Phantom vs Backpack: fees, chains and which wallet to use

Pick Backpack if cost matters most: it charges 0% on swaps against Phantom’s 0.85%, lists more chains and supports Ledger, Trezor and Keystone. Pick Phantom if you want perps and prediction markets inside the wallet itself. Both are self-custodial and run on iPhone, Android and in the browser.

By the Raven team · Updated 30 October 2026 · 5 min read

Raven makes this page and competes with both wallets. Its 0.4% swap fee sits between them, it is built for running many wallets rather than daily use, and it is invite only today, so it is not our answer here.

Side by side

	Phantom	Backpack
Swap fee	0.85% on most swaps	0%
On a $1,000 swap	$8.50	$0
Networks	9 listed: Solana, Ethereum, Bitcoin, Base, Polygon, BNB Chain, HyperEVM, Robinhood Chain, Arc	“20+ chains” on its home page, “15+” in its fee post
Hardware wallets	Ledger. Trezor listed as unsupported	Ledger, Trezor, Keystone
Apps	iOS, Android, Chrome, Brave, Edge	iOS, Android, Chrome extension
Stake SOL	Native: no fee beyond network, 1 SOL minimum, extension only. PSOL: 4% protocol fee, 0.1% exit	Native and liquid, “0 commission or fees”
Perps	In the wallet, 0.095% a trade through Hyperliquid. Not in the US or UK	On the Backpack exchange account, not the wallet
Prediction markets	In the app, for eligible users	Not on the wallet pages we read
Stocks	Equity perps, per its perps page	US stocks and ETFs in the exchange account
Accounts	100, from an April 2023 post	No number on the pages we read
Keys	“Cryptographic keys that only you hold”	“Backpack can’t access or move the funds in your wallet”

From each wallet’s own pages, as of 30 October 2026.

Fees

This is the clearest gap. Phantom’s help page lists “0.85%, applies to most swaps”. Backpack’s post of 10 March 2026 says it “now charges zero fees on swaps and bridges across every supported network”, and its fee guide, updated 16 July 2026, adds “No markup” on the underlying quote.

Swaps a month	Phantom, a year	Backpack, a year
$1,000	$102	$0
$5,000	$510	$0
$20,000	$2,040	$0

Phantom’s 0.85% on the full amount, as of 30 October 2026. Each wallet’s own fee only.

Three things narrow the gap a little:

Network and pool fees still apply in both. Backpack’s post covers only what Backpack charges.
Some Phantom swaps are free of its fee. Phantom names swaps from USDC, USDT, USDG or PYUSD into its Cash account, and deposits to your perps balance. Some swaps are gasless, which can cover the network fee.
Network fees are not a Phantom markup. Phantom says it does not receive them. See Phantom fees explained and swap fees compared.

Chains

Backpack lists more. Its fee post names 14, including Solana, Ethereum, Base, Sui, Aptos, Monad, Arbitrum, Optimism, Sei and Berachain. Phantom lists 9 and ended Sui on 24 September 2026, so if you hold Sui, Phantom no longer helps. Phantom has Arc and Robinhood Chain. Backpack’s home page names Robinhood Chain as well.

Backpack’s own pages do not agree on the count, 15+ in one and 20+ in another, and its wallet site names BTC while the network lists we read leave it out. Check the app’s network list for anything other than Solana before you move.

Hardware wallets

Backpack is broader: Ledger, Trezor and Keystone. Phantom supports Ledger, marks Trezor and Tangem as unsupported, and does not mention Keystone. One Phantom limit matters here: perps and prediction markets do not work with Ledger accounts.

Staking

Backpack says native and liquid staking from the wallet carry “0 commission or fees”. Phantom’s native staking has no fee of its own but needs 1 SOL and the browser extension. Its liquid staking token, PSOL, works on mobile too and carries a 4% protocol fee and a 0.1% exit fee. On pure cost, Backpack wins.

Trading inside the wallet

This is where Phantom pulls ahead. Perps sit in the mobile app and in Phantom Terminal on desktop, at 0.095% a trade plus Hyperliquid’s costs for moving money in and out. Prediction markets are in the app where allowed. Phantom says perps “aren’t available in the United States, United Kingdom, and other territories”, so check your region.

Backpack’s answer is its exchange, with perps, US stocks and ETFs in one account. The company says that account is separate from the self-custodial wallet. If you like a single exchange account, that is a plus. If you want it all in the wallet, Phantom is closer.

How to switch without moving coins

You can use both at once. Nothing moves on chain when you import a recovery phrase into another wallet.

Note an address from the wallet you are leaving.
Import the phrase. In Backpack, choose Recovery phrase, then Find wallets. In Phantom, add a wallet the same way.
Compare the address. If it differs, the wallets are on different derivation paths. Backpack’s Advanced screen offers Backpack, Backpack Legacy, Solana Legacy and Ledger Live. Phantom’s most common Solana path is m/44'/501'/index'/0'.
Send nothing until the address matches.

Backpack’s page does not say which option matches Phantom’s path, and we did not test it. Read Solana derivation paths explained first, and seed phrase vs private key if you only have a key. Ledger accounts reconnect through the device, not through a phrase.

Which to use

You swap often and want the lowest cost: Backpack.
You use many chains, or Sui, Aptos or Monad: Backpack.
You keep savings on Trezor or Keystone: Backpack.
You want perps or prediction markets inside your wallet: Phantom, where available.
You swap rarely: the fee barely matters, so pick the one you like using.

If you run many wallets at once, see how many wallets Phantom can hold and how to manage many Solana wallets before you choose.

How we checked

On 30 October 2026 we read each wallet’s own help pages and posts and copied the numbers. We did not run swaps or test the import steps in either app. Phantom’s fee page shows no update date. Fees change, so the quote screen before you sign is the final word. For a third option, see Phantom vs Solflare vs Backpack.

Questions

Is Backpack cheaper than Phantom?

For swaps, yes. As of 30 October 2026, Backpack charges 0% and Phantom 0.85% on most swaps. Both still leave you paying network and pool fees.

Does Phantom or Backpack support more chains?

Backpack. It claims 15+ to 20+ networks across its own pages, and Phantom lists 9.

Can I use the same recovery phrase in Phantom and Backpack?

Yes, and nothing moves on chain. Check that the address matches before you rely on it, because the two wallets can use different derivation paths.

Which is better for a Ledger?

Both support Ledger. Backpack also supports Trezor and Keystone. In Phantom, Ledger accounts cannot use perps or prediction markets.

Sources

Raven sits beside either wallet for the wallets you run in bulk, and is invite only today.

Join the waitlist

See how Raven does it: How Raven works, Fees.