Backpack, the crypto exchange and neobrokerage built on Solana, now allows users to post real shares of Micron Technology (MU) and SanDisk (SNDK) as collateral within its unified portfolio margin system. The move turns equity holdings into working capital for leveraged trading across stocks, crypto, and perpetual futures, all without shuttling funds between separate accounts.
Until now, equities held on Backpack were essentially inert. You could buy them, sell them, watch them go up or down. But they couldn’t do anything else. That changes with this update, which treats stock positions more like the multi-purpose assets they are on traditional prime brokerage desks.
What the update actually does
The core idea is straightforward: if you own Micron or SanDisk shares on Backpack, those positions now count toward your margin balance. That margin balance supports trading across the platform’s full product suite, including crypto spot, perpetual futures, and other equities.
Alongside the collateral update, Backpack rolled out perpetual futures contracts for MU, SNDK, SPY, and QQQ. Perpetual futures are a crypto-native instrument: they work like traditional futures but never expire, with funding rates keeping prices tethered to spot.
