Actuarial Backpack Points Campaign: What Is the Key Factor for Maximizing Points?
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Actuarial Backpack Points Campaign: What Is the Key Factor for Maximizing Points?
Besides transaction volume, the ratio of "profit/loss amount to transaction volume" is highly positively correlated with points earning efficiency.
Navigating Web3 tides with focused insightsWritten by: Nan Zhi (@Assassin_Malvo)
On March 21, Backpack Exchange, a blockchain-based exchange, announced the launch of its first season of a points program, which will last for 10 weeks. It is currently in its third week, with additional seasons planned for the future. Backpack stated that it will distribute points weekly based on user activity across all products on the platform. The criteria for earning points will be continuously updated and intentionally kept undisclosed, aiming to reward users who contribute to Backpack's growth.
Backpack has not explicitly confirmed any link between the points program and a potential future token. This article analyzes and calculates the points distribution under the assumption that these points are directly tied to a future token airdrop.
Backpack Background
In September 2022, Coral, the development company behind Backpack, announced a $20 million funding round led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global, and other strategic investors. According to The Wall Street Journal, Backpack Exchange was co-founded by Can Sun, former general counsel of FTX, and Armani Ferrante, a former software developer at Alameda Research.
In April 2023, Backpack launched Mad Lads, the first xNFT collection on the Solana ecosystem. The NFT project gained massive popularity, with trading volume briefly ranking first globally—surpassing even blue-chip Ethereum NFTs like Bored Ape Yacht Club (BAYC).
In October 2023, Backpack announced the launch of a "regulated" exchange, Backpack Exchange, and received a VASP license from Dubai’s Virtual Assets Regulatory Authority (VARA).
In April 2025, Backpack officially completed the acquisition of FTX EU. From that date forward, Backpack EU initiated asset recovery procedures and fund distribution processes, offering clear and convenient fund return services to former FTX EU users, helping them reclaim previously frozen fiat assets. Following this acquisition, Backpack will reactivate the licenses previously held by FTX EU and provide comprehensive cryptocurrency derivatives trading services across the European Union.
Basic Rules of the Points Program
The first season of the points program distributes 10 million points per week over 10 weeks, totaling 100 million points for the entire season.
Backpack states that all activities—including spot trading, futures contracts, lending, deposits, and referrals—can earn points, which are distributed every Friday at 10:00 AM (UTC+8). The official fee schedule is as follows:
Review of Points Distribution
Points distribution during Week 1 was as follows:
Points distribution during Week 2 was as follows:
What Are the Key Factors?
Here, we calculate point efficiency by dividing points earned by trading volume—i.e., how many points are earned per $10,000 traded—which is listed in the third column of the table (labeled "ratio").
From the two tables above, we can observe that points correlate positively with trading volume, but volume alone is not the sole determining factor. Two accounts with similar trading volumes may receive vastly different amounts of points.
This discrepancy may stem from how closely an account resembles a "real user." Accounts engaged in pure volume manipulation typically achieve high trading volume through rapid in-and-out trades, characterized by low profit/loss amounts and short holding times.
In community feedback collected during Week 1, several members pointed out that "holding time" was a key factor. In Week 2, more users believed that "profit/loss amount" became a more critical metric, with both large profits and large losses significantly increasing the points ratio. Notably, the top recipient in Week 2 received a disproportionately high number of points compared to others.
Additionally, the author believes that "profit/loss amount / trading volume" is a highly positive correlated factor. When organizing the known data into the following table, it becomes evident that higher profit/loss ratios correspond to higher point acquisition efficiency (ratio). Therefore, for non-volume-spoofing users, improving the profit/loss ratio is a crucial strategy.
Estimating the Value of Points
Assuming a 1:1 conversion between points and tokens in the eventual airdrop, and assuming the token's initial circulating market cap is $50 million, with a total of 100 million points distributed, each point would be worth $0.50.
We also assume an average point efficiency (ratio) of 100 points per $10,000 in trading volume—meaning $100 in trading volume is required to earn one point. For the lowest tier, the minimum spot taker fee is $0.10, while the lowest-tier futures maker fee is $0.02.
Under these conditions, volume spoofing could still be profitable. However, the top Week 2 user, who earned 2,178 points valued at $1,089, did not offset their $3,100 trading loss. For users mimicking genuine trading behavior, it is essential to carefully manage losses—and possibly consider using dual accounts for hedging strategies.
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