BACK, which is minted only for losses.
- 01
Traders lose and get liquidated
A losing close or a liquidation pays the house, the same house that pays the winners. Each loss mints BACK to the trader who lost.
- 02
The house shares what it takes
Liquidations and losses fill the house, and the house passes them on: stakers get a share of every fee it charges, liquidations included, and everything it holds above $500,000.
- 03
Stakeholders are paid in USDC
Every distribution pays each staker in proportion to their stake. Stake the BACK your losses minted and you are one of them, with no lock-up: unstake at any time.
Fees reach stakers only while no winner is waiting in the payout queue: queued winners always come first.
- 1000×maximum leverage
- 0funding payments
- 0spread at the mid
- $0to open: no fee, no gas
How it works
Four steps, one signature per session.
Backtrade fills every trade at the Hyperliquid mid: no spread, no funding, no gas. You trade against the house, an LP funded only by traders' losses. When you lose, BACK is minted to you, and staked BACK earns USDC from every fee the house takes, including the fees on future liquidations.
- 01
Deposit USDC
Bring USDC from Hyperliquid. It sits in the exchange contract's account on HyperCore, and your balance is a ledger entry in the contract.
- 02
Pick a side
BTC and ETH, long or short, margin from $10 and leverage up to 1000×. A session key in your browser signs the order, so there is no wallet popup per trade, and the relayer pays the gas.
- 03
Fill at the mid
In the block your order lands, the contract reads Hyperliquid's best bid and offer and fills at their midpoint. Nothing touches an order book, so there is no slippage, and no funding however long you hold.
- 04
Close, win or lose
A win is paid from the LP at once, or queued first in, first out if the LP is short of cash. A loss returns what is left of your margin and mints BACK to you.
The loss loop
Your losses don't vanish. They become BACK.
On most exchanges a losing trade is simply gone. Here, the part of your loss the LP keeps is your mint basis, and BACK is minted to you for it: 100 BACK per dollar while the LP is below $500,000, a rate that falls as the LP grows. A liquidation mints for the whole margin.
Stake it whenever you like, with no lock-up and no cooldown, and every distribution pays you USDC: your share of every fee (2% on winning closes, 2% on losing ones, 2% on liquidations) and of the LP above $500,000.
So the trader who lost yesterday is paid by the liquidations of tomorrow.
- You lose a trade
- The LP keeps the loss
- BACK is minted to you
- You stake it
- Fees and liquidations pay you USDC
Worked example, at launch rates
- $100You close a trade at a loss.
- $98The LP keeps it; stakers get a share of the 2% loss fee, $2.
- 9,800 BACKminted to you for the $98.
- 0 daysof lock-up: you stake at once and can unstake at any time.
- 50%of every fee, liquidations included, goes to stakers, plus the LP above $500,000.
At the launch mint rate, with the payout queue empty.
Fair launch
Every BACK goes to a trader.
Zero pre-mint
The supply started at zero. No team or investor allocation, no airdrop, no vesting.
Minted only by losses
Only a losing close or a liquidation mints. Wins mint nothing, and nobody can buy into the LP.
Early traders earn most
The flat rate of 100 per dollar holds while the LP is below $500,000, when trading carries the most risk; after that it decays.
Non-transferable at launch
BACK can be staked and unstaked, not sent between wallets. Its only built-in use is staking, and nothing promises it a value.
- LP below $500,000: 100 per $1
- $120,000,000 of losses later: a quarter
Compare
What changes when you trade against the house.
| Compare | Order-book perp exchanges | Centralised exchanges | |
|---|---|---|---|
| Fill price | The Hyperliquid mid, at any size within the caps | Your order walks the book: spread and slippage | Your order walks the book: spread and slippage |
| Funding | None, however long you hold | Periodic funding payments | Periodic funding payments |
| Fee to open | None | A taker fee on the full position size | A taker fee on the full position size |
| Gas and signing | The relayer pays gas; a session key signs, no popups | Varies: gas or a signature per order | No gas; the exchange holds your funds |
| When you lose | BACK minted to you, earning a share of fees | Nothing | Nothing |
| Who earns the fees | Stakers, that is traders who lost: 50% of every fee | The venue, its token holders or its liquidity providers | The exchange |
| Custody | Smart contracts on HyperEVM | Smart contracts or an app chain | The exchange |
Fill price
- Backtrade
- The Hyperliquid mid, at any size within the caps
- Other exchanges
- Your order walks the book: spread and slippage
Funding
- Backtrade
- None, however long you hold
- Other exchanges
- Periodic funding payments
Fee to open
- Backtrade
- None
- Other exchanges
- A taker fee on the full position size
Gas and signing
- Backtrade
- The relayer pays gas; a session key signs, no popups
- Order-book perp exchanges
- Varies: gas or a signature per order
- Centralised exchanges
- No gas; the exchange holds your funds
When you lose
- Backtrade
- BACK minted to you, earning a share of fees
- Other exchanges
- Nothing
Who earns the fees
- Backtrade
- Stakers, that is traders who lost: 50% of every fee
- Order-book perp exchanges
- The venue, its token holders or its liquidity providers
- Centralised exchanges
- The exchange
Custody
- Backtrade
- Smart contracts on HyperEVM
- Order-book perp exchanges
- Smart contracts or an app chain
- Centralised exchanges
- The exchange
Where the cost sits: a winning close is measured past a small deadband, scaled down by an impact curve that keeps more of larger moves, and charged a 2% fee. Small wins keep little. Read how wins are paid before you trade: Wins and losses
Read this before you trade
- At 1000× on BTC, a move of about 0.052% against you liquidates the position, and the whole margin is lost.
- Wins larger than the LP's cash wait in a first-in, first-out queue that only later losses pay. Nothing else backs a queued claim, and nothing limits how long it can wait.
- BACK cannot be transferred at launch, and nothing promises it a value: what stakers earn depends on volume and on how trades end.
FAQ
Questions
Who is on the other side of my trade?
The LP: the exchange's own pool of USDC. There is no order book and no matching engine. What you win comes out of the LP, and what you lose goes into it.
Where does the price come from?
From Hyperliquid itself. HyperEVM contracts read HyperCore in the same block, so the exchange fills at the midpoint of Hyperliquid's best bid and offer. There is no separate oracle and no price signer.
Can I lose more than my margin?
No. Each position has its own margin, and a loss is capped at it. There is no cross margin.
What do I get when I lose?
BACK, minted for the part of the loss the LP keeps (the whole margin in a liquidation). Stake it to earn USDC from fees and from the LP above $500,000.
What if the LP cannot pay my win?
The unpaid part becomes a claim in a first-in, first-out queue, paid from later losses, oldest claim first. Only the profit waits, never your margin, and you can use queued claims as margin for new positions.
Why is there no funding?
Funding exists to pull a perpetual's price back to the market's. Here the price is the Hyperliquid mid itself and every trade is against the LP, so there is nothing to pull back and nobody to pay.
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