Backpack launched MU-PERP, SNDK-PERP, SPY-PERP and QQQ-PERP on September 1, alongside a unified portfolio margin system that lets eligible users deploy real Micron Technology and SanDisk Corporation shares held through Backpack Securities as collateral. The equity perpetuals (futures without an expiry date) provide exposure without ownership, shareholder rights or dividend entitlements. The contracts use mark prices, $0.01 ticks and hourly funding, while the collateral system supports perpetual futures margin, USD borrowing and spot margin trading. Only MU and SNDK shares qualify as collateral at launch. The shares remain held as security entitlements by the licensed brokerage rather than being converted into tokenized assets. The launch builds on Backpack's July 2026 introduction of 24/7 trading in real U.S. equities for international investors and positions the platform between traditional brokerage margin and crypto-native derivatives infrastructure. Product availability varies by jurisdiction.