A Binance-like experience with decentralized settlement

Extended is ramping up its hybrid derivatives exchange with a key offering

article-image

Extended modified by Blockworks

share

Extended, formerly X10, is ramping up its hybrid derivatives exchange to provide open access to all users today. An invite-only launch saw $300 million in trading volume, according to the team.

Key to its offering will be unified portfolio margining, which enables users to trade both spot and perpetuals with a single collateral pool, thus enhancing capital efficiency for traders. While commonplace in traditional finance, unified margining is still rare in DeFi. Extended further boasts ultra-low latency (10-20ms), comparable to centralized exchanges, achieved through centralized order processing with trustless onchain settlement.

This system is supported by StarkWare’s StarkEx technology, the same platform dYdX v3 employed prior to launching its own chain.

Read more: dYdX tokenomics scrutinized as staking goes live

The trust-minimized architecture includes permissionless withdrawals, and Extended has plans to migrate to Starknet, according to CEO Ruslan Fakhrutdinov.

“Based on our reviews and assessments, [StarkWare is] at least years ahead of anyone else, technologically,” Fakhrutdinov, the former head of crypto operations at Revolut, told Blockworks.

“For us, blockchain is just a settlement layer,” Fakhrutdinov said, emphasizing the platform’s chain-agnostic approach. “As long as it has the infrastructure for trustless settlement, we can always settle and migrate if necessary,” he said.

One novel feature of Extended is that user collateral is fully segregated and never comingled, even within its planned liquidity vaults launching in early 2025. Funds are held in individual sub-accounts tied directly to their contributions, with onchain settlements reflecting this separation. Unlike other platforms that offer vaults, such as Hyperliquid, which pool funds under a central manager, Extended’s approach mitigates legal risks and maintains transparency.

The vaults are nevertheless treated as a single user for efficiency during centralized processing, and splits transactions during settlement.

Fakhrutdinov credits “asynchronous, parallelized settlement,” as the key to achieving such low latency, “on par with any centralized exchange.

Extended has no token, but raised $6.5 million earlier this year and plans to launch a points program soon.

Correction Dec. 11, 2024, at 3:06 pm ET: Extended doesn’t yet offer unified margining in the current open beta.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Waka Flocka Flame-linked BaseDrop is raising some eyebrows

article-image

IPO’ing onchain, Ethereum scaling, and using AI for ZK

article-image

A Brexit-themed celebration of Bitcoin’s catchphrases

article-image

Judge Analisa Torres said the parties have not demonstrated that vacating her prior ruling is in the best interest of the public

article-image

Prediction markets have found a mainstream fit

article-image

Money for enemies isn’t fun, but crypto can be