Extended

Season 1 of Extended’s points program is Live 1,200,000 points will be distributed weekly to Extended users. Points are earned through trading, referring, and providing liquidity. Exact criteria won’t be made public, but all organic activity is tracked and will be rewarded. Distributions happen every Tuesday at 00:00 UTC and the first distribution will take place on May 6. Points are accrued automatically, no claiming is required. All points distributions are visible on app.extended.exchange/points.

Now available to trade: $USDJPY with up to 25x leverage app.extended.exchange/perp/USDJPY-USD

Now available to trade: $XBR (Brent Crude Oil) with up to 5x leverage app.extended.exchange/perp/XBR-USD

You can now trade $MSFT and $SNDK with up to 10x leverage app.extended.exchange/perp/MSFT-USD app.extended.exchange/perp/SNDK-USD

Experience Extended in your pocket🤝 Start trading on @extendedapp natively from your phone, with Miracle! - Cheaper fees - Milli second execution - Trade Crypto, Stocks & Equities Download on iOS: apps.apple.com/mt/app/miracle… Download on Android: play.google.com/store/apps/det…

Extended surpassed $20M in Total Cumulative Revenue

You can now trade $CRCL and $MU with up to 10x leverage app.extended.exchange/perp/CRCL-USD app.extended.exchange/perp/MU-USD

Extended Builder Codes: docs.extended.exchange/extended-resou…

Extended Builders Stats are now live You can now track builders contributing to Extended growth on the dashboard: app.extended.exchange/builders To date, builders have generated over $2.5B in trading volume, with the top contributors by volume being @PlanemoTrading, @tread_fi, and @Flowbot_pro.

You can now trade $INTC, $AAPL and $PLTR with up to 10x leverage

Extended Exchange and Vault Tokenization (S7E27) Today, I’m speaking with Ruslan Fakhrutdinov (@rf_extended), the founder of Extended, a decentralized perpetual futures exchange. Ruslan is the fifth perpetual futures exchange founder I’ve had on the podcast, and that’s very intentional. Flow continues to move toward these platforms, and while trading perps can feel familiar to anyone coming from centralized or traditional exchanges, the way risk is absorbed and resolved under the hood for decentralized exchanges can be very different. In this episode, we go deep on the design of perp DEX vaults and the role they play as a liquidity and risk backstop for the entire exchange. Ruslan walks through how platforms choose between protecting system solvency, safeguarding vault depositor capital, and managing trader losses, particularly during stress events. We also discuss how settlement finality, governance intervention, and liquidation design determine where losses ultimately land. We spend time on Extended’s introduction of vault shares as collateral, why that design can be powerful, and the new risks it introduces if boundaries aren’t explicit. Ruslan lays out the risk-management waterfall: when the vault steps in as a counterparty, when it refuses additional exposure, and when traders are pushed into forced deleveraging or auto-deleveraging instead. We close by connecting this framework to Extended’s next phase, expanding cross-asset margin, and what it takes to design a system that still behaves predictably when markets break. Please enjoy my conversation with Ruslan Fakhrutdinov.

You can now trade $COIN and $HOOD with up to 10x leverage app.extended.exchange/perp/COIN-USD app.extended.exchange/perp/HOOD-USD

You can now trade $NATGAS (Natural Gas) and $XPT (Platinum) with up to 5x leverage app.extended.exchange/perp/NATGAS-USD app.extended.exchange/perp/XPT-USD

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

Extended was among the first perp DEXs to launch commodities and index perps in Spring 2025. The next step is equities. Extended is launching its first six equity perpetual pairs. Equity perps have not yet truly scaled onchain for one reason: liquidity. Extended is building to solve it - with further updates to follow.

All-time PnL of the Extended Vault has crossed $3M, with >$1M earned in the last month, and a ~19% APR over the past week for active traders. Most vault models reward passive capital. This helps increase headline TVL, but it does not materially improve liquidity, volume, or execution quality on the exchange. From the perspective of an exchange, passive capital is not the scarce resource - active participation is. When a vault pays yield simply for deposits, it attracts mercenary liquidity. Capital arrives for the rate, not for the system. This is the natural outcome of treating vaults as passive rather than active components of an exchange. XVS takes a different approach. It does not reward presence. It rewards participation. Base yield is paid to all XVS holders, but meaningful yield is reserved for active traders through Extra Yield multipliers sourced from a share of net exchange fees. If a user stops trading, Extra Yield decays automatically as other users accumulate points and advance into higher leagues. No governance intervention or incentive rebalancing is required. The second difference is that XVS actively enables trading. XVS represents a claim on vault equity and contributes to user margin, meaning capital deposited into the vault can be used to open positions instead of sitting idle. Yield is paid daily, increasing user equity and available margin. For traders, this yield offsets a portion of trading fees and compounds into additional collateral that can be used to take on more positions. Over time, vaults that pay for deposits but do not support the exchange’s core function will struggle to compete with systems where vault capital is both productive and integrated into trading.

Extended has hit an all-time high with $3.4B in daily trading volume

Now available to trade: Copper ($XCU) with up to 10x leverage app.extended.exchange/perp/XCU-USD

Extended reached $200M TVL #information" target="_blank" rel="nofollow noopener">defillama.com/protocol/exten…

Extended has hit an all-time high with $2.61B in daily trading volume