TradFi Markets
Supported TradFi Markets
In addition to crypto markets, Extended currently offers perpetual contracts on the following traditional financial (TradFi) assets:
Indices/ETFs: SPX (S&P 500), NDX (Nasdaq-100), EWY (MSCI South Korea ETF)
Commodities: XAU (Gold), XAG (Silver), XCU (Copper), XPT (Platinum), NATGAS (US Natural Gas), XBR (Brent Crude Oil), WTI (WTI Crude Oil)
Equities: GOOG, NVDA, AMZN, TSLA, AMD, MSTR, COIN, HOOD, INTC, PLTR, AAPL, CRCL, MU, MSFT, SNDK, META, BABA
FX: EUR, USDJPY
All TradFi markets are available for trading 24/7, including weekends and public holidays. However, spreads may be significantly wider outside of traditional market trading hours.
TradFi markets currently have the same trading fee structure as crypto markets, although this may be revised in the future.
Oracle Prices
For TradFi perpetual markets, index and mark prices rely on external oracle data during trading hours. Extended uses two oracle providers depending on the asset class.
During off trading hours, if the oracle has not been updated for 5 minutes, both the index price and mark price for TradFi markets are calculated as follows.
Index_t = β * Index_{t-1} + (1 - β) * Impact_Mid_Price, where:
β = e^(-10 sec / 1 hour), implying that the index is updated every 10 seconds
Impact_Mid_Price = 10-minute EMA impact mid price
The maximum deviation of the index and mark price from the last known oracle price is capped at ± 1 / (max market leverage).
Funding Payments
The logic remains the same as in crypto markets, except that the Funding Rate is calculated as Average Premium / 8. The funding rate cap is currently set at 1% per hour for all TradFi assets.
Trading Rules
SPX
0.01 SXP
0.001 SPX
$0.1
NDX
0.001 NDX
0.0001 NDX
$1
EWY
0.1 EWY
0.01 EWY
$0.001
XAU
0.01 XAU
0.001 XAU
$0.1
XAG
1 XAG
0.1 XAG
$0.001
XCU
1 XCU
0.1 XCU
$0.0001
XPT
0.01 XPT
0.001 XPT
$0.1
NATGAS
10 NATGAS
1 NATGAS
$0.0001
XBR
0.1 XBR
0.1 XBR
$0.001
WTI
0.1 WTI
0.01 WTI
$0.001
GOOG
0.1 GOOG
0.01 GOOG
$0.01
EUR
10 EUR
1 EUR
$0.00001
USDJPY
0.1 USDJPY
0.01 USDJPY
$0.001
NVDA
0.1 NVDA
0.01 NVDA
$0.01
AMZN
0.1 AMZN
0.01 AMZN
$0.01
TSLA
0.1 TSLA
0.01 TSLA
$0.01
AMD
0.1 AMD
0.01 AMD
$0.01
MSTR
0.1 MSTR
0.01 MSTR
$0.01
COIN
0.1 COIN
0.01 COIN
$0.01
HOOD
0.1 HOOD
0.01 HOOD
$0.001
INTC
0.1 INTC
0.01 INTC
$0.001
PLTR
0.1 PLTR
0.01 PLTR
$0.01
AAPL
0.1 AAPL
0.01 AAPL
$0.01
CRCL
0.1 CRCL
0.01 CRCL
$0.001
MU
0.01 MU
0.001 MU
$0.01
MSFT
0.01 MSFT
0.001 MSFT
$0.01
SNDK
0.01 SNDK
0.001 SNDK
$0.01
META
0.01 META
0.001 META
$0.01
BABA
0.1 BABA
0.01 BABA
$0.01
Margin Schedule
Each TradFi market has a custom margin schedule, detailed below.
SPX (S&P 500) and NDX (Nasdaq 100)
$ 0 - 1000 k
10.0
10%
5%
$ 1000 - 2000 k
5.0
20%
10%
$ 2000 - 3000 k
3.3
30%
15%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 10% and 5% respectively for every additional $1000k.
XAU (Gold)
$ 0 - 2000 k
25.0
4%
2%
$ 2000 - 4000 k
12.5
8%
4%
$ 4000 - 6000 k
8.3
12%
6%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 4% and 2% respectively for every additional $2000k.
XAG (Silver)
$ 0 - 1000 k
10.0
10%
5%
$ 1000 - 2000 k
5.0
20%
10%
$ 2000 - 3000 k
3.3
30%
15%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 10% and 5% respectively for every additional $1000k.
XCU (Copper)
$ 0 - 500 k
10.0
10%
5%
$ 500 - 1000 k
5.0
20%
10%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 10% and 5% respectively for every additional $500k.
XPT (Platinum), NATGAS (Natural Gas), XBR (Brent Crude Oil) and WTI (WTI Crude Oil)
$ 0 - 1000 k
5.0
20%
10%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 20% and 10% respectively for every additional $1000k.
EUR
$ 0 - 2000 k
100.0
1%
0.5%
$ 2000 - 4000 k
50.0
2%
1.0%
$ 4000 - 6000 k
33.3
3%
1.5%
$ 6000 - 8000 k
25.0
4%
2.0%
$ 8000 - 10000 k
20.0
5%
2.5%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 1% and 0.5% respectively for every additional $2000k.
USDJPY
$ 0 - 2000 k
25.0
4%
2%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 4% and 2% respectively for every additional $2000k.
EWY, GOOG,NVDA, AMZN, TSLA, AMD , MSTR, COIN, HOOD, INTC, PLTR, AAPL, CRCL, MU, MSFT, SNDK, META, BABA
$ 0 - 500 k
10.0
10%
5%
$ 500 - 1000 k
5.0
20%
10%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 10% and 5% respectively for every additional $500k.
Equities Corporate Actions
Corporate actions for single-name equity markets are handled as follows.
Ordinary cash dividends
No direct adjustment. The expected ex-dividend price drop is reflected in the oracle and priced through the funding rate.
Stock splits, reverse splits, and spin-offs
The market is settled at the mark price before the effective date and relaunched as a new market after the event. Such actions are announced in advance.
Mergers and acquisitions, delistings
The market is settled at the mark price before the effective date and either relaunched with adjusted terms or remains delisted. Such actions are announced in advance.
Special dividends and other distributions
Handled on a case-by-case basis. The market may either be settled and relaunched with adjusted terms, or the expected ex-dividend price drop may be reflected in the oracle and priced through the funding rate. Treatment will be communicated in advance where possible.
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