Extended Exchange Review

Extended is a next-generation perpetual DEX built by an ex-Revolut team, aiming to unify perpetuals, spot trading, and lending under one margin system. By introducing unified margin logic and native wallet integrations, Extended seeks to deliver a seamless, capital-efficient trading experience. Its long-term vision is to evolve into an open financial network on Starknet, embedding unified margin at the protocol level to power a new era of on-chain finance. Read on this Extended Exchange Review to explore more about the platform.

What is Extended Exchange?

Extended is an emerging decentralized perpetual exchange (Perp DEX) built by a team of former Revolut engineers. It enables trading of perpetual contracts across both crypto and traditional finance (TradFi) assets, all collateralized in USDC with leverage of up to 100x.

Extended’s approach blends traditional market sophistication with the transparency and efficiency of DeFi, setting the foundation for a new era of on-chain trading.

Beyond offering perpetuals, Extended’s core innovation lies in its unified margin system — a design that aims to merge perpetuals, spot markets, and lending into one seamless trading framework.

By enabling traders to use multiple asset types (including yield-bearing ones) as collateral, Extended strives to deliver unmatched capital efficiency and accessibility.

Extended Exchange Review: Roadmap

Extended’s development journey is structured around a clear, three-phase roadmap — transforming the platform from a standalone perpetual DEX into a fully integrated, open financial ecosystem.

Phase 1 — Core Perp DEX and Unified Margin Foundation

The first phase focuses on strengthening the perpetual trading infrastructure and introducing unified margin logic. This enables traders to use multiple assets — including yield-bearing tokens like wstETH — as collateral, while earning passive returns through an integrated lending layer.

Phase 2 — Native Lending and Spot Integration

Once the unified margin system is stable, Extended will roll out native lending and borrowing markets, allowing seamless on-chain credit and collateral management. The subsequent addition of spot markets will complete the foundation for a multi-asset trading environment, where perpetuals, spot trades, and lending coexist under one margin system.

Phase 3 — Network Expansion and Global Unified Margin

The final phase envisions launching an EVM-compatible network on top of Starknet, embedding unified margin directly into the base layer of the blockchain. This evolution will turn Extended into a network-level financial layer, where margining, borrowing, and liquidations are managed natively by the protocol.

Through this approach, all applications built on the Extended network will share global liquidity and unified margin access, enabling users to manage a single account across multiple dApps. Independent validators will ensure security, fairness, and sub-100ms latency — delivering performance on par with centralized exchanges while maintaining full decentralization.

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Extended Exchange Review: Unified Margin

What sets Extended apart is its product vision of “unified margin”—the ambition to bring perpetuals, spot, and lending/borrowing into a single capital-efficient system. According to the docs, the first phase will introduce a native lending and borrowing market where any supported asset — including yield-bearing ones — can be posted as collateral.

For example: deposit wstETH, trade USDC-settled perpetuals, incur negative PnL → effectively borrowing USDC, with interest paid to USDC lenders.
Once lending is live, the next step is to add spot markets, so that the unified margin system spans perps + spot + lending all under one collateral engine.

The long-term ambition: build an EVM-compatible network on top of Starknet where the unified margin logic is embedded at the base layer and exposed as an ERC-20 token accessible to all applications. In that world, all dApps on the network share a single global margin account, share liquidity, and benefit from capital reuse.

This vision promises significant capital efficiency: fewer silos, more reuse of collateral, and a simpler user experience (one account across multiple dApps rather than many). It also positions Extended as more than a perp DEX — as an infrastructure layer for open finance.

Extended Exchange Review: Current Product Offering & User Experience

From a user’s perspective today, Extended offers:

• A set of perpetual markets (crypto + TradFi) collateralised in USDC, with high leverage.
• Deployment on Starknet main-net, with native wallet support (MetaMask, WalletConnect, Starknet-native wallets) and improved settlement speed and cost compared to its prior deployment.
• Account architecture that allows cross-margin by default, and isolated sub-accounts for risk-segregation. The docs mention each wallet may create up to ten isolated sub-accounts.This means that even in the current phase (before full unified margin launch), users get choices around risk profile and collateral management — a solid foundation for the bigger system.

Extended Exchange Review: Strategic Positioning & Competitive Edge

Extended brings together a team with strong credentials (ex-Revolut) and a clear strategic narrative: bridging the gap between Perp DEXs, spot markets and lending — all under one unified system. The choice to build on Starknet and to design for a broader “network” layer gives Extended a strong differentiator relative to many current perp-only protocols.

By focusing early on multi-asset collateral, high leverage, and an integrated margin engine, Extended is positioning itself as closer to a full-service on-chain exchange (but decentralised), rather than a simple niche perp platform. The network effect envisioned (shared liquidity, global margin account) could give it a durable competitive moat if executed well.

However, execution risk remains: migrating to the full unified margin network, onboarding spot, integrating lending, and achieving deep liquidity are non-trivial tasks. The success of these will determine whether Extended becomes an infrastructure layer or remains a strong perp-DEX.

Nevertheless, the vision is compelling and timely: as more traders demand capital efficiency, fewer product silos, and seamless cross-asset functionality, Extended has positioned itself well to serve that need.

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Extended Exchange Review: How to get started

To start using Extended:

1. Create or connect an EVM-compatible wallet and deposit USDC (or other supported assets) via one of the supported chains.
2. Deposit funds and select or create a trading account (cross-margin by default, with optional isolated sub-accounts).
3. Navigate to the perpetual trading interface, choose the market (crypto or TradFi) and place your orders in the familiar order-book interface of the hybrid CLOB model.
4. For more advanced use, join the vault (see next heading) or participate in referral/affiliate programmes.
5. Monitor your margin, collateral and unrealised PnL; use risk management tools to avoid liquidation.
   Extended’s deposit/withdrawal flows claim to offer sub-few-minute times for smaller transactions (on supported chains) and provide clear minimums and limits per chain.
   It’s advisable for new users to start with small amounts until they are comfortable with the interface, margin logic and risk.

Extended Exchange Review: Deposits and Withdrawals

Since Extended’s smart contracts are deployed on the Ethereum blockchain, all native deposits and withdrawals are currently processed in USDC on Ethereum. This ensures secure and transparent asset management directly on-chain.

To improve accessibility, Extended also supports USDC deposits and withdrawals on Arbitrum for amounts under $100,000. This limit is expected to increase as the platform expands its infrastructure.

Deposits

Depositing to Extended is straightforward and designed for speed and user control.

• Supported Networks: Ethereum and Arbitrum
• Collateral: USDC only (for now)
• Minimum Deposit: None — users can start with any amount
• User Costs: Traders must cover gas fees when depositing, requiring some ETH in their connected wallet to process the transaction

Processing Time:

• Ethereum: Deposits are confirmed after 10 blocks (approximately 2 minutes).
• Arbitrum: Deposits are completed in under 30 seconds, offering a faster alternative for smaller amounts.

Users can monitor their deposit status through the “Transfers” table in the trading interface, which provides real-time updates on transaction progress.

Withdrawals

Extended offers two withdrawal types — fast and slow — giving users flexibility between speed and scalability.

Fast Withdrawals

• Processing Time: Typically within 15 minutes, though in rare cases up to 1.5 hours.
• Limit: Combined limit of $50,000 per 12 hours across Ethereum and Arbitrum.
• Fees: Extended does not charge withdrawal fees, but a 1.1× multiplier is applied to the current gas fee to ensure successful settlement amid gas volatility.
• Availability: Fast withdrawals may be temporarily paused if liquidity gaps occur in the exchange’s Ethereum or Arbitrum wallets. In such cases, users are encouraged to retry later or use slow withdrawals.

Slow Withdrawals

• Supported Network: Ethereum only
• Maximum Limit: None — suitable for large withdrawals
• Process:
  1. Users initiate a withdrawal on Layer 2 (Extended’s internal ledger).
  2. The system processes the request (up to 12 hours).
  3. Once ready, the user receives a notification to claim funds on Ethereum and must cover the gas fee.
• Slow withdrawals prioritize security and scalability, allowing the exchange to manage liquidity efficiently without network strain.

Extended Exchange Review: Fees

Extended adopts a streamlined fee structure for its perpetual markets:

• Taker fee: 0.025% of the filled notional value.
• Maker fee: 0.000% (i.e., no fee for maker orders).
• The platform reserves the right to revise the fee schedule over time.
  From a user’s perspective, this means the cost of executing market-orders is low, and placing limit orders that are filled as makers may incur no direct fee.
• However, users should always check for any maker rebates or other hidden costs (such as funding or liquidation impacts) when trading large positions.

Extended Exchange Review: Security

Security is a critical pillar of Extended’s design. According to its technical documentation:

• The platform uses a hybrid architecture: order matching, risk engines and sequencing are off-chain, while settlement and validation happen on-chain via Starknet.
• Users retain self-custody of their assets. The protocol claims that no custodial control over user funds is possible by the platform.
• The choice of Starknet as settlement layer was driven by four criteria: security, performance, longevity and alignment of vision.
• On the liquidation side, the platform supports insurance-fund logic, partial liquidation before full liquidation, and auto-deleveraging (ADL) if needed.
  From this we can assess that security is built into multiple layers: custody, settlement, risk engines and contract architecture. As with any DeFi protocol, users still must follow best practices (wallet security, smart contract risk, staying informed about upgrades).

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Extended Exchange Review: Vault

The “Vault” is Extended’s mechanism for users to deposit funds to be used in market-making, fee accrual and liquidation coverage:

• Minimum deposit: US $5. A 24-hour lock-up period applies for each deposit before withdrawal is permitted.
• Withdrawals: No minimum amount, but withdrawal logic includes pro-rata closing of underlying vault positions (with any price-impact cost borne by the withdrawing user) rather than collective sharing of losses.
• Business logic: The vault quotes across all markets that Extended supports, uses exposure-management controls (e.g., global leverage cap 0.2×, per-market exposure limits, adaptive spread quoting) and accrues net fees = trading fees minus maker rebates minus referral rebates.
• As a user of the vault you are exposed to both rewards (fee accrual) and risks (via quoting and potential liquidation losses, though the design aims to limit those losses).
  In sum: the vault presents a “passive” way to participate in the platform’s revenue model, but it requires understanding of the lock-up, risk exposure and how the quoting logic may shift under extreme market conditions.

Extended Exchange Review: Referrals & Affiliates

Extended offers a tiered referral and affiliate programme:

• To join the referrals programme: once you’ve achieved US $10,000 in traded volume, you can generate a unique referral link. Referrers then earn 10% of the fees generated by their referrals. The invited users get a 10% discount on commissions for their first US $50 M of trading volume.
• For the affiliates programme: users with 4,000+ social followers or who have referred US $10 M+ in volume in the past 30 days may apply. Affiliates earn boosted points and rebates on all fees generated by their referrals, and can also refer sub-affiliates, earning 10% of the fees generated by those sub-affiliates as well.
• This structure encourages community growth and provides incentives for promoters. For readers considering referring, it’s useful to weigh the volume you expect, the effort to recruit/trade referred users, and the long-term rebate structure.

Extended Exchange Review: Customer Support

While Extended’s documentation is extensive, the publicly referenced support channels are less detailed in the docs. That said, for users of the platform:

• Documentation includes FAQs and migration guides (e.g., the migration to Starknet).
• Users should check for official channels (Discord, Telegram, or in-app support) for real-time assistance, but always verify channel authenticity.
• Because this is a non-custodial, permission-less wallet-connected protocol, user responsibility is high (wallet security, private keys, risk exposure).
• When writing your review, you may want to note that prospective users should verify support responsiveness and check whether there are live chat, ticketing or community-moderated forums.

Conclusion

Extended is redefining what a decentralized exchange can be. With its vision of unified margin, multi-chain access, and seamless integration of perpetuals, spot, and lending, it moves beyond the limits of a typical Perp DEX. Built by a proven team and powered by Starknet, it combines scalability, security, and capital efficiency under one ecosystem.

If executed as planned, Extended could evolve from a trading platform into a universal on-chain financial network, setting a new benchmark for liquidity, user control, and interoperability in DeFi.

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