Backpack launches closed-beta prediction markets with cross-margin feature

Backpack Exchange, founded by former FTX employees, has initiated a private beta of its crypto prediction market product, “Unified Prediction Portfolio.” This new feature allows select traders to bet on crypto and financial market outcomes using a cross-margined portfolio system, integrating prediction markets with existing spot trading, perpetual futures, and lending products. Backpack aims to address inefficiencies in traditional prediction markets by enabling cross-collateralization, allowing capital to be used flexibly across different product types. The beta is invite-only, with broader availability planned after market feedback and risk engine refinement. This launch follows Backpack’s acquisition of FTX EU and its efforts to recover assets for affected users, and comes amidst growing volume in the prediction markets sector, with platforms like Kalshi and Polymarket experiencing significant growth.

(Source：The Block)