⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
Extended Review 2026: TradFi Perps on Starknet
Facts verified against Extended's official documentation on 2026-09-10. Where the docs are silent — a minimum deposit, a token, the size of the insurance fund — this page says so rather than filling the gap.
Verdict
The widest non-crypto shelf on this site, at a flat and low fee, from a venue that shuts out two of the largest English-speaking markets. Extended lists perps on equities, FX, gold, oil and indices beside the usual crypto pairs, charges 0.025% to take and nothing to make, and lets you post wBTC, ETH, USDT or its own vault shares as margin at a haircut. What it does not offer is a token, an on-chain order book, or access from the United States, the United Kingdom or Canada. The self-custody and audit story is stronger than most venues in this category; the leverage headlines are narrower than they look, because 100x applies to one FX market and most equities cap at 5x to 20x.
What Extended is
The docs describe "a perpetuals DEX built on Starknet, a general-purpose decentralised zk-chain", trading "across 100+ markets including crypto, equities, FX, commodities, and indices". Matching runs off-chain today — the team says it is "progressing toward full decentralisation of sequencing through a purpose-built, application-specific chain" — while "all transactions are validated and settled on Starknet". Custody is the strong claim: "all user funds are fully self-custodied in on-chain smart contracts, with no custodial access by Extended", with the contracts open source and every collateral movement running "a full on-chain health check". The audits page links a ChainSecurity report and a public Code4rena competition on the Starknet perpetual contracts. The Terms of Use define "we" as X10 Ltd and its affiliates and state that Extended "is not registered or licensed by any regulatory agency or authority"; the risk statement adds that it "is not authorized or regulated by the Seychelles Financial Services Authority or any other financial regulator", and disputes go to "the courts of England and Wales". Where X10 Ltd is incorporated is not stated on the pages read.
Markets: crypto plus a real TradFi shelf
Two execution models run side by side. Order-book markets match on a central limit order book; RFQ markets execute against market-maker quotes. Crypto perps trade 24/7. Traditional assets — the docs call them RWA markets — include EUR and USDJPY, the S&P 500 and Nasdaq-100, gold, silver, copper, platinum, Brent, WTI and natural gas, and a long list of single stocks from Nvidia and Tesla to Samsung and ASML, plus a pre-IPO market. Order-book RWA markets trade "24/7, including weekends and public holidays, though spreads may be significantly wider outside of traditional market trading hours"; Prime RWA markets follow the underlying exchange's sessions. Fees on RWA markets "currently follow the same structure as crypto markets". This site's stock perps and commodity perps indexes cover the Hyperliquid side of the same trade.
Fees at a glance
One schedule for everyone: "Taker: 0.025%, Maker: 0.000%" on perpetuals and spot, with the note that "the team reserves the right to update the fee schedule going forward". Makers whose share of the exchange's 30-day maker volume reaches 0.5%, 1%, 2.5% or 5% earn rebates of 0.002%, 0.004%, 0.008% or 0.013%, paid daily at 00:00 UTC when the day's accrual is at least $10. Users who join through a referral link get "a 10% discount on commissions for their first $50M in total trading volume". The fees page has the tables; the fee comparison places Extended beside eleven venues.
Collateral, margin and the vault
Every market settles in USDC, but the account is multi-asset. USDC counts at 100%, USDT at 95%, and wBTC, ETH and XVS at 90% of value toward equity and available balance; the docs add that "contribution factors may be reviewed and adjusted over time". A negative USDC balance covered by wBTC or ETH is treated as a loan from a native money market and charged interest "approximately every 15 minutes"; covered by XVS, it is free. XVS are Extended Vault Shares: deposit USDC into the vault (minimum $5, 24-hour lockup per deposit) and you receive shares that earn a base yield from the vault's liquidation activity and, from the Knight trading league upward, an extra yield paid daily in XVS on up to $300k per client. XVS "cannot be withdrawn from the exchange" today, only redeemed or moved between sub-accounts, and are the first thing liquidated when an account is in trouble.
Leverage, orders and accounts
Leverage is set by a position-size bracket per market group. BTC, ETH, SOL, HYPE and eight further large-cap alts start at 50x on the smallest bracket and step down as size grows; most crypto groups start at 25x, 10x or 5x. On the TradFi side EUR is the sole 100x market, while USDJPY, the S&P 500 and gold cap at 25x and single stocks at 5x, 10x or 20x. Order types are Market, Limit, TWAP, Scaled and Chase, with Reduce-Only, Post-Only, TP/SL and time-in-force conditions; unfilled GTC orders are cancelled after three months. Cross margin is the default; isolated margin is done by opening up to 10 trading accounts per wallet, each with independent margin. Hedge mode is not supported, and self-trade prevention cancels the resting order.
Points and referrals
Points are distributed weekly, "no more than 600,000 Points" per distribution, for trading, liquidity and referral activity, with anti-abuse controls; as of 8 September 2026 the docs put the total at 67,225,227. They "do not currently represent a token" and "may be taken into account in connection with a future token distribution", which would run under separate terms. The referral programme opens once you have traded $10,000: referrers earn 2.5% of the points their referrals generate, and referred users get the 10% commission discount. Affiliates are invite-only and earn boosted points and fee rebates.
Risks
- Off-chain matching, on-chain settlement. Fairness and solvency are enforced on Starknet, but the sequencer is still centralised by the docs' own account; the decentralised app-chain is a roadmap item.
- Liquidation and ADL. Liquidations are partial by design and a 1% fee goes to the vault when a position closes better than its bankruptcy price. If a position "cannot be liquidated within 5% of the Bankruptcy Price, or if the insurance fund is unable to cover the losses", auto-deleveraging closes it against the most profitable, highest-leverage trader. A last-resort Spot ADL would socialise losses across USDC depositors; the docs call it "highly unlikely".
- Multi-asset margin cuts both ways. Collateral haircuts and money-market interest can move against you; XVS is liquidated first, so a vault deposit kept in the trading account is not insulated from trading losses.
- Schedule can change. The fee page, contribution factors and points terms each carry the venue's right to revise.
- Access. Restricted Persons include residents of the United States, United Kingdom and Canada, and the Terms state that "no exceptions are made". Confirm eligibility before depositing; this site does not cover access workarounds.
- Unlicensed operator. X10 Ltd's Terms say plainly that no regulator has reviewed or endorsed the service.
Who Extended suits — and who it doesn't
It suits a trader outside the restricted list who wants equities, FX, metals or energy as perps in the same account as crypto, at a flat low fee, and who values self-custody with published audits over an on-chain order book. It does not suit anyone hunting a token launch, anyone in the US, UK or Canada, or a trader who reads "100x" as a general offer rather than the EUR market's top bracket.
Getting started
- How to start on Extended — EVM or Starknet wallet, two signatures, deposits from six chains, sub-accounts as isolated margin, a first order, and withdrawal timings.
- Fees explained — the flat 0.025% taker, the maker rebate ladder, referral discount, funding caps by market group, and the liquidation fee.
How Extended compares
FAQ
Is Extended available in my country?
Does Extended have a token?
Can I use Bitcoin or ETH as margin?
Who runs Extended and is it regulated?
official site — no referral relationship · methodology