Is Backpack custodial? Who holds your funds?
No. Backpack is listed as non-custodial: your funds stay in a wallet you control, not with the venue.
Checked 2026-10-16 · 3 sources- Wallet is self-custodial with Ledger, Trezor and Keystone hardware support and multisig. Backpack Exchange is a separate custodial, KYC-required product.
- Non-custodial does not mean risk-free. Smart-contract bugs, phishing and malicious approvals can still lose funds.
- We list 1 reported incident for Backpack on its legit check.
Sources: Backpack Wallet Terms and Conditions · What is Backpack Wallet? · Backpack Wallet: Add Network. The venue's own page wins if it disagrees with ours.
Backpack
Wallet · 1.7% round trip. Backpack Wallet is a self-custodial multi-chain wallet (Solana, Ethereum, Arbitrum, Optimism, Polygon, Base, Sonic and more) from Backpack Technologies Ltd., with built-in swaps and bridging at a flat 0.85% swap fee. The same company group runs Backpack Exchange, a separate KYC'd centralized exchange regulated in the EU through Backpack EU, which Backpack says returned funds to 110K former FTX EU clients in September 2025.
Full Backpack sheet: fees, custody, incidents →