Backpack is the next-generation cryptocurrency exchange and multi-chain wallet, established in the United States in 2022. The exchange team consists of former FTX team members and Wall Street elites with a compliance background, enabling compliant withdrawals. The platform's contract margin can earn interest rates (currently 6%). It is preparing for an IPO on the US stock market. VC and the team only hold equity. The platform token is expected to be launched by the end of the year, with a significant portion allocated through airdrops to users.

Event time: July 17, 2025 to July 24, 2025

Eligible users: New users registered on or after July 16 and inactive users who have not traded within the last six months are open for participation,

Eligibility criteria: ① Deposit > 200 U in Backpack ② and cumulative net profit from contracts > 20 U

(At the end of the event, the deposit needs to remain at 200U, and the cumulative net profit needs to be more than 20U)

Reward: 250 $ES (currently worth 85U)

A total of 4,000 winning spots are set for this event. The first 4,000 participants will definitely win, and rewards will be distributed after the event ends. Additional winners will be randomly selected from those exceeding 4,000.

Referral Evaluation:

According to the platform ranking data, as of 7:00 PM on July 17, only 4,500 users on the entire platform have a profit of more than 20U (including active users), indicating that there are sufficient spots available for participation. The estimated cost is 300U, with a profit of 85U, and hedging operations can be performed. Strongly recommended to participate.

Registration:

Download and register the Backpack App on the official website, or use the web version. Registration link https://backpack.exchange/join/f1pluly3 (can get 20% back)

• iOS users need to use an overseas Apple ID to download, while Android users can directly download the APK or download from Google Play
• VPN needs to be enabled during the process, and identity verification is required after registration, using a Chinese mainland ID card is sufficient.

Deposit and Trading:

1. Find the deposit button on the homepage and choose to deposit USDC of more than 200U. (Use the following four chains for low transaction fees)

2. After completing the deposit, you can directly go to the contract interface for trading, adjust the leverage and margin yourself. At the end of the event, the cumulative net profit must reach 20U.

(The hedging tutorial is provided below)

3. You can choose to enable the automatic lending function, allowing the contract margin to earn interest rates, currently at 6%

Hedging Operations for Perpetual Contracts:

1. If you are worried about losses, open a counter-directional contract on another exchange. For example, if you open a long position on the Backpack exchange with a leveraged value of 1000U, then open a short position on another exchange with a value of 1000U.

2. Hedging operations can be performed when the market enters a consolidation phase, until the profit on the Backpack exchange reaches more than 20U, then close both positions simultaneously on the two exchanges to reduce the risk of loss.

3. After completing the above operations, maintain a deposit of more than 200U on the exchange until the end of the event on July 24, when the reward will be released and can be withdrawn.

Notice:

This article is only for reference as a tutorial and does not constitute any investment advice. DYOR.

Please do not use group control or multiple account transfers, to avoid being identified as a risky account by the platform due to synchronized operations. Otherwise, all consequences are at your own risk.

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