Extended

Extended surpassed $25M in Total Cumulative Revenue

USDT collateral is now live USDT contributes: - 95% to equity - 90% to available-to-trade balance

What multi-asset collateral unlocks for @extendedapp's roadmap: - Alongside multi-asset collateral, we have built spot trading infrastructure (all non-USDC liquidations already route through the native spot market), leveraged spot and a lending protocol. - As the next step, we will open spot trading to users and expand lending beyond the Extended ecosystem to support broader DeFi use cases. - Reasonably soon, we will multiply the number of crypto and TradFi markets available on Extended, while keeping liquidity and execution quality as top priorities and upgrading spot trading to support leverage. While multi-asset collateral is only one part of the broader vision, it is foundational to Extended’s goal of building one margin account across all markets: hundreds of crypto and TradFi perpetual markets, leveraged spot, an open lending protocol, yield products (XVS), and other trading products.

Full details on contribution factors, the interest rate model, liquidation mechanics, and withdrawal logic: docs.extended.exchange/extended-resou…

This is step one of unified margin Phase 1: multi-asset collateral with native lending - live now. Phase 2: a much broader universe of crypto and TradFi markets, spot trading, and an open lending protocol. Phase 3: additional products beyond perps, spot, and lending. The end state: a single account spanning perpetuals, spot, lending, yield-bearing products, and additional products across crypto and TradFi, with capital working across all of them at once.

Multi-Asset Collateral is now live on Extended From today, wBTC and ETH are accepted as collateral alongside USDC and XVS (Extended yield-bearing collateral). EURC and USDT are coming soon. How it works The system operates on a native money market, with the vault acting as the primary lender. When trading losses push your USDC balance negative and that deficit is covered by non-stablecoin collateral, you are borrowing USDC. Borrowing rates depend on two factors: overall vault utilisation and utilisation against each specific collateral asset. For example, if demand to borrow USDC against ETH is lower than against BTC, borrowing against ETH will be cheaper. When a user holds multiple collateral assets, borrowing is automatically allocated starting with the lowest-rate asset and moving upward, minimising the effective cost with no manual input required. We are not aware of this being implemented anywhere else in DeFi. Example. User is down $175K on a perp and borrowing $175K USDC against a mixed book: $50K USDT @ 1% - $500 $50K ETH @ 5% - $2,500 $75K BTC @ 10% - $7,500 Total annualised interest: $10,500. Effective rate: ~6%. Borrowing the same amount entirely against BTC would cost $17,500 annually, or 67% more. What this means for Extended Vault The vault is the primary lender for the entire system. All interest paid by USDC borrowers flows to vault depositors as Extra Yield, on top of the trading fees already distributed. This creates a second, structurally independent yield stream for XVS holders. The vault earns by serving as the backbone of the margin system.

Now available to trade: $PIEVERSE with up to 5x leverage app.extended.exchange/perp/PIEVERSE-…

Now available to trade: $CHIP with up to 5x leverage app.extended.exchange/perp/CHIP-USD

Now available to trade: $BABA with up to 10x leverage app.extended.exchange/perp/BABA-USD

In light of recent security incidents and the increasingly hostile environment, we have activated a dedicated treasury contract to further strengthen the system’s resilience. This contract is solely responsible for holding the entirety of the protocol’s treasury (TVL) and incorporates a circuit breaker mechanism governing fund outflows. Specifically, if the total value locked (TVL) decreases by more than 3% within any rolling 24-hour period, the treasury contract will automatically halt all USDC outflows. In such an event, settlements are paused until the team reviews the underlying transactions and explicitly approves any increase in withdrawal limits via a multisignature process. The multisig signers are distributed across multiple geographies. In rare circumstances, this may introduce delays to withdrawals. However, we believe this is a reasonable trade-off to ensure the safety of funds. The perpetuals and vault contracts, which handle trading and business logic, no longer custody funds. All asset movements are routed exclusively through the treasury contract. As a result, even in the event of a full system compromise, including bridges, oracle providers, or operator infrastructure, the maximum potential impact is limited to 3% of the TVL.

Now available to trade: $ORCL with up to 10x leverage app.extended.exchange/perp/ORCL-USD

Extended × Insilico Competition Leaderboard is now live: x10.metabaseapp.com/public/dashboa…

Language Feedback Form: tally.so/r/68Qj1P

Extended is now available in 7 additional languages: - Japanese - Korean - Chinese - French - Spanish - Russian - Turkish More languages to come. If you are a native speaker in any of those languages and believe some of the translations could be improved, please let us know through the Extended Language Form below.

Extended × Insilico Terminal Trading Competition Duration: April 17 – May 1. Prize Pool: $10,000. Full details: docs.extended.exchange/extended-resou…

Announcing another new venue integration. @extendedapp is now live on Insilico Terminal! Full execution suite, right where you trade. New accounts get boosted points when connected through Insilico.

State of liquidity and execution on @extendedapp v5 - TradFi Edition By popular demand, we're taking our liquidity analysis beyond crypto for the first time, this time covering TradFi markets: US equities (NVDA, MSTR, INTC, CRCL), precious metals (XAU, XAG), and the Nasdaq Index (NDX), across @extendedapp, @HyperliquidX (via @tradexyz), and @Lighter_xyz. Methodology 1. We measured slippage (buy/sell) on the above assets for $10k and $100k market orders across the three exchanges every 30 seconds from Mar 24, 07:11 UTC to Mar 31, 11:44 UTC (20,657 snapshots) 2. We ranked each exchange by market and clip size for both slippage and total cost of execution (slippage + exchange fee), where 1 = best and 3 = worst 3. Fees applied: Extended 2.5 bps, Hyperliquid base rate 4.5 bps, Lighter 0 bps 4. The dataset also includes charts showing how slippage evolved over the tracked period 5. NDX is listed as XYZ100 on Hyperliquid and QQQ on Lighter Results: Slippage - On equities and metals, Extended leads at $10k clip sizes, while Hyperliquid is better at $100k - On indices (NDX), Hyperliquid leads at both clip sizes Total cost of execution - where it gets interesting - Equities at $10k: Extended is the cheapest across all 4 - Equities at $100k: Hyperliquid leads across all 4 - Metals: Lighter's zero-fee model gives it the edge on both XAU and XAG at $10k, and on XAU at $100k - Indices (NDX): Hyperliquid leads at both clip sizes What this means 1. For equity trading at smaller sizes, Extended liquidity and fee structure make it the most efficient option overall 2. For larger orders, Hyperliquid has deeper liquidity and wins on total cost 3. Lighter's zero-fee model gives it a real edge in metals, though less so in equities It’s still early days for on-chain TradFi liquidity. There’s room for all exchanges to improve, and we'll keep tracking it. Full dataset: docs.google.com/spreadsheets/d…

Now available to trade: $META with up to 10x leverage app.extended.exchange/perp/META-USD

Extended end of Q1 update [TLDR] - Multi-asset collateral launching soon - TradFi expansion accelerating (>25 markets live, partnership coming, focused on distribution via TradFi brokers) - Becoming more institutional-ready (pricing methodology, trading workflows) - Building decentralised, high-throughput sequencing [Product] The team has completed development of multi-asset collateral margin. It is now in the testing phase on testnet and undergoing smart contract audits. We expect to launch at the end of April or early May, with support for wBTC, ETH, USDT and potentially EURC as collateral, subject to underlying liquidity. In Q1, we also doubled down on our TradFi offering, expanding to 25+ equities, indices, FX markets and commodities with competitive liquidity. We are currently finalising an agreement with a major TradFi broker, which will both broaden our offering and help bring in flow. The other priority for the team is making Extended more institutional-friendly across both product and trading: - Improving the definition and transparency of fair reference pricing for TradFi markets, with a consistent and clear methodology: spot-based references for equities and FX, and futures-derived pricing for commodities and energy - Introducing and better communicating institutional-grade features such as MPC wallet workflows, API key-only trading, and our sub-account architecture In addition: - With multi-asset collateral, we have built native spot markets (required to process liquidations of non-USDC balances). These will be released shortly after the cross-asset rollout. - The team is progressing towards decentralising sequencing via an application-specific chain built on a high-throughput implementation of full BFT consensus (targeting ~50ms block times and hundreds of thousands of transactions per second). This architecture introduces an app-chain layered on top of our existing zk-enabled stack, enabling decentralised matching and related services while preserving existing security guarantees. More details and timelines will be shared soon. Importantly, this design enables Extended tokenomics and revenue accrual to the token. [Growth and community] Our strategy remains consistent: - Stay open to feedback - Continuously iterate on the product - Encourage organic usage - Do not do paid marketing or paid deals - Focus on long-term sustainability and value creation Over the past quarter, we have gained stronger conviction that demand for perpetuals is increasing among traditional players, driven by 24/7 trading, higher leverage and deeper liquidity. As a result, we are doubling down on business development with TradFi brokers (fintechs and trading platforms). This is a long-term effort, but we believe it will be a key driver of sustainable growth. We also have several important integrations with trading terminals coming up, both retail and institutional. [Team] Over the past quarter, we hired 3 new team members and are now a team of 14. As we move towards decentralising sequencing, we expect to grow to 18-20 people in the coming months. [Market and exchange metrics] Nothing unexpected: January saw all-time highs across key metrics, followed by a broader market slowdown in February and March. All Extended metrics are public: dune.com/extended/exten… From our perspective, short-term market conditions are less important than long-term trends. What matters is that the market we are building in continues to grow and there is room for new players. We strongly believe this is the case: - price discovery for TradFi assets is likely to increasingly shift towards perpetuals. More on this here: x.com/rf_extended/st… - DeFi continues to gain share versus CeFi - Regulatory clarity is improving across both the US and Europe

Now available to trade: $CC with up to 5x leverage app.extended.exchange/perp/CC-USD