Risk and health

Risk score34.7/100Higher means more pressure.
Health score48.4/100Higher means stronger trading conditions.

Market strain; buy–sell gap 0.02%; 7-day trading change -13.8%

Market evidence: 2026-09-08. Scores calculated: 2026-09-15. Evidence confidence: 71/100. These indices do not measure the probability of failure or prove solvency.

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Backpack

Shows Backpack trading, money movements and published company records.

Beyond the ten busiest pairs

See whether the quieter trading pairs still have orders behind their prices.

Other measured pairsOutside this venue’s ten busiest measured pairs22
Share of tradingTheir share of the measured 24-hour trading1.14%
Share of nearby ordersTheir share of orders within 2% on both sides9.22%
Typical support for sellingMiddle pair’s visible buy orders within 2% below price$8.58k
Typical support for buyingMiddle pair’s visible sell orders within 2% above price$6.99k
Typical price gapMiddle pair’s gap between the best buy and sell quote0.11%
Less than $10,000 on either side15 of 22 pairs have fewer nearby orders on at least one side68.18%

These are the covered pairs, not every listed coin. Less traded here does not mean a small market cap. Visible orders can change; they do not guarantee the price of a trade.

How much can this reading tell us?

Confidence in the evidence available for this page. It is not a safety rating or a chance of survival.

Data coverage · Tier 1 · 17 of 20 core questions have evidence (85%). This tier measures available information, not exchange health. Some evidence is partial or historical.

71/100
Evidence confidence
Where the evidence is strongest
Market readings85%85%
Trading history85%85%
Balances and flows75%75%
Company disclosures70%70%
Withdrawal performance0%0%

Coverage is limited to 20 core questions. It does not cover every exchange risk, wallet behaviour or trading-quality check.

Money held, money moving.

Tracked wallet assets$445.51m

Identified wallets only. Customer debts are not included.

Net movement · 24 hours+$1.56m

Inflow minus outflow in the tracked wallet set.

Net movement · 7 days+$707.37

Transfers can include custody changes as well as customer activity.

Net movement · 30 days−$15.61m

This window overlaps the seven-day reading; do not add them.

Over seven days, net transfers of $707.37 entered the tracked wallets. That is 0.0% of the assets currently visible. This is movement in a labelled wallet set, not a count of customer withdrawals.

Net transfers outNet transfers in
24 hours
+$1.56m
7 days
+$707.37
30 days
−$15.61m

These windows overlap. Their bars show direction and size; they should not be added together.

Public article distinguishes daily public proofs from internal checks every ten minutes. Program existence is verified; this pass did not execute a proof or validate its current asset set. Do not label this real-time independently verified solvency.

Company documents and useful links

These are company publications. A link establishes that material is published; it does not verify every claim in it.

Published reserve materialReserve material

Ask about Backpack or compare exchanges →

Reported trading and money near the price

Orange is reported 24-hour volume. The blue band is quoted depth within 2% of the price, estimated across both directions and drawn at the same scale. Of what Backpack reported, 100% was measurable here across its busiest 32 pairs.

What this venue carries.

Reported 24-hour volume, quoted depth near the price, and the ratio between them.

Reported 24h volume$13.7m

Across 32 usable pairs covering 32 assets.

Quoted depth within 2%$4.5m

Estimated across both directions. Depth rank 91 of 122 on the board.

Volume / nearby depth3.0x

Rank 71 of 122. The typical venue reports 3.8x.

Charlie's inferenceBackpack does not show that split today. Its quote and its book point the same way. Its average spread is 0.021%, which ranks 21 of 122 from tightest. A tight quote is a price gap. The book shows how much was posted near it at the read.

The broad view, with every part left visible.

The profile joins five market readings. All five must be available for the same comparison group. It does not include liabilities, customer assets or withdrawal completion, so it is not a safety score.

Market profile58/100

Mixed market readings

Trading valued in Bitcoin · 7 days-13.8%

All trading is valued in Bitcoin. The latest seven-day average is compared with the previous seven days. The change can differ from trading measured in dollars.

Trading valued in Bitcoin · 30 days-18.3%

The latest seven-day average is compared with a matching seven-day average thirty days earlier. Volumes are valued in Bitcoin.

Largest Bitcoin marketBTC/USDC

$1.5m, or 11% of measured venue trading.

Against venues its own size.

Comparing a small venue with the largest tells you little. These are the exchanges nearest to it in reported volume, from $9.5m to $14.8m, and their volume-to-depth ratios.

OKJ5.2x
Backpack (this venue)3.0x
Max Maicoin2.5x
Bilaxy0.8x
Bybit EU0.2x
Charlie's inferenceThe middle of this size band reports 2.5x volume-to-depth. That is the closer comparison, not the full-market average.

What it leans on.

Concentration, one-sidedness and how much survives once the two legs everything trades against are removed.

Busiest pairUSDT/USDC

43% of its trading. Its top three pairs are 72%.

Book one-sidedness6%

Zero would mean buying and selling cost the same. Higher means the book supports one direction more than the other.

Without BTC and USDT legs46%

Of its trading survives that removal, and 57% of its depth.

What has been reported.

Recent stories about Backpack. A headline can raise a useful question; the figures elsewhere on this page help check it.

What it publishes, and what this page will not say.

Reserve disclosureDirect page recorded

Official zero-knowledge reserve verification portal, Daily public proofs, stated by exchange.

Pairs dropped before counting31%

Listed pairs marked stale or odd, removed before any figure here.

SolvencyNot measured

Nothing on this page describes what this company owes or holds for customers. Order-book data cannot answer that.

A closer look at Backpack.

Open a group for company records, operating details and the gaps that still matter.

What supports this company view
Available evidenceTrading size, Depth, Price gap, Book balance, Largest pair, Bitcoin share, Market breadth, Pair coverage, Seven-day history, Thirty-day history, Tracked assets, One-day flow, Seven-day flow, Thirty-day flow, Direct reserve material, Disclosure frequency, Customer balance scope17 of 20 questions
Customer balances and company debtsProgram states spot balances, margin positions and unrealized profit/loss are includedRead the scope
Questions still openDated per-asset reserve ratios, Measured withdrawal completion, Measured service interruptionsExcluded from conclusions
What could change the reading?A deeper book can disappear; transfers can be custody changes; a reserve report covers its stated date and scope. Repeated measurements and matched company reports strengthen the evidence.Follow the change