After making a strong mark with the Mad Lads NFT collection and a Web3 wallet product, Backpack has continued its journey by launching Backpack Exchange. The project aims to enter the multi-trillion-dollar centralized exchange market. This article explains how users can position themselves for a potential Backpack airdrop.

Backpack Overview

Backpack is a centralized exchange offering both Spot and Futures trading, developed by the Backpack team. This is the same team behind the well-known Mad Lads NFT collection, with a clear ambition to compete in the large-scale CEX market.

By the end of 2025, Backpack recorded:

• $357B in total trading volume.
• More than $225M in Open Interest.
• A reserve ratio above 100%, meaning user deposits are fully backed.

Backpack has raised $37M from leading investors such as Multicoin Capital, Jump Crypto, Robot Ventures, and others.

Why the Backpack Airdrop Is Worth Attention

The project is gaining strong attention thanks to its attractive airdrop program, which allows users to trade and collect Points on a weekly basis. These Points are expected to be converted into the project’s token in the future. 

The program has now reached week 5 of Season 4, with the airdrop expected in around five weeks. (30/12/2025).

Below are the reasons why the Backpack airdrop should not be overlooked:

• Proven team capability: Backpack is built by the team behind Mad Lads, a blue-chip NFT collection that once ranked at the top on Solana. In late 2023, Mad Lads reached a floor price of around $26,000, showing strong product execution and community traction.
• Strong financial backing and clear regulatory direction: Backpack has raised $37M, secured a license from VARA, expanded into Japan, and acquired FTX EU to obtain a European license. This positions Backpack as one of the few crypto exchanges that are both regulation-friendly and attractive to institutional capital.
• Complete ecosystem: Beyond being a CEX, Backpack also operates a multi-chain wallet and owns the Mad Lads NFT collection, which previously ranked number one on Solana.
• Solid airdrop track record: Users have received airdrops from partner projects such as Wormhole (W), Tensor (TNSR), and io.net ($IO) through trading activity on Backpack. This reflects delivered value rather than unfulfilled promises.
• Transparent Points system: Users earn Points based on Spot and Futures trading volume, updated every Friday. The ranking system includes six tiers: Bronze, Silver, Gold, Platinum, Diamond, and Challenger.
• Token signal from leadership: In December 2024, CEO Armani Ferrante tweeted “First product. Then token,” indirectly confirming plans for a native token once the product is fully mature. A TGE could happen at any time.
• Acquisition of FTX EU: In January 2025, Backpack spent $32.7M to acquire FTX EU, highlighting strong financial resources and global expansion ambitions. The platform has processed over $170B in total trading volume.

With these factors, Backpack stands out as a promising CEX project for users who prefer volume-based farming strategies, similar to Lighter or Aster…

Points Calculation

Points are calculated based on weekly activity on Backpack Exchange. The system is designed to reward users who contribute to the growth of the platform.

Important note

Backpack has clearly stated that its Points criteria are continuously updated and intentionally opaque to prevent abuse such as wash trading and sybil attacks. Any specific formulas are community assumptions, not official confirmations.

Confirmed factors affecting Points

Trading volume (primary factor)

• Combined trading volume across Spot and Perpetual Futures.
• Total trading volume directly determines user rank.
• Volume is calculated in USD equivalent.
• Consistent weekly trading is required to maintain active status.

User activity across all products

• All Backpack products contribute to activity scoring.
• Includes Spot trading, Futures trading, and Lending or Borrowing.
• No official confirmation exists on which product generates higher Points.

Mad Lads NFT considerations

Mad Lads holders receive trading fee discounts and automatically qualify for VIP Tier 1, helping reduce costs when farming volume. There is no official confirmation that Mad Lads provide a Points multiplier.

Points Distribution

Distribution schedule

• Snapshot takes place every Thursday at 00:00 UTC.
• Points are credited on Friday at 02:00 UTC.
• Each cycle lasts around 7 days, measured from the previous snapshot.

Season system

• Each season lasts about 10 weeks.
• At the start of a new season, all users reset to rank 0.
• Lifetime Points are still tracked across seasons.
• Season 4 has been ongoing since 20/11/2025.

Rank and referral system

• Six ranks exist: Bronze, Silver, Gold, Platinum, Diamond, Challenger.
• From Gold rank upward, users earn referral bonuses:
  • Gold: 2%
  • Platinum: 3%
  • Diamond: 4%
  • Challenger: 5%

Special Points events

• Legacy Drop rewards users active since late 2023.
• Bonus Drop distributed 10M Points between Season 1 and Season 2.
• Backpack reserves the right to adjust Points if fraudulent behavior is detected.

How to get the Backpack airdrop?

How to trade on Backpack Exchange

Step 1: Access Backpack and create an account.

Step 2: Complete identity verification (KYC) using a national ID, driver’s license, or passport.

Step 3: On the main dashboard, select Deposit and copy the Backpack wallet address on the Solana network to send USDT or USDC. The USDT/USDC trading pair currently has zero trading fees.

Note: This is a volume-farming strategy. Higher trading volume results in higher fees. To compete effectively and accumulate meaningful Points, a minimum trading capital of around $300 is recommended.

Step 4: Trade on both Spot and Futures markets.

Invite friends to earn additional Points

• Go to the Referrals section on Backpack.
• Copy the referral code.
• Share it with friends and invite them to join.

Mad Lads Holder

Mad Lads holders receive several direct benefits when using Backpack, which significantly increase the real utility of the NFT. Specifically:

• VIP trading fee discounts: Connecting a Backpack wallet that holds a Mad Lads NFT automatically unlocks VIP Tier 1 on the exchange, reducing maker and taker fees across both spot and perpetual futures markets.
• xNFT integration: Mad Lads NFTs are deeply integrated into the Backpack ecosystem, allowing airdrop vesting contracts to be embedded directly into the NFT so rewards remain attached even if the NFT is transferred or sold.
• Promotions and events: Mad Lads holders are often prioritized in trading competitions and community events, which helps boost trading activity while creating additional incentives for long-term participation.
• Utility-driven retention loop: These benefits not only retain existing holders but also encourage consistent platform activity, creating a positive feedback loop between the NFT collection and Backpack Exchange.

Airdrop history related to Mad Lads Holders:

• Monad airdrop (2025): Thousands of Mad Lads holders qualified for $MON, often with higher eligibility tiers through Backpack integration alongside other Solana activities such as Pump.fun.
• Pyth airdrop (2023): Mad Lads holders and early Backpack Exchange users became eligible for $PYTH after completing KYC requirements.
• W airdrop (2024): Holders received 16,000 $W via a special badge, with vesting contracts embedded directly into the xNFT.
• Other ecosystem airdrops: Additional distributions, including Sophon and similar projects, frequently included Mad Lads holders through community roles or wallet submissions.

Potential Backpack Token Airdrop Considerations

So far, there has been no official confirmation regarding a Backpack native token or any specific allocation for Mad Lads holders. However, several community-driven assumptions and analyses have emerged:

• Possible holder allocation: Some community members expect a dedicated allocation for Mad Lads holders due to their role as a core community, with speculative estimates around 20% or higher.
• Points farming efficiency: Holders may accumulate Points more efficiently thanks to fee reductions and native integration, indirectly improving airdrop positioning.
• No official confirmation: Backpack has not confirmed any token details, allocation structure, or guarantees for Mad Lads holders.
• Timing uncertainty: A potential token generation event may occur after Season 4, but no timeline has been announced.

With Mad Lads priced around 22 SOL, roughly $2,750 at $125 per SOL, acquiring the NFT represents a meaningful cost that should be weighed carefully against speculative airdrop expectations.

Optimization Tips

Recommended actions:

• Trade consistently every week, as continuous activity is encouraged.
• Enable Auto-Lend to earn yield while contributing to activity metrics.
• Use both Spot and Futures to diversify activity across products.
• Maintain balances on the exchange, since deposits count as activity.
• Complete KYC fully to qualify for rewards.
• Invite friends once reaching Gold rank or higher to earn 2%–5% referral Points.

Actions to avoid:

• Wash trading, as the system may detect and adjust Points.
• Creating multiple accounts, since sybil behavior is identified through KYC.
• Trading once and stopping, as weekly activity matters.
• Relying on unofficial information, because the Points formula is not public.

Conclusion

Backpack is a suitable airdrop opportunity for users willing to commit to long-term volume farming, with a focus on transparency, regulatory clarity, and a structured Points system. Potential returns depend on discipline, capital management, and future TGE timing.

FAQs

Q1. Is Backpack suitable for crypto beginners?

Yes, but users should start with small capital, focus on Spot trading, and understand the Points system before increasing volume or using Futures.

Q2. Can users earn Points with low but consistent trading?

Yes, weekly activity earns Points. Consistent trading helps maintain rank, but Points will be lower than those of high-volume traders.

Q3. Is holding Mad Lads NFT mandatory for farming the airdrop?

No. Mad Lads mainly reduce trading fees and improve cost efficiency when farming volume.

Q4. Does Backpack prioritize early users?

Points are distributed by season. Early users benefit from longer participation, but distribution is still based on actual trading volume.

Q5. What is the biggest risk when farming the Backpack airdrop?

The main risks are trading fees and price volatility in Futures markets. Strong capital management and low leverage are essential.