Backpack Launches Beta for Unified Prediction Portfolio
Backpack, a cryptocurrency exchange founded by former Alameda Research and FTX employees, has begun invite-only beta testing for its Unified Prediction Portfolio, a platform intended to allow users to hedge and trade across multiple markets within a single crypto account.
Chief executive Armani Ferrante announced the private beta in a post on X on Tuesday, stating that “This isn’t yet another wrapper over Kalshi, Polymarket, or any other prediction market platform,” and describing the product as a native system with tokenized instruments and integrated risk profiling. You can find the full details in this post.
Ferrante: “Prediction markets are notoriously inefficient”
According to Ferrante, the platform is designed so users can allocate capital not just to a single prediction but across all of Backpack without fragmenting balances, while maintaining other active positions. “Prediction markets are notoriously inefficient,” he said, noting that users typically must lock funds for the entire duration of an event, which can constrain flexibility and returns.
Backpack aims to enable users to quote price predictions, receive fills, and immediately hedge exposure on perpetual contracts within one margin account.
Source: Armani Ferrante
Ferrante said initial access will be limited to invited participants, with testing focused on validating the unified portfolio and its risk engine. The beta program is expected to expand over time with additional features, more markets, and mechanisms tailored to a fully integrated system.
The announcement did not identify which markets will be offered at launch or detail how the platform will address regulatory compliance. The rollout comes amid increased scrutiny of prediction markets, including recent U.S. congressional attention on insider trading risks in political wagering.
Backpack’s entry adds to a growing number of crypto firms moving into prediction markets. Coinbase launched a prediction market site in partnership with Kalshi in November 2025, and MetaMask previously partnered with Polymarket to facilitate trading directly from its self-custodial wallet.
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