⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.

Comparison · By Stephan Kulik · Updated 2026-07-22

Hyperliquid vs Extended (2026): Crypto-Only vs Crypto + TradFi Perps

Facts verified against each venue's official docs on 2026-07-22. Any comparison of volume, open interest, or liquidity reflects a point-in-time reading from the same date and moves constantly — treat it as a reading, not a fixed ranking.

The clearest difference between these two isn't fees or chain — it's what you can trade. Hyperliquid is a crypto-native perpetuals exchange on its own L1. Extended (extended.exchange, formerly X10, built by an ex-Revolut team on Starknet) puts crypto perps and traditional-asset perps — equities, FX, metals, energy, and indices — in one margin account. If you want a single self-custodial venue for both BTC and, say, a gold or single-stock perp, that's Extended's whole pitch. If you only trade crypto and want a fully on-chain order book, Hyperliquid's design fits better. Most of the rest follows from that split.

Note on jurisdiction: both venues block US persons, and Extended blocks the UK as well. Extended's restricted list also names Canada, China (incl. Hong Kong), Russia, Iran, North Korea, Syria, Cuba, Afghanistan, Seychelles, and Ukraine's Crimea/Donetsk/Luhansk regions; VPN circumvention is forbidden. Check each venue's own terms for the authoritative, current list before signing up.

At a glance

✓ facts verified 2026-07-22 · each venue's docs

What you can trade

This is Extended's real differentiator. Alongside crypto perps, it lists roughly 30 real-world-asset markets — single-name equities, FX pairs, metals, energy, and index products — as perpetuals, margined from the same account, per its RWA-markets docs. Hyperliquid doesn't offer traditional-asset products directly; its own RWA exposure comes through HIP-3 builder-deployed markets, a different mechanism on the same crypto-native book (see our explainer on Hyperliquid's HIP-3 markets). So if trading a stock or gold perp next to BTC from one balance is the point, Extended is built for it and Hyperliquid isn't. One honest caveat: a synthetic TradFi perp on a crypto venue tracks its underlying via an oracle and can behave differently from the real instrument, especially when the underlying market is closed — weigh that before treating it like a brokerage position.

Fees and collateral

Extended's schedule is simpler and lower on paper: a flat 0.025% taker fee, 0.000% maker, plus maker rebates (0.002%–0.013%) scaled to a market maker's share of volume. Hyperliquid runs 0.045% taker / 0.015% maker, cut by volume tiers, HYPE staking (up to 40% off), and a 4% referral discount — see our full Hyperliquid fee breakdown. On headline taker cost, Extended is cheaper. On collateral, the two differ: Hyperliquid margins in USDC, while Extended accepts a defined five-asset set — USDC at full value, USDT at a 95% contribution factor, and wBTC, ETH, and XVS each at 90% — so you can post crypto as margin at a haircut rather than converting to a stablecoin first. Neither venue's headline fee is the whole cost, though; funding and holding time can dominate the per-fill fee on either.

Architecture and custody

Hyperliquid runs its entire order book on-chain on its own L1 — every order, cancel, and fill is public and verifiable. Extended is a Starknet zk-rollup: user funds are held in self-custodied, audited on-chain contracts, but its order matching and sequencing currently run off-chain, with decentralized sequencing named as a roadmap item rather than a shipped feature (per its own technical docs). So both are self-custodial for your funds, but only Hyperliquid's matching is independently verifiable on-chain today — with Extended you're trusting an off-chain sequencer, backed by on-chain settlement. Extended is operated by X10 Ltd, whose Terms state plainly that it is not registered or licensed by any regulatory agency; it disputes under England & Wales courts. It raised a $12.5M strategic round in July 2026 led by eToro with Jump Crypto, per independent reporting.

Where Extended wins

• The one genuinely distinct feature in this comparison: crypto and TradFi perps — equities, FX, metals, energy, indices — margined from a single self-custodial account. Hyperliquid has no direct equivalent.
• Lower, simpler headline fees: 0.025% taker / 0% maker flat, versus Hyperliquid's tiered 0.045% / 0.015%.
• Multi-asset collateral — post USDC, USDT, wBTC, ETH, or XVS as margin (at defined haircuts) rather than holding only one stablecoin.
• A funded, named team (ex-Revolut) with a July 2026 raise led by eToro and Jump Crypto behind it.

Where Hyperliquid wins

• Full on-chain verifiability: the book, cancels, and fills are all public, rather than trusting an off-chain sequencer to match fairly.
• A live, tradable token (HYPE) with staking and fee-discount tiers already operating; Extended has no live token — only a points program its own docs say is not a token entitlement, so any airdrop is speculation, not a documented feature.
• A longer public track record and deeper, more-established crypto-native liquidity.
• No dependence on synthetic oracles for traditional assets — every Hyperliquid market is crypto-native, which sidesteps the closed-market and oracle-tracking quirks a stock or FX perp can carry.

Which to pick

If you want one self-custodial account to trade crypto perps and stocks, gold, or FX as perps — and lower headline fees — Extended is the only venue in this comparison built for that. Just go in understanding you're trusting an off-chain sequencer and trading synthetic TradFi exposure, not a regulated brokerage product.

If you trade crypto only and want a fully on-chain, independently verifiable order book plus a live token with staking utility, Hyperliquid's design and track record fit better — read our full Hyperliquid review. Either way, weigh both against the rest of the field in our perp DEX rankings before committing capital.

Related comparisons

• Hyperliquid vs Jupiter Perps
• Hyperliquid vs ApeX
• Hyperliquid vs Binance Futures
• Hyperliquid vs Bybit

FAQ

Can I really trade stocks and FX on Extended?

Yes — as perpetuals, not as real shares. Extended lists roughly 30 real-world-asset perp markets (single-name equities, FX, metals, energy, indices, and a pre-IPO market) alongside its crypto perps, all margined from one account. They're synthetic: each tracks its underlying through an oracle and is settled in crypto collateral, so it can diverge from the real instrument — especially when the underlying market is closed — and it is not a regulated brokerage position.

Does Extended offer 100x leverage?

Only on FX pairs, and only at the smallest position size. Per Extended's margin schedule, BTC and ETH cap at 50x, most single-name equity perps at around 10x, and the pre-IPO market at 3x. As with any venue, the top advertised leverage applies to a narrow slice of markets and shrinks as position size grows — treat "up to 100x" as a ceiling for one asset class, not a general rate.

Is there an Extended token or airdrop?

No token is live as of our 2026-07-22 check. Extended runs a points program, but its own docs state the points do not currently represent a token or create any present entitlement. Any specific token ticker or launch date circulating is third-party speculation, not a documented Extended feature.

Perpetual futures carry substantial risk regardless of venue — see our risk disclosure before trading either exchange.