Extended exchange profile

Extended combines crypto spot trading with perpetual contracts referencing crypto and traditional markets. Orders use either a central limit order book or market-maker RFQ execution. The current trading and balance rules describe spot availability and multiple collateral assets alongside the original perpetual business.[1][15]

On 20 October 2026, DefiLlama reported approximately US$6.908 billion of perpetual notional over 30 days and US$92.2 million open interest. Notional includes leverage. It is an activity measure, not a count of customers, proof of organic demand or a measure of execution quality.[2]

Collateral is shared across perpetual positions inside each trading account. Up to ten accounts under one wallet provide separate margin pools; moving free collateral between them is free but changes their risk. There is no same-account hedge mode: opposing exposure can instead sit in separate subaccounts. Self-trade prevention cancels the resting order when that account’s own opposing orders would match.[4]

On RFQ markets, a resting customer limit still depends on a maker accepting it. Crossing the indicative spread invokes market-style repricing with the limit as the worst permitted fill. Market-wide open-interest caps can activate reduce-only mode. A displayed quote therefore need not represent independently resting customer liquidity.[6]

The margin setting applies to the position and open orders in that market; lowering leverage may fail if the required extra margin is unavailable. For a hypothetical US$20,000 BTC position in the first bracket, the minimum initial margin is US$400 and maintenance margin US$200. This isolates margin requirements; fees, open losses, other orders and collateral haircuts can require additional equity.[8]

Equity derivatives have their own event treatment. Ordinary cash dividends receive no direct cash adjustment; expected price effects enter the oracle and funding. Splits and spin-offs cause mark-price settlement before the event and a new market afterward. Mergers and delistings can instead end the market. These contracts therefore do not recreate every entitlement of a shareholder.[9]

A US$20,000 opening and US$20,000 closing fill, both at the standard crypto taker rate, incur US$10 execution fees in total. The same notionals at the discounted RWA taker rate incur US$4. These hypothetical calculations exclude spreads, slippage, funding, borrowing and transfers.[11]

Perpetual funding is exchanged hourly among accounts holding positions at the charge time. Positive funding transfers value from longs to shorts; negative reverses the direction. Order-book calculations use a premium and an eight-hour reference component while collecting hourly. RFQ markets can reference external venues; Prime RWA funding instead responds to signed retail open-interest imbalance, with a 0.0005% hourly base magnitude and 0.003% maximum. These are different rate mechanisms, not one universal annual financing price.[12]

For illustration, a hypothetical positive hourly rate of 0.01% on US$30,000 marked notional debits a long by 3 USDC for that hour. A rate already expressed per hour is not divided by eight again. The illustration assumes unchanged exposure and excludes other charges.[12]

The native money market lends USDC for use inside Extended; borrow-and-withdraw and borrowing other currencies are not current features. Interest applies to an uncovered negative USDC balance supported by eligible collateral. XVS coverage is treated differently, and a withdrawal of eligible unrealized profit creates no borrowing while the position still covers it. A later loss or reduction can expose a borrowing balance. Asset-specific and global utilization determine the higher applicable rate; interest is charged approximately every 15 minutes.[13]

These estimates depend on Rhino.fi liquidity; account margin separately limits withdrawals. Starknet-wallet users are restricted to Starknet funding. The source leaves exact threshold equality unspecified, prints an above-US$4m BNB withdrawal tier despite a US$4m cap, and lists ETH/Polygon limits despite omitting that route from its asset-availability grid. The latter two inconsistencies do not establish usable routes or higher limits.[14]

USDC contributes 100% of its value to equity and available balance; wETH, cirBTC and XVS contribute 90%. A haircut reduces recognized margin without changing the number of tokens owned. Withdrawable USDC may include profit only where that market enables it; unrealized losses always reduce withdrawal capacity. Non-USDC assets remain limited by the quantity actually held and reserved sell orders.[15]

BTC-USD and ETH-USD currently permit unrealized-profit withdrawal subject to a 10% post-withdrawal margin factor. Only the additional requirement beyond the position’s existing leverage reservation is added. A positive PnL figure alone therefore cannot establish the amount available to transfer.[7]

Order reservations matter even before an exit. Spot buys consume USDC plus fees; selling collateral must also pass the USDC/equity checks. Negative available spot-buy balance cancels open spot buys. Negative available perpetual balance cancels non-reduce-only perpetual orders while position-reducing instructions can remain. Triggered orders are checked when they activate, so an accepted conditional instruction is not a promise that future margin will suffice.[16]

Extended’s current architecture settles transactions on Arc. The documentation describes on-chain account-health checks, user price limits, funding bounds and validity proofs. Matching, infrastructure and interface access remain operational dependencies; the operator’s design description does not independently establish execution performance or protection from every loss.[19]

The term insurance fund describes that shared protocol backstop. It does not specify an individual insurance policy payable to each customer. Healthy liquidations can incur a 1% fee; ADL has no trading or liquidation fee.[18]

Extended links a ChainSecurity review and a public audit competition. Their scope is the reviewed contract implementation rather than every operational dependency.[20]

ChainSecurity dates its Starkware Starknet Perpetual review to 15 September 2025. Its summary identifies residual operator influence over certain operations and discusses liquidation and arithmetic findings. That dated assessment does not establish audit coverage for the Arc deployment introduced in October 2026.[21]

Onboarding supports EVM and Starknet wallets. Two signatures create the account/key pair and register ownership; account keys are stored locally in the browser. One trading account is created initially. This describes wallet authentication, rather than a bank-style username and recoverable account password.[22]

The restricted-persons policy applies to the website, API and services. Its named exclusions include the United States, United Kingdom, Canada, Seychelles, Russia, Hong Kong and specified sanctioned countries and Ukrainian regions. Residence, physical location, incorporation and registered office can each matter. The list also excludes access that would breach applicable law; an unlisted country is not an affirmative eligibility approval.[23]

The privacy policy excludes under-18 users and describes collection of wallet, transaction, device and location information. It permits identity checks for personal-data access requests. A pseudonymous wallet should not be treated as assurance that no identifying information will be processed.[25]

For connection problems, the official guide recommends checking connectivity, browser and wallet state, the selected network, and site data before opening a Discord support ticket. Reconnection is not an order cancellation: inspect the remaining orders and fills before resubmitting a trade.[28]

Planned maintenance is normally announced on Discord 24 hours, one hour and ten minutes beforehand. After restart, a 120-second post-only period permits cancellations and passive orders but suspends matching orders, conditional triggers, funding accrual and liquidations. Eligible liquidations can resume afterward. The documented deadman’s-switch endpoint schedules mass order cancellation if its timeout is not refreshed; it does not close existing exposure.[27]

A formal claim notice must identify the claimant, contact details, facts and requested remedy. The terms require an informal attempt before proceedings and specify courts of England and Wales; they give no defined response or waiting clock. Contractual liability is capped to fees paid in the two months before the triggering event, subject to applicable law.[24]

Account and trade history can be retrieved through the private API, including balances, positions, fees and paginated records. Preserve complete exports outside the application; a tax-ready statement format was not established. The interface’s data-access policy provides a separate route to request personal information, not a substitute for transaction reconciliation.[33][25]

Extended’s own risk statement says it is not authorised by the Seychelles Financial Services Authority or another financial regulator and describes the absence of investor-compensation protections. This profile records that operator disclosure and makes no positive licence finding. It does not adopt the notice’s wider interpretation of European financial-services law as a legal conclusion.[26]

The service terms identify X10 Ltd and affiliates, retaining the former X10 identity within the Extended brand. They characterize the business as software/interface provision and disclaim execution and clearing obligations. This contractual role should be read alongside the practical exchange and risk-management functions described above.[24]

The team page describes founders who worked together at Revolut across crypto operations and engineering. It presents the product as a response to fragmented DeFi and centralized-exchange custody failures. Those are the company’s account of its origins, rather than independently measured performance credentials.[30]

Operator

X10 Ltd

Exchange model

Hybrid

Service scope

Order-book and RFQ perpetuals, spot and internal USDC borrowing.

Client types

Retail clients

Pricing publication

Public pricing

Other names

X10

Pricing scope

Product-specific execution, funding, borrowing and transfer charges.

Funding scope

Crypto funding through direct and bridged routes after the 22 October 2026 Arc migration; asset, wallet and network limits differ.

Custody and asset handling

Signed on-chain collateral with protocol liquidation and migration powers.

Client eligibility

Geographic and person-based restrictions cover website, API and services.

Support

Discord tickets; legal notices by email.

Authorisation and registration scope

Operator risk notice disclaims financial authorisation and compensation protection.

Exchange metadata checked 29 Oct 2026Source 19Source 22Source 14Source 11Source 12Source 3Source 13Source 25Source 23Source 26Source 24Source 1Source 28

An API key reads account data; state-changing operations require a valid account signature. Each subaccount has separate keys. The API introduction and signing examples still name Starknet, while the current architecture and migration notice confirm Arc settlement. Integration settings need reconciliation with the operator’s current deployment; an old SDK example does not establish the correct Arc endpoint. On RFQ markets, customer orders pay taker fees even when resting; the maker picking them up gets the maker role. RFQ post-only and TWAP are unsupported.[33][3][19]

Points are nontransferable programme units, without guaranteed cash value or a current token entitlement. Weekly allocations are capped at 600,000, with no promised minimum. They can be withheld or adjusted for artificial activity; a points allocation after an incident is not automatically cash reimbursement.[31]

A referral link becomes available after US$10,000 traded volume. Invited users receive 10% off commissions for their first US$50m total volume; referrers receive 2.5% of their referrals’ points. Invited affiliates have separately scoped fee and points arrangements. These benefits do not convert points into withdrawable collateral.[32]

The terms do not provide recovery of lost private keys. Access termination and withdrawal entitlement are separate: the migration provisions retain a recovery process for assets that cannot be returned.[24]

The published tariff does not identify an inactivity fee.[11]