{"version":1,"id":"extended-exchange","title":"Extended Exchange","summary":"Extended Exchange is a decentralized exchange for leveraged perpetual markets across crypto and traditional-finance assets, with spot trading and a unified collateral system.","content":"**Extended Exchange** is a self-custodial cryptocurrency exchange focused on perpetual futures trading across crypto, equities, commodities, and other asset markets. Built on Starknet, it combines central limit order books and request-for-quote execution with unified margin, lending, and vault-based liquidity mechanisms. [\\[3\\]](#cite-id-x9j3bd31mf) \n\n## Overview\n\nExtended is a decentralized perpetuals exchange (DEX) developed by a team of former Revolut employees. It offers more than 300 trading markets across cryptocurrencies, equities, foreign exchange, commodities, and indices, with leverage of up to 100x. The platform uses USDC as its base collateral asset and supports trading through both crypto-native and real-world asset (RWA) markets. Its fee structure includes zero maker fees, 0.025% taker fees, and 0.01% taker fees for RWA markets. Extended also operates a Community Vault, where users can deposit USDC to earn yield and receive XVS, a share token that can also be used as trading collateral.\n\nExtended is developing a unified margin system that combines perpetuals, spot trading, and lending within a single account. Its cross-asset collateral feature allows users to use assets such as cirBTC, wETH, and XVS as margin across supported markets, while its native lending layer enables borrowing against deposited collateral. The platform also integrates with external wallets, brokerage applications, and financial platforms, allowing users to access its markets through third-party interfaces. Developers can use Builder Codes to integrate Extended's trading services and receive fees from transactions routed through their applications. [\\[1\\]](#cite-id-z95mjy5677) \n\n## Architecture\n\nExtended is a perpetuals exchange built on Arc, a Layer 1 blockchain developed by Circle, where user funds remain self-custodied in on-chain smart contracts. Its architecture places trading logic, transaction validation, and key risk-management functions directly on-chain, with transactions involving trades, collateral transfers, funding payments, liquidations, and auto-deleveraging (ADL) subject to account solvency checks. The protocol also enforces execution limits, funding rate restrictions, and liquidation conditions using external oracle prices. Zero-knowledge proofs are used to verify state transitions, while its open-source smart contracts allow transactions and protocol operations to be inspected through the Arc blockchain explorer. Arc provides the settlement infrastructure for Extended through three main components: sub-second deterministic finality, native USDC support for transaction fees, and Ethereum Virtual Machine (EVM) compatibility. Using USDC as both the base collateral asset and gas token allows for predictable transaction costs, while EVM compatibility supports integration with standard wallets and developer tools. The architecture is designed to support trading execution and settlement with latency and throughput comparable to centralized trading platforms. [\\[1\\]](#cite-id-z95mjy5677) \n\n![](https://ipfs.everipedia.org/ipfs/QmdejGL179yTrnhpybxg2iuwY6c9WRZSqDUzVoTmQ43a6n)\n\n## Features\n\n### Extended Vault\n\nThe Extended Vault is a USDC-based liquidity and yield mechanism that supports the exchange's liquidation and lending operations. Users deposit USDC and receive Extended Vault Shares (XVS), which represent a proportional claim on the vault's equity. XVS accrues base yield generated primarily through liquidation activity, plus additional yield funded by interest from the protocol's native money market and a share of exchange fees. The shares can also be used as trading collateral, with 90% of their value contributing to a user's equity and available trading balance. Additional yield depends on trading activity and league level, with a deposit cap applying to the balance eligible for these rewards.\n\nThe vault participates in liquidations across perpetual positions, spot balances, and XVS holdings, and acts as the primary lender in Extended's native money market. Deposits have a 24-hour lockup period, after which users can withdraw without a minimum amount, although withdrawals may require the vault to close a proportional share of its positions and can involve execution costs or settlement in assets other than USDC. The vault previously conducted market-making activities, but these have been discontinued. Its current operations remain exposed to liquidation losses, lending and collateral risks, market volatility, liquidity constraints, and technical or smart contract failures. Returns are variable and not guaranteed, and users may lose part or all of their allocation. [\\[8\\]](#cite-id-4ndou44dv7) \n\n### Money Market\n\nExtended’s native money market supports its multi-asset collateral margin system by allowing users to borrow USDC against eligible collateral assets to trade perpetuals. Borrowing is currently restricted to use within the platform, and users cannot withdraw borrowed USDC or borrow assets other than USDC. A negative USDC balance may result from trading losses or withdrawing unrealised profits. Interest is charged when the negative balance is backed by non-stablecoin collateral, excluding Extended Vault Shares (XVS), which represent a claim on the vault’s equity. No interest is charged when XVS covers the balance or when unrealised profit from the position against which it was withdrawn continues to cover the amount. If that position's value falls below the withdrawn amount, interest applies only to the uncovered portion. The vault acts as the primary lender, collecting interest from borrowers and distributing it to depositors as additional yield.\n\nBorrowing rates are determined by the higher of the vault's global utilization rate and the asset-specific utilization rate for the collateral used. Consequently, rates can differ across collateral assets, depending on how much USDC has been borrowed against each one. Both rates are updated approximately every minute, while interest is applied approximately every 15 minutes. The rate model uses a utilization-based curve with a maximum rate parameter initially set at 900% annualized, a target-utilization rate of 7.5%, and a zero-utilization rate of 3.6%. Initial target utilization is 10% for the overall vault, 10% for cirBTC and wETH, and 5% for EURC. The curve adjusts dynamically when utilization moves more than one percentage point above or below its target, changing the maximum rate parameter between 360% and 900%. When multiple collateral assets are used, borrowing is allocated first to the assets with the lowest interest rates, followed by those with higher rates. [\\[7\\]](#cite-id-vzhf3aeijn) \n\n### RFQ Model\n\nExtended uses an open request-for-quote (RFQ) model to support perpetual futures markets that may not have enough trading activity to sustain traditional order books. Rather than committing capital across multiple markets, external market makers provide liquidity when user orders are submitted through a public API, without requiring whitelisting or exclusive agreements. The system separates price discovery from execution through two order books: an indicative book that displays market-maker quotes and a real book where margin-backed orders are placed and filled. RFQ markets operate alongside Extended's central limit order book (CLOB), with both accessible through a unified cross-margin account. More liquid assets trade on the CLOB, while lower-volume markets use RFQ. Markets can move between the two models as trading activity changes, with existing resting orders carried over when a market transitions. RFQ orders support market, limit, take-profit, and stop-loss functionality. Market orders begin at the best indicative quote and can be repriced in up to eleven 100-millisecond intervals, subject to the user's maximum slippage limit. Orders that cannot be filled within that limit are canceled rather than executed at a worse price. The RFQ model uses an inverted fee structure in which market makers pay the lower maker fee, currently zero, and may receive rebates for filling user orders, while users pay the taker fee regardless of whether they submit market or limit orders. Both market makers and traders can interact with the system through public APIs, allowing traders to access indicative quotes and configure execution parameters while market makers monitor and fill margin-backed orders on the real book. This structure also allows Extended to list markets that may not support traditional standing liquidity, including US equities with trading sessions covering pre-market, regular hours, and after-hours. [\\[5\\]](#cite-id-bfq9na7by9) \n\n## XTEN\n\nXTEN is the native token of the Extended ecosystem, issued on the Arc blockchain. Staking XTEN provides access to staking rewards distributed from the Emissions Reserve and determines a user's League tier. The tier establishes the user's fee discounts, Vault Extra Yield Boost, and affiliate payout multiplier. [\\[9\\]](#cite-id-6boizt3f97) \n\n### Tokenomics\n\nXTEN has a total supply of 1B tokens and has the following allocation: [\\[10\\]](#cite-id-42jj0o53uy) \n\n* Community: 30%\n* Founders & Team: 25.14%\n* Investors: 24.86%\n* Ecosystem: 20%\n\n![](https://ipfs.everipedia.org/ipfs/Qma1379sPCXtWeimBrZZ6XXz437CWaB2WB6qM2uf5PbJTg)\n\n### The League\n\nThe League is Extended’s staking-based tier system, with a user's tier determined by their total staked XTEN balance. It consists of five tiers, ranging from Pawn to King, each with a minimum staking threshold. A tier takes effect immediately after staking, with no waiting period, and the staked balance is combined across sub-accounts linked to the same wallet. Users without staked XTEN do not receive a League tier, fee discounts, or a Vault Extra Yield Boost. From the token generation event (TGE), League tiers replace the Points ranking system as the basis for determining Vault boosts. Each tier provides different levels of trading fee discounts, Extended Vault Extra Yield boosts, and referral earnings multipliers. Fee discounts range from 5% at Pawn to 30% at King and apply to the user's volume-tier trading fee. Vault Extra Yield boosts range from 0.5x to 5x, with eligible deposit caps increasing from $5,000 to $2 million across the tiers. These multipliers apply only to Extra Yield, not Base Yield, and do not guarantee returns. Referral earnings multipliers range from 1x at Pawn to 1.4x at King. XVS balances above a tier's deposit cap earn Base Yield only, while moving to a higher tier increases both the applicable multiplier and the balance eligible for boosted Extra Yield. [\\[6\\]](#cite-id-49bqbi0yit) \n\n![](https://ipfs.everipedia.org/ipfs/Qmc2dZTbqcE3Z32xohGhy1Cu4KJC3s1QvGjU8febubMMFj)\n","categories":[{"id":"exchanges-and-marketplaces","title":"exchanges-and-marketplaces"}],"tags":[{"id":"DEX"},{"id":"Ethereum"}],"images":[{"id":"QmaC6ZBtihgkNXz5CHfihYz7rCJszvBnLss3p9nrdh7a8N","type":"image/jpeg, 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documentation\",\"timestamp\":1793716222553},{\"id\":\"ccb94bp17l\",\"url\":\"https://x.com/extendedapp\",\"description\":\"Extended on X\",\"timestamp\":1793716222553},{\"id\":\"x9j3bd31mf\",\"url\":\"https://extended.exchange/\",\"description\":\"Extended platform overview\",\"timestamp\":1793716222554},{\"id\":\"oxiojbm7si\",\"url\":\"https://docs.extended.exchange/extended-resources/trading\",\"description\":\"Trading documentation\",\"timestamp\":1793716222554},{\"id\":\"bfq9na7by9\",\"url\":\"https://x.com/extendedapp/status/2114341877893808265\",\"description\":\"Extended explanation of RFQ markets\",\"timestamp\":1793716222554},{\"id\":\"49bqbi0yit\",\"url\":\"https://docs.extended.exchange/extended-resources/xten/the-league\",\"description\":\"The League documentation\",\"timestamp\":1793716222554},{\"id\":\"vzhf3aeijn\",\"url\":\"https://docs.extended.exchange/extended-resources/money-market\",\"description\":\"Money market documentation\",\"timestamp\":1793716222554},{\"id\":\"4ndou44dv7\",\"url\":\"https://docs.extended.exchange/extended-resources/vault\",\"description\":\"Vault documentation\",\"timestamp\":1793716222554},{\"id\":\"6boizt3f97\",\"url\":\"https://docs.extended.exchange/extended-resources/xten\",\"description\":\"XTEN documentation\",\"timestamp\":1793716222554},{\"id\":\"42jj0o53uy\",\"url\":\"https://docs.extended.exchange/extended-resources/xten/tokenomics\",\"description\":\"XTEN tokenomics\",\"timestamp\":1793716222554}]"},{"id":"main-image-origin","value":"{\"imageId\":\"QmaC6ZBtihgkNXz5CHfihYz7rCJszvBnLss3p9nrdh7a8N\",\"originalId\":\"QmaC6ZBtihgkNXz5CHfihYz7rCJszvBnLss3p9nrdh7a8N\"}"},{"id":"commit-message","value":"Add Extended Exchange wiki"}],"events":[{"type":"CREATED","title":"Founded by Ruslan Fakhrutdinov and former Revolut employees","date":"2023-01-01","description":"Extended was founded by Ruslan Fakhrutdinov and other former Revolut employees.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"6fb994d3-3934-452d-a798-f9bbfbe6b22d"},{"type":"DEFAULT","title":"Emerged from stealth with $6.5 million in funding","date":"2024-04-01","description":"Extended emerged from stealth with $6.5 million in funding.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"0262cb92-e77c-4d32-8be6-236dc094b9f7"},{"type":"DEFAULT","title":"Opened trading to all users","date":"2024-12-01","description":"Extended opened trading to all users.","link":"https://www.globenewswire.com/news-release/2024/12/11/2995628/0/en/extended-opens-trading-for-all-users-and-plans-to-introduce-unified-margin-with-technical-support-from-starkware.html","multiDateStart":null,"multiDateEnd":null,"id":"98db5670-8785-4847-a28e-1d6f4c50e5ae"},{"type":"DEFAULT","title":"Launched points farming campaign","date":"2025-04-01","description":"Extended launched a points farming campaign.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"9a40c56e-f360-4249-ba40-a7889c63e191"},{"type":"DEFAULT","title":"Launched on Starknet mainnet","date":"2025-08-01","description":"Extended launched on Starknet mainnet.","link":"https://www.cryptotimes.io/2025/08/12/ex-revolut-crypto-teams-perp-dex-extended-launches-on-starknet/","multiDateStart":null,"multiDateEnd":null,"id":"fc02753b-6d26-4a33-aac3-7101c3395d3a"},{"type":"DEFAULT","title":"Raised $12.5 million in strategic funding round","date":"2026-07-01","description":"Extended raised $12.5 million in a strategic funding round.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"015bd615-fad6-40a4-9ed8-38f2347ef82a"},{"type":"DEFAULT","title":"Migrated settlement layer from Starknet to Arc","date":"2026-10-01","description":"Extended migrated its settlement layer from Starknet to Circle's Arc blockchain.","link":"https://cryptobriefing.com/extended-migrates-settlement-starknet-to-arc/","multiDateStart":null,"multiDateEnd":null,"id":"f6106db6-f352-4a6a-a4b0-799427f9cf9c"},{"type":"DEFAULT","title":"Announced XTEN token ticker","date":"2026-10-01","description":"Extended announced XTEN as its token ticker and said the token was expected in November 2026.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"4036ae7d-af08-49ae-a402-682266ab1493"},{"type":"DEFAULT","title":"Jio Platforms pre-IPO trading announced","date":"2026-10-01","description":"Extended announced Jio Platforms Limited pre-IPO trading with up to 5× leverage.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"a87808be-9ee0-4c4c-87b9-ec976a67443a"},{"type":"DEFAULT","title":"Final Arc competition update","date":"2026-10-01","description":"Extended reported trading and participation figures for its Final Arc competition covering October 6–27, 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