TradFi Markets [OLD]
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
Pre-IPOs: SPCX
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 on crypto markets, except the Interest Rate component is now set at 0.0035% per 8 hours (~3.83% annualised) to better reflect how TradFi instruments actually price carry costs - bringing it closer to SOFR. 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
SPCX
0.1 SPCX
0.01 SPCX
$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.
SPCX
$ 0 - 100 k
3.0
33.3%
16.7%
If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 33.3% and 16.7% respectively for every additional $100k.
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.
Pre-IPO markets
What Pre-IPO markets are not
A position in a Pre-IPO market is a cash-settled derivative position. It is not:
Ownership of any share, equity interest, or security in the referenced company
An allocation in the company's IPO
A right to acquire any share or security in the referenced company
A claim against the issuer, its directors or officers, employees, shareholders, underwriters, or any party associated with the eventual public listing
Holders of Pre-IPO positions have no voting rights, dividend rights, information rights, allocation rights, or any other rights typically associated with ownership of the referenced company's equity.
Transition to regular market
Pre-IPO markets reference an external price feed pre-listing - sourced externally rather than constructed internally for regulatory reasons.
When the referenced issuer completes its public listing, the Pre-IPO market is expected to convert to a spot market price reference feed. Conversion typically occurs after the underlying begins regular-way trading and external market data is sufficient to support standard oracle pricing - usually the first regular session after listing. Conversion presumes a public listing on a recognized exchange, in the expected jurisdiction and structure.
When a company goes public through a non-standard path - a foreign exchange listing, depositary receipts, a direct listing, or a SPAC combination - Extended will handle the event in one of three ways:
Conversion: the perp continues trading against an adjusted reference asset, with any necessary conversion ratio applied
Settlement: the perp closes and open positions are cash-settled at a determined price
Hybrid: a combination of the two
Extended will choose the approach that best preserves the economics of the original market, and the specific treatment will be detailed in an announcement published ahead of the event where practicable.
Pre-IPO markets carry risks, including pricing risk, listing event and conversion risk, settlement risk, and liquidity risk.
Last updated