Backpack, a crypto exchange started by former employees of Alameda Research and the defunct FTX, began private beta testing on Tuesday for a prediction market product named the Unified Prediction Portfolio, Armani Ferrante said. The platform aims to let traders place and manage prediction bets without fragmenting balances across separate markets.
Ferrante described the system as “a native system with everything tokenized and risk profiled, together.” He said the design is not a simple wrapper over other platforms.
Backpack plans to let users quote prices, get filled, and immediately hedge via perpetual contracts inside one margin account. “Prediction markets are notoriously inefficient,” Ferrante added, noting locked funds often limit flexibility and returns.
Initial testing will be invite-only and will focus on the unified portfolio and its risk engine. The beta will expand gradually to add more markets and features, while the company has not specified which markets will launch or how it will handle regulatory compliance (Ed. note: U.S. congressional scrutiny has recently focused on insider trading in political wagers).
The move joins other crypto entrants into prediction markets, including Coinbase’s November 2025 launch with Kalshi and integrations between MetaMask and Polymarket. Backpack did not provide additional details when contacted.
