# Overview & Vision

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### **Extended Overview**

Extended is a perpetuals DEX built by an ex-Revolut team, offering trading across 100+ markets including crypto, equities, FX, commodities, and indices, with up to 100x leverage, zero maker fees, and 0.025% taker fees.

The platform is designed to bridge crypto-native infrastructure with traditional financial markets. Extended is expanding its RWA offering through integrations with established trading platforms, enabling a broader range of tradable markets and bringing deeper liquidity and institutional flow on-chain.

Extended uses USDC as the base collateral and introduces XVS as a core component of its capital efficiency model. Through the Community Vault, users can deposit USDC to earn yield and receive XVS, which can be used as collateral on the exchange. This enables users to generate yield while deploying capital across trading strategies.

### **What Sets Extended Apart**

Extended is building toward a unified margin system that combines perpetuals, spot, lending, and additional trading products within a single account.

The first component of this system is cross-asset collateral, which is currently in development. This will allow users to deposit a range of assets and use them as margin to trade USDC-settled markets, including both crypto and RWA assets. For example, users will be able to use assets such as wBTC, ETH, EURC, and XVS as collateral to trade USDC-settled crypto markets, equities or commodities.

This unlocks several important use cases:

* Support for a broader set of collateral assets, one of the key reasons traders continue to rely on centralised exchanges
* Basis trading within a single account, i.e long spot and short perpetual
* Additional yield for the Vault, strengthening XVS economics

Cross-asset collateral will be introduced alongside a native lending layer, enabling borrowing against collateral as part of trading activity and forming the foundation of unified margin. The Vault will act as the primary lender, further reinforcing XVS yield.

The rollout of unified margin is structured in phases:

* Cross-asset collateral enabled by native lending
* Spot markets
* Additional trading products beyond perps, spot, and lending

For more details on the design and implementation of unified margin, see [link](https://x.com/rf_extended/status/2029898185561239566).

In parallel, Extended is working on integrations with both crypto-native applications and traditional trading platforms to embed trading functionality directly into user interfaces. This includes enabling seamless access to Extended’s markets within wallets, broker platforms, and other financial applications, allowing users to trade without leaving their primary interface. This approach is designed to significantly expand distribution, lower user acquisition costs, and bring both retail and institutional flow on-chain.

### Infrastructure Evolution

Extended is progressing toward full decentralisation of sequencing through a purpose-built, application-specific chain based on a custom high-throughput implementation of full BFT consensus. This architecture introduces an app-chain layered on top of the existing zk-enabled stack to handle matching and related services in a decentralised manner, while preserving Starknet’s security guarantees.

At the system level, security and fairness are ensured by independent validators. These validators execute the core business logic of unified margin and handle sequencing. The application state machines run by validators are open-sourced and optimised for financial applications, targeting latency below 100 milliseconds.

 Further details on this architecture will be shared in due course.

### Progress so far

<figure><img src="/files/Xwqq3CH394nBz1K1fDNz" alt=""><figcaption></figcaption></figure>


# Technical Architecture

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Overview of Extended Architecture

Extended is a perpetuals DEX built on Starknet, a general-purpose decentralised zk-chain. All user funds are fully self-custodied in on-chain smart contracts, with no custodial access by Extended.

The protocol is designed to minimise reliance on trust by enforcing trading logic, transaction validation, and key components of the risk engine directly on-chain. All transactions are validated and settled on Starknet, ensuring transparent and verifiable state transitions. Extended’s smart contracts are open source and publicly accessible: [link](https://voyager.online/class/0x055ca2019a8677a996e7b583c5c9d0147d2854d0c477716af685e926ee4a5463), with independent security audits available here: [link](/extended-resources/more/smart-contract-audits). Extended is among the few perpetual DEXs with fully verifiable on-chain infrastructure.

At the protocol level, every transaction involving collateral movement, including trades, funding payments, transfers, liquidations, and ADLs, triggers a full on-chain health check. This ensures that all participating accounts remain solvent or become more solvent as a result of the transaction, with system solvency continuously enforced on-chain.

Extended also applies a comprehensive set of on-chain fairness checks across all transaction types:

* Trades must respect user-defined price constraints and cannot be executed at a price worse than the specified limit
* Funding payments are subject to on-chain limits on maximum funding rates per period
* Liquidations are permitted only when a user’s Total Value, or equity, falls below their Total Risk, or maintenance margin, based on external oracle prices
* Liquidations are triggered using independent external oracle mark prices, ensuring impartiality in the liquidation process
* Each liquidation must improve the user’s Total Value to Total Risk ratio, otherwise the transaction is rejected
* Accounts remain protected from ADL as long as their Total Value remains above zero

All state transitions are verified through zero-knowledge proofs, ensuring the integrity and correctness of the system.

Extended is progressing toward full decentralisation of sequencing through a purpose-built, application-specific chain based on a custom high-throughput implementation of full BFT consensus. This architecture introduces an app-chain layered on top of the existing zk-enabled stack to handle matching and related services in a decentralised manner, while preserving Starknet’s security guarantees. Further details on this architecture will be shared in due course.

### Performance and Execution Quality

Extended delivers competitive performance, with end-to-end latency and throughput comparable to leading trading venues, enabling reliable execution even under high market activity.

<figure><img src="/files/ntcbHmhjVtwSpwC7ujrB" alt=""><figcaption><p>Latency benchmarks</p></figcaption></figure>

### **Rationale for Settling on Starknet**

The selection of Starknet as the settlement layer is based on three key considerations:

**Security**

Starknet relies on validity proofs to guarantee correct state transitions. It is among the most advanced and decentralised zk-rollup stacks, meeting key decentralisation and security requirements as a [Stage 1 rollup](https://x.com/VitalikButerin/status/1923988377474330775?s=20).

**Performance**

With approximately [2-second](https://www.starknet.io/blog/bolt-version-upgrade/) transaction confirmation times and an average cost per user operation as low as [$0.000057](https://www.starknet.io/blog/march-2025-roundup/), Starknet enables high throughput and low-latency execution. This is critical for supporting high-frequency trading, continuous risk checks, and complex state updates at scale.

**Longevity**

StarkWare, the team behind Starknet and the inventors of STARKs, has been building zero-knowledge infrastructure for over seven years. Through multiple market cycles, they have demonstrated technical resilience and long-term commitment.


# Team

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

We are an ex-Revolut team with hands-on experience building fintech products for millions of retail users. Our engineering team brings deep expertise in high-performance trading infrastructure across both traditional finance and centralised crypto exchanges.

The founding team behind Extended includes:

* [@rf\_extended](https://x.com/rf_extended), CEO: Former Head of Crypto Operations at Revolut, ex-McKinsey
* [@dk\_extended](https://x.com/dk_extended), CTO: Architect of four crypto exchanges, including the recently launched Revolut Crypto Exchange
* [@spooky\_x10](https://twitter.com/spooky_x10), CBO: Former Lead Engineer at Revolut Crypto and a key contributor to the Corda blockchain

We started working together at Revolut, where we saw millions of users enter crypto during the last bull run, alongside a clear lack of high-quality products beyond a handful of leading exchanges and a fragmented DeFi experience. The collapse of FTX reinforced the need for a more transparent and resilient market structure.

Extended was founded to combine the performance and usability of centralised exchanges with the principles of self-custody and transparency. Starting with perpetuals, we are building toward a full-featured trading platform that brings DeFi closer to the standards of leading exchanges.


# Trading

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Extended offers leveraged perpetual markets across crypto and real-world assets (RWAs), alongside crypto spot trading.

Markets trade under two execution models:

* **Order book markets**
* **RFQ markets** - see [RFQ Execution](/extended-resources/trading/rfq-execution).

The pages in this section cover accounts and margin, order types and execution, fees, liquidations, funding, oracle pricing, and the full market specifications for each asset class:

* [Trading Accounts and Modes](/extended-resources/trading/trading-accounts-and-modes)
* [Unified Margin and Balances](/extended-resources/trading/unified-margin-and-balances)
* [Order Types](/extended-resources/trading/order-types)
* [Order Cost](/extended-resources/trading/order-cost)
* [RFQ Execution](/extended-resources/trading/rfq-execution)
* [Trading Fees and Rebates](/extended-resources/trading/trading-fees-and-rebates)
* [Liquidation Logic](/extended-resources/trading/liquidation-logic)
* [Funding Payments](/extended-resources/trading/funding-payments)
* [Oracle Prices](/extended-resources/trading/oracle-prices)
* [Crypto Markets](/extended-resources/trading/crypto-markets)
* [RWA Markets](/extended-resources/trading/rwa-markets)


# Trading Accounts and Modes

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Margin Mode and Trading Accounts

By default, our platform enables cross-margin, allowing collateral to be shared among all perpetual positions within a single trading account. Alternatively, users can opt for isolated margin by creating separate trading accounts under the same wallet.

Users can create up to 10 trading accounts with independent margin per single wallet. The liquidation of one trading account does not impact the liquidation of other trading accounts created under the same wallet.

Users have the ability to transfer their [Available Balance for Withdrawals](/extended-resources/trading/unified-margin-and-balances#account-balances) between trading accounts without any fees. However, it's important to note that these transfers can impact the margin ratio and the liquidation of the involved individual accounts.

For detailed information on the liquidation process, please refer to the [Liquidation Logic](/extended-resources/trading/liquidation-logic) section.

### Hedge Mode

Currently, our platform does not support hedge mode, which would allow users to simultaneously open long and short positions in the same market. However, users can create sub-accounts to emulate this behavior.

### Self-Trade Prevention

Self-Trade Prevention, which blocks the matching of two opposing orders from the same trading account, is enabled by default, resulting in the cancellation of the resting order.


# Unified Margin and Balances

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Collateral Assets

All Extended markets are settled in USDC (i.e., PnL is paid in USDC). In addition to USDC, Extended supports the following assets as collateral. Each asset contributes to account equity and available balance at a defined contribution factor.

| Asset                                                    | Contribution Factor to Equity | Contribution Factor to Available Balance | Example                                                                                                               |
| -------------------------------------------------------- | ----------------------------- | ---------------------------------------- | --------------------------------------------------------------------------------------------------------------------- |
| USDC                                                     | 100%                          | 100%                                     | <p>1 USDC contributes:</p><ul><li>1 USD to account equity</li><li>1 USD to available balance</li></ul>                |
| XVS ([Extended Vault Shares](/extended-resources/vault)) | 90%                           | 90%                                      | <p>Each 1 USD of XVS contributes:</p><ul><li>0.9 USD to account equity</li><li>0.9 USD to available balance</li></ul> |
| wBTC                                                     | 90%                           | 90%                                      | <p>1 USD of wBTC contributes:</p><ul><li>0.9 USD to account equity</li><li>0.9 USD to available balance</li></ul>     |
| ETH                                                      | 90%                           | 90%                                      | <p>1 USD of ETH contributes:</p><ul><li>0.9 USD to account equity</li><li>0.9 USD to available balance</li></ul>      |
| USDT                                                     | 95%                           | 95%                                      | <p>1 USD of USDT contributes:</p><ul><li>0.95 USD to account equity</li><li>0.95 USD to available balance</li></ul>   |

Contribution factors may be reviewed and adjusted over time.

### Unified Margin Mechanics

Extended’s multi-asset collateral margin is powered by a native money market.

In practice:

* If a user has a negative USDC balance that is offset by positive balances in non-stablecoin assets (excluding XVS), the user is considered to be borrowing USDC and pays interest on that amount.
* If a negative USDC balance is offset by an XVS balance, no interest is charged. XVS represents a claim on the vault’s equity and can be converted into USDC under healthy conditions.
* Interest on negative USDC balances is charged approximately every 15 minutes.

For details on Extended’s native money market and interest payment mechanics, refer to the relevant section [here](/extended-resources/money-market#interest-rate-model).

### Account Balances

Every trading account has the following balances:

**Equity = USDC Balance + Spot Equity + Unrealised PnL**, where:

* USDC Balance = Deposits + Net Transfers - Withdrawals + Realised PnL
* Spot Equity = Spot Balance 1 × Index Price 1 × Contribution Factor 1 + ... + Spot Balance N × Index Price N × Contribution Factor N
* Unrealised PnL = Perpetual Position Size × (Mark Price - Entry Price)

**Available Balance for Trading Perps = Equity - Margin Reserved for Perps - Margin Reserved for Spot Buy Orders**, where:

* Margin Reserved a given perpetual market = max(|Position Value + Buy Order Value|, |Position Value + Sell Order Value|) ÷ Leverage
* Margin Reserved for Spot Buy Orders = Σ(Order Size × Order Price) across all open spot buy orders
* Initial margin for conditional orders on both perpetual and spot markets is not reserved until the trigger price is reached and the order is placed on the order book
* If Available Balance for Trading Perps becomes negative, all non-reduce-only orders are cancelled and only position-reducing orders may be placed

**Available Balance for Spot (in USDC) = Equity − Spot Equity − Margin Reserved for Perps − Margin Reserved for Spot Buy Orders**, where:

* Equity, Spot Equity, Margin Reserved for Perps and Margin Reserved for Spot Buy Orders are defined above
* By subtracting Spot Equity in the formula, users are prevented from engaging in leveraged spot trading.

**Available Balance for Spot Sell (in Asset) = Asset Balance − Balance Reserved for Spot Sell Orders,** where:

* Asset Balance = Current balance of the asset in the account
* Balance Reserved for Spot Sell Orders = Σ(Order Size) across all open spot sell orders for the given asset
* Reserved balances for conditional spot sell orders are not deducted until the trigger price is reached and the order is placed on the order book.

**Available Balance for Withdrawals = max(0, min(Net Asset Balance, Max Withdrawal Balance)),** where:

* Net Asset Balance = Deposits + Net Transfers − Withdrawals + Realised PnL (USDC only) − Balance Reserved for Spot Sell Orders
* Max Withdrawal Balance = (USDC Balance + min(0, Unrealised PnL) + Spot Equity − Reserved Margin) ÷ (Contribution Factor × Asset Index Price)
  * Reserved Margin = Margin Reserved for Perps + Margin Reserved for Spot Buy Orders
  * For USDC: Index Price = 1, Contribution Factor = 1

The withdrawal formula prevents withdrawing unrealised PnL and using one asset as collateral to withdraw another.


# Margin Schedule

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Margin Schedule rules apply only to perpetual markets. Spot trading is not subject to the Margin Schedule.

### Initial Margin

Initial Margin is the required deposit to place an order and open a position. It's calculated as 1 divided by the leverage.&#x20;

Leverage can range from 1 to the maximum leverage, which depends on the market and the value of open position and open orders in that market. Leverage may vary across different markets, but within a specific market, a single leverage rate is applied to both the open position and all open orders.

When a user modifies the leverage, this change is applied to both the open position and all open orders in that market. However, the change can fail if the total value of the open position and open orders exceeds the maximum allowed for the selected leverage, or if the initial margin requirement, recalculated with the new leverage, is not satisfied.

### Maintenance Margin

Maintenance Margin is the minimum amount of margin required to maintain a position after it has been opened. Positions are subject to liquidation when the account equity falls below the maintenance margin requirement.

Maintenance margin equals 50% of the initial margin at maximum leverage allowed for a given market and position value.

### Order Validation against Margin Schedule

When placing a new order, it must ensure that the position remains below the maximum position value for the selected leverage:

* If the new order increases the absolute sum of the position value, the new order value, and the value of any triggered orders in the same direction as the new order, then the following criteria should be met:\
  `|Position Value + New Order Value + Value of Triggered Orders| ≤ Max Position Value for the given leverage`
* If the new order does not increase the absolute sum of the position value, the new order value, and the value of any triggered orders in the same direction as the new order, then the validation is auto-passed.

### Margin Schedule

The Margin Schedule varies across 6 Market Groups. Value brackets may be adjusted over time, depending on available liquidity or changes in asset price.

Group 1: BTC, ETH

| Position Bracket  | Max Leverage | Min Initial Margin | Maintenance Margin |
| ----------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 3000 k      | 50.0         | 2%                 | 1%                 |
| $ 3000 - 6000 k   | 25.0         | 4%                 | 2%                 |
| $ 6000 - 9000 k   | 16.7         | 6%                 | 3%                 |
| $ 9000 - 12000 k  | 12.5         | 8%                 | 4%                 |
| $ 12000 - 15000 k | 10.0         | 10%                | 5%                 |
| $ 15000 - 18000 k | 8.3          | 12%                | 6%                 |
| $ 18000 - 21000 k | 7.1          | 14%                | 7%                 |
| $ 21000 - 24000 k | 6.3          | 16%                | 8%                 |
| $ 24000 - 27000 k | 5.6          | 18%                | 9%                 |
| $ 27000 - 30000 k | 5.0          | 20%                | 10%                |

Group 2: SOL, HYPE.

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 1000 k     | 50.0         | 2%                 | 1%                 |
| $ 1000 - 2000 k  | 25.0         | 4%                 | 2%                 |
| $ 2000 - 3000 k  | 16.7         | 6%                 | 3%                 |
| $ 3000 - 4000 k  | 12.5         | 8%                 | 4%                 |
| $ 4000 - 5000 k  | 10.0         | 10%                | 5%                 |
| $ 5000 - 6000 k  | 8.3          | 12%                | 6%                 |
| $ 6000 - 7000 k  | 7.1          | 14%                | 7%                 |
| $ 7000 - 8000 k  | 6.3          | 16%                | 8%                 |
| $ 8000 - 9000 k  | 5.6          | 18%                | 9%                 |
| $ 9000 - 10000 k | 5.0          | 20%                | 10%                |
| $10000 - 11000k  | 4.5          | 22%                | 11%                |
| $11000 - 12000k  | 4.2          | 24%                | 12%                |
| $12000 - 13000k  | 3.8          | 26%                | 13%                |
| $13000 - 14000k  | 3.6          | 28%                | 14%                |
| $14000 - 15000k  | 3.3          | 30%                | 15%                |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 2% and 1% respectively for every additional $1000k.*

Group 3: XRP, AAVE, DOGE, SUI, ENA, PUMP, ADA, BNB.

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 50.0         | 2%                 | 1%                 |
| $ 500 - 1000 k   | 25.0         | 4%                 | 2%                 |
| $ 1000 - 1500 k  | 16.7         | 6%                 | 3%                 |
| $ 1500 - 2000 k  | 12.5         | 8%                 | 4%                 |
| $ 2000 - 2500 k  | 10.0         | 10%                | 5%                 |
| $ 2500 - 3000 k  | 8.3          | 12%                | 6%                 |
| $ 3000 - 3500 k  | 7.1          | 14%                | 7%                 |
| $ 3500 - 4000 k  | 6.3          | 16%                | 8%                 |
| $ 4000 - 4500 k  | 5.6          | 18%                | 9%                 |
| $ 4500 - 5000 k  | 5.0          | 20%                | 10%                |
| $ 5000 - 5500 k  | 4.5          | 22%                | 11%                |
| $5500 - 6000k    | 4.2          | 24%                | 12%                |
| $6000 - 6500k    | 3.8          | 26%                | 13%                |
| $6500 - 7000k    | 3.6          | 28%                | 14%                |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 2% and 1% respectively for every additional $500k.*

Group 4:  NEAR, LIT, AVAX, TRUMP, LINK, CRV, TRX, ONDO, APT, UNI, WIF, TIA, JUP, LTC, ARB, kSHIB, TON, OP, SEI, LDO, XPL, FARTCOIN, kPEPE, kBONK, ASTER, XMR, DOT, BCH.

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 400 k      | 25.0         | 4%                 | 2%                 |
| $ 400 - 800 k    | 12.5         | 8%                 | 4%                 |
| $ 800 - 1200 k   | 8.3          | 12%                | 6%                 |
| $ 1200 - 1600 k  | 6.3          | 16%                | 8%                 |
| $ 1600 - 2000 k  | 5.0          | 20%                | 10%                |
| $ 2000 - 2400 k  | 4.2          | 24%                | 12%                |
| $ 2400 - 2800 k  | 3.6          | 28%                | 14%                |
| $ 2800 - 3200 k  | 3.1          | 32%                | 16%                |
| $ 3200 - 3600 k  | 2.8          | 36%                | 18%                |
| $ 3600 - 4000 k  | 2.5          | 40%                | 20%                |
| $ 4000 - 4400k   | 2.3          | 44%                | 22%                |
| $ 4400 - 4800k   | 2.1          | 48%                | 24%                |
| $ 4800 - 5200k   | 1.9          | 52%                | 26%                |

*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 $400k.*

Group 5: KAITO, MON, AERO, SPX, ZRO, GOAT, EDEN, GRASS, IP, PENDLE, CAKE, VIRTUAL, POPCAT, EIGEN, AVNT, S, MNT, ZEC, STRK, LINEA, SNX, WLD, TAO, WLFI, PENGU, XLM, LAB.

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 250 k      | 10.0         | 10%                | 5%                 |
| $ 250 - 500 k    | 5.0          | 20%                | 10%                |
| $ 500 - 750 k    | 3.3          | 30%                | 15%                |
| $ 750 - 1000 k   | 2.5          | 40%                | 20%                |
| $ 1000 - 1250 k  | 2.0          | 50%                | 25%                |
| $1250 - 1500k    | 1.7          | 60%                | 30%                |
| $1500 - 1750k    | 1.4          | 70%                | 35%                |
| $1750 - 2000k    | 1.3          | 80%                | 40%                |
| $2000 - 2250k    | 1.1          | 90%                | 45%                |
| $2250 - 2500k    | 1.0          | 100%               | 50%                |

*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 $250k.*

Group 6:  4, RESOLV, INIT, ZORA, MEGA, AZTEC, VVV, EDGE, PIEVERSE, CHIP.

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 100 k      | 5.0          | 20%                | 10%                |
| $ 100 - 200 k    | 2.5          | 40%                | 20%                |
| $ 200 - 300 k    | 1.7          | 60%                | 30%                |
| $ 300 - 400 k    | 1.3          | 80%                | 40%                |
| $ 400 - 500 k    | 1.0          | 100%               | 50%                |

*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 $100k.*

Group 7 (Pre-market):  No active markets.

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*


# Order Types

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Supported Order Types <a href="#order-types" id="order-types"></a>

<table><thead><tr><th width="162.23828125">Order Type</th><th width="163.09765625">Available for</th><th width="419.76953125">Description</th></tr></thead><tbody><tr><td>Market Order</td><td>Perpetual and Spot Markets</td><td>Executes immediately at the prevailing market price.</td></tr><tr><td>Limit Order</td><td>Perpetual and Spot Markets</td><td>Executes at the chosen limit price or better.</td></tr><tr><td><a data-footnote-ref href="#user-content-fn-1">Conditional Order </a></td><td>Perpetual Markets</td><td>Activates a Market or Limit order when the specified trigger price is reached. On Extended, trigger prices can be linked to Mark, Index, or Last Prices.</td></tr><tr><td>TWAP Order</td><td>Perpetual Markets</td><td>Executes market orders over a specified period at defined frequency, aiming to minimize price impact by distributing the total order into smaller sub-orders. Users can opt to "randomize" these sub-orders, in which case each sub-order's size is automatically adjusted within ±20% of the original trade size.</td></tr><tr><td>Scaled Order</td><td>Perpetual Markets</td><td>Places multiple limit orders across a defined price range, distributing the total order size into smaller sub-orders to manage execution impact and achieve a desired average entry or exit price. Users can opt to apply a size skew between 0.01 and 100.00, which adjusts the distribution of sub-order sizes according to a geometric progression.​</td></tr></tbody></table>

### Order Conditions <a href="#order-types" id="order-types"></a>

<table><thead><tr><th width="160.24267578125">Condition</th><th width="171.203125">Available For</th><th>Description</th></tr></thead><tbody><tr><td>Reduce Only</td><td>Perpetual Markets</td><td>An order designed to decrease an existing position, rather than initiating a new position in the opposite direction.<br><br>If a user submits a market reduce-only order or has a market TPSL order triggered, but the order doesn't meet the <a href="/pages/LISKUArkERFymixiWgg2">Order Cost</a> or <a href="/pages/uJ7IN7puONFx6398NX4D#group-specific-trading-rules">Max Position Value</a> requirement, the market reduce-only order will still be executed. However, all open non-reduce-only limit orders in the same direction will be canceled as a result.</td></tr><tr><td>Post Only</td><td>Perpetual and Spot Markets</td><td>An order can only be added to the order book but not executed immediately.</td></tr><tr><td>Take Profit / Stop Loss (TPSL)</td><td>Perpetual and Spot Markets</td><td><p>An order triggered when the market reaches the specified Take Profit or Stop Loss price.<br><br>Extended supports the following types of TPSL orders for Perpetual markets:</p><ol><li><strong>Position TPSL:</strong> Applies to the full size of the position. If the TPSL for the full position size is triggered, the entire position is closed. Position TPSL can be added when placing a new order or from the Positions Tab.</li><li><strong>Partial Position TPSL:</strong> The size of a single partial position TPSL can be anywhere up to the current open position size. Partial Position TPSL can only be added from the Positions Tab.</li><li><strong>Order TPSL:</strong> Applies to the specific order, with the size of the TPSL order being equal to the size of the original order. Order TPSL can only be added when placing a new order.</li></ol><p>There can only be one Position TPSL but multiple Partial Position and Order TPSLs. If a user places a new Position TPSL, the old one is canceled. When a user places a new Order or Partial Position TPSL, it is added to the list of TPSL orders for this position, alongside any other existing TPSLs. The sum of all TPSL orders can be greater than the current position size.<br><br>TPSL orders are always used as an exit strategy and are set as Reduce-only orders by default. Furthermore, linked Take Profit (TP) and Stop Loss (SL) orders are always configured as OCO (one cancels the other), ensuring that the execution of one will automatically cancel the other.</p></td></tr><tr><td>Time-in-Force Conditions</td><td>Perpetual and Spot Markets</td><td><strong>Good Till Cancel (GTC):</strong> An order that remains on the order book <a data-footnote-ref href="#user-content-fn-2">until it is either filled</a> or manually canceled by the trader.<br><br><strong>Immediate or Cancel (IOC):</strong> An order that is executed immediately upon placement. Any portion of the order that cannot be filled immediately is canceled.<br><br><strong>Top of Book (TOB):</strong> A post-only limit order that never crosses the spread. If the price entered would cross the opposite side of the book, it is adjusted at placement to one minimum price change below the best ask for buy orders, or one minimum price change above the best bid for sell orders. Otherwise the order is placed at the price entered. The price is not updated as the book moves, and the order remains on the book until it is either filled or manually canceled by the trader.</td></tr></tbody></table>

[^1]: Includes Stop Limit and Stop Market Order types

[^2]: Currently, at Extended, any GTC orders that remain unfilled for 3 months are automatically canceled. However, we intend to extend this timeframe after completing system testing.


# Order Cost

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Order Placement

When a user places a new order, the system checks whether the relevant Available Balance for Trading is greater than or equal to the order cost.

Order cost is calculated differently for perpetual and spot markets.

**For perpetual markets**:

* [Available Balance for Trading Perps](/extended-resources/trading/unified-margin-and-balances#account-balances) = Equity - Margin Reserved for Perps - Margin Reserved for Spot Buy Orders
* Order Cost for Buy Orders = max(Initial Margin Rate \* New Order Price \* (New Order Size + min(0, 2 \* (Open Position Size + Triggered Buy Order Size 1+ … + Triggered Buy Order Size N))) + Open Loss, 0)
* Order Cost for Sell Orders = max(-Initial Margin Rate \* New Order Price \* (New Order Size + max(0, 2 \* (Open Position Size + Triggered Sell Order Size 1+ … + Triggered Sell Order Size N))) + Open Loss, 0)
* In the equations above:
  * Open Loss = |min(New Order Size \* (Mark Price - New Order Price), 0)| + Fee
  * Position / Order Size is positive for Long and Negative for Short

**For spot markets:**

* Spot order costs differ for buy and sell orders. Buy orders require only a USDC balance check, while sell orders require both spot asset and USDC balance checks.
* [Available Balance for Spot](/extended-resources/trading/unified-margin-and-balances#account-balances) (in USDC) = max(Equity − Spot Equity − Margin Reserved for Perps − Margin Reserved for Spot Buy Orders, 0)
* [Available Balance for Spot Sell](/extended-resources/trading/unified-margin-and-balances#account-balances) (in Asset) = Asset Balance − Balance Reserved for Spot Sell Orders
* Order Cost for Buy Orders (in USDC) = New Order Size \* New Order Price \* (1 + Fee Rate)
* Order Cost for Sell Orders (in Asset) = |New Order Size|
* Order Cost for Sell Orders (in USDC) = Open Loss + Haircut
  * Open Loss = |min(New Order Size \* (Index Price - New Order Price), 0)| + Fee
  * Haircut = New Order Size \* Index Price \* (1 - [Spot Contribution Factor](/extended-resources/trading/unified-margin-and-balances#collateral-assets))
  * Order Size is positive for Buy Orders and Negative for Sell Orders

### Order Cancellation Rules

Given that Available Balance for Trading Perps ≥ Available Balance for Spot (in USDC), and Available Balance for Spot Sell (in Asset) cannot decrease without user action, the following rules apply:

* If Available Balance for Spot (in USDC) becomes negative, all open spot buy orders are cancelled.
* If Available Balance for Trading Perps becomes negative, all open perpetual orders are cancelled, except for reduce-only orders.

Notes:

* Spot sell orders and perpetual reduce-only orders remain active unless the account becomes liquidatable.
* While Available Balance for Spot (in USDC) is negative, the user may not place new spot buy orders.
* While Available Balance for Trading Perps is negative, the user may only place orders that reduce the size of existing perpetual positions or sell spot assets.


# RFQ Execution

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

In addition to its order book markets, Extended offers **RFQ (Request for Quote) markets** across both crypto and RWAs. On RFQ markets, trades are executed by market makers picking up user orders, rather than through matching in a public order book. The lists of RFQ markets are available on the [Crypto Markets](/extended-resources/trading/crypto-markets#rfq-markets) and [RWA Markets](/extended-resources/trading/rwa-markets#rfq-markets) pages.

### How Orders Execute on RFQ Markets

* **There is no public order book.** The order book displayed on the trading screen is indicative only and does not represent resting orders from other traders.
* **Market orders** execution starts at the Best Bid / Best Ask of the indicative order book at time of order submission. If not immediately filled, the order re-prices progressively toward the Max Slippage limit set up by user over up to 1.1 seconds. If no market maker fills the order within that window, it's cancelled - market orders never rest. Slippage is bounded by the Max Slippage setting: orders will never fill worse than that limit. The Mark Price acts as a reference guard for the starting point of execution: if the Best Ask is 3% or more above the Mark Price when buying, or the Best Bid is 3% or more below the Mark Price when selling, execution starts from the Mark Price instead. The same applies if no Best Bid / Best Ask is available at that moment. Execution therefore always starts from whichever of the two prices is better for the trader. \
  \
  The execution start price is determined as follows: \
  \
  Buy orders:

  * No Best Ask available → Mark Price
  * (Best Ask / Mark Price − 1) × 100 ≥ 3 → Mark Price
  * (Best Ask / Mark Price − 1) × 100 < 3 → Best Ask

  Sell orders:

  * No Best Bid available → Mark Price
  * (Best Bid / Mark Price − 1) × 100 ≤ −3 → Mark Price
  * (Best Bid / Mark Price − 1) × 100 > −3 → Best Bid<br>

  Take-profit and stop-loss orders follow the same progressive re-pricing logic but starting from Mark price once triggered.
* **Limit orders** are placed as regular limit orders. Market makers see them and pick them up when they see fit. If the limit order crosses the spread of the indicative order book (buy above the Best Ask, sell below the Best Bid), it is executed as a market order: execution starts from the Best Ask / Best Bid and re-prices toward the limit price, which acts as the worst price the order can be filled at. As a result, such an order can be filled better than its limit price. If no indicative Best Ask / Best Bid is available, execution starts from the Mark Price. The standard limit-order price bands of ±15% around the Mark Price apply - see the RFQ sections of the [Crypto](https://app.gitbook.com/o/a12FrrLMs4PoMRyRv074/sites/site_leqsY/s/ThTVaNuyiBCaumOB7kqP/extended-resources/trading/crypto-markets/trading-rules#group-specific-trading-rules-2) and [RWA](https://app.gitbook.com/o/a12FrrLMs4PoMRyRv074/sites/site_leqsY/s/ThTVaNuyiBCaumOB7kqP/extended-resources/trading/rwa-markets/trading-rules#group-specific-trading-rules-1) Trading Rules.
* RFQ markets use the same accounts, collateral, unified margin, and trading fee structure as all other Extended markets.

### Open Interest Caps

Every RFQ market has a cap on its total open interest. Per-group OI Cap values are listed in the RFQ sections of the [Crypto](/extended-resources/trading/crypto-markets/trading-rules#group-specific-trading-rules-2) and [RWA](/extended-resources/trading/rwa-markets/trading-rules#group-specific-trading-rules-1) Trading Rules.

When a market's open interest reaches its cap, the market enters **reduce-only mode**: orders that would increase open interest are rejected, while orders that reduce existing positions continue to be accepted. The market exits reduce-only mode once open interest falls back below the cap.

Funding rates and price feeds on RFQ markets also differ from order book markets - see [Funding Payments](/extended-resources/trading/funding-payments#rfq-markets) and [Oracle Prices](/extended-resources/trading/oracle-prices).


# Trading Fees and Rebates

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Trading Fees

Currently, Extended features a flat fee structure for both perpetuals and spot markets:

* Taker: 0.025%
* Maker: 0.000%

The team reserves the right to update the fee schedule going forward.

### Makers Rebates

Eligible makers whose share of the total maker volume on the exchange, calculated across both perpetuals and spot markets over the past 30 days, meets the following thresholds will automatically receive a fee rebate on their maker volume:

* 0.002% rebate if market share ≥ 0.5%
* 0.004% rebate if market share ≥ 1%
* 0.008% rebate if market share ≥ 2.5%
* 0.013% rebate if market share ≥ 5%

Terms:

1. Formal enrollment is not required; rebates are automatically accrued for all eligible makers.
2. Rebates are disbursed daily at 00:00 UTC for the preceding 24 hours to the Extended accounts of qualifying market makers, determined by their share of the total maker volume on the exchange over the last 30 days.
3. Please note that a rebate will be paid only if the rebate accrued for the last 24 hours is $10 or greater.

For inquiries regarding Maker Rebates, please reach out to us at <makers@extended.exchange>.


# Liquidation Logic

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### **Liquidation Criteria**

When a trading account’s equity falls below the maintenance margin requirement, or when the Margin Ratio exceeds 100%, the account becomes subject to liquidation.

The Margin Ratio is calculated as the sum of maintenance margin requirements for all open positions divided by Equity, multiplied by 100%, where:

* Maintenance Margin Requirement (per position) = Abs(Position Size × Mark Price) × Maintenance Margin Rate
* Equity = USDC Balance + Spot Equity + Unrealised PnL

Before liquidation occurs, Extended issues two margin calls:

* First margin call: when the Margin Ratio exceeds 66%
* Second margin call: when the Margin Ratio exceeds 80%

Margin calls do not impose any restrictions on the account and serve only as warnings that the account is approaching liquidation. To avoid liquidation, users should either add collateral or reduce their positions.

### Liquidation Process

The overall liquidation process works as follows:

1. **Liquidate XVS (first partial and then full)**
   1. Liquidate XVS in up to 5 steps, each comprising 20% of the original XVS balance (with a minimum liquidation value of $1,000).
   2. Refer to the details of XVS liquidation [here](/extended-resources/vault).
2. **Liquidate perpetual positions (first partial and then full)**
   1. If the account remains in liquidation after the XVS balance has been liquidated, the system identifies the perpetual position with the largest unrealised loss.
   2. **Order book markets:** gradually liquidate this position using up to five Fill-or-Kill orders, each comprising 20% of the position's original size (with a minimum order value of $1,000), executed at the position's Bankruptcy Price. If any of the partial liquidation orders fail, a single Fill-or-Kill order is executed for the entire position size at a price 5% worse than the Bankruptcy Price.
   3. **RFQ markets:** partial liquidation does not apply. The system attempts to close the entire position in a sequence of one-second steps:

      | Step        | Order                                                         |
      | ----------- | ------------------------------------------------------------- |
      | Second 1    | Entire position at Bankruptcy Price ± margin requirements     |
      | Second 2    | Entire position at Bankruptcy Price ± margin requirements / 2 |
      | Seconds 3-5 | Entire position at Bankruptcy Price                           |
   4. If unfilled, the process restarts. If still unsuccessful after 10 attempts, liquidation moves to the next perp position.
   5. If the account remains in liquidation, the system proceeds to the position with the next largest unrealised loss and repeats the process.
3. **Liquidate spot (first partial and then full)**
   1. If the account remains in liquidation after all perpetual positions have been closed, the system identifies the spot asset with the lowest contribution to equity. Refer to contribution factors of spot assets [here](/extended-resources/trading/unified-margin-and-balances#collateral-assets).
   2. The same liquidation process as for perpetual positions is then applied, with the user’s spot holdings liquidated via [spot order books](https://api.docs.extended.exchange/#spot-trading).
4. **Deleverage perpetual positions**
   1. If account equity falls below zero and a perpetual position cannot be liquidated through the order book at an acceptable price, the Auto-Deleveraging (ADL) process is initiated.
   2. During ADL, the liquidated position is closed against the most profitable trader with the highest leverage, as determined by the ADL ranking at the [Bankruptcy Price](#liquidation-and-bankruptcy-prices) of the Liquidated Position.
   3. The ADL ranking is computed separately for long and short positions.
      1. For Profitable Position: ADL Ranking = PNL Percentage × Position Margin Ratio
      2. For Loss Making Position: ADL Ranking = PNL Percentage ÷ Position Margin Ratio, where:&#x20;
   4. PnL Percentage and Position Margin Ration in the formula above are calculated as follows:
      1. PNL percentage = Unrealised Position PnL ÷ Abs(Position Size × Entry Price)
      2. Position Margin Ratio = Abs (Position Size × Mark Price) × Maintenance Margin Rate ÷ Max(Equity,1).
   5. If a profitable user is selected for ADL in, their open orders in that market are canceled, while open orders for other markets remain unaffected.&#x20;
   6. Trading and liquidation fees are not charged in ADL.
5. **Transfer spot to the vault**
   1. If a liquidated account becomes insolvent (Equity < 0), holds no perpetual positions, and spot liquidation via the order book fails, the system transfers the user’s spot balances to the vault, the protocol’s primary lender, in exchange for USDC.
   2. The transfer occurs at the Bankruptcy Price, i.e. the theoretical price at which the user’s equity after the trade would be exactly zero.
   3. In this scenario, the vault captures the haircut applied to the spot asset. For example:
      1. The liquidated user is insolvent (Equity < 0)
      2. User spot holdings: 0.1 BTC (index price: $100,000), equity contribution $9,000
      3. User USDC balance: −$9,100
      4. The vault pays $9,100 USDC and receives 0.1 BTC worth $10,000, capturing $900 as profit.
   4. Once a spot asset is transferred to the vault, it is sold via the order book using a Dutch auction mechanism, with the discount gradually increasing from 0% up to the maximum haircut (e.g. 10%).
   5. If the discount reaches the haircut level and the position remains unfilled, or if only partial fills are observed during the process, the vault pauses for 1 minute and then restarts the auction from a 0% discount.
6. **Deleverage spot**
   1. If spot liquidation via the order book fails and the vault’s USDC balance is fully depleted (i.e. all vault equity is held in non-USDC assets), a last-resort mechanism, Spot ADL, is triggered.
   2. Under Spot ADL, losses from insolvent accounts (Equity < 0, where the negative USDC balance exceeds the equity contribution of other spot assets) are socialised across USDC depositors.
   3. In this process, the spot balances of the insolvent account(s) are exchanged for the USDC balances of deleveragers at the Bankruptcy Price of the insolvent account. As a result:
      1. The insolvent account is brought to zero
      2. Deleveragers exchange USDC for the spot balances of the deleveraged account(s) at a profit, capturing the haircut applied to spot assets.
   4. In practice, this scenario is highly unlikely, as both soft controls (interest rates on USDC borrowings) and hard controls (limits on maximum deposits of non-USDC assets) are designed to prevent the system from reaching the Spot ADL stage.

**Key principles of the liquidation process:**

1. To safeguard users’ margin and minimise potential losses, Extended applies partial liquidation throughout the process, aiming to avoid fully closing user's exposure whenever possible
2. The liquidation process stops as soon as the account’s Margin Ratio becomes ≤ 100%
3. If a position is liquidated at a price better than its Bankruptcy Price, a 1% liquidation fee is paid to the Extended Vault
4. If a position is liquidated at a price worse than its Bankruptcy Price, losses are absorbed by the Extended but only within the risk limits described below.
5. All liquidations are deterministic, and the vault knows its PnL for every liquidation trade, as it closes the liquidated position before taking it over.
6. If the vault cannot close a position at an acceptable price within the defined risk limits, it does not take over the position, and the position is instead auto-deleveraged (ADL)
7. Auto-Deleveraging (ADL) is triggered if a perpetual position or spot asset cannot be liquidated within 5% of the Bankruptcy Price, or if the insurance fund is unable to cover the losses

### Insurance Fund

The Extended Vault serves as a shared insurance fund across all markets, but access to it and the maximum loss it can absorb per trade depend on the specific market group. Refer to the [Crypto](/extended-resources/trading/crypto-markets/trading-rules) and [RWA](/extended-resources/trading/rwa-markets/trading-rules) Trading Rules for grouping of markets.

**RFQ markets have no access to the Insurance Fund.** If an RFQ position cannot be closed at its Bankruptcy Price or better, it proceeds directly to Auto-Deleveraging.

<table><thead><tr><th width="128.58203125">Group*</th><th width="300.46875">Access to % of the Fund in given 24H</th><th>Max Loss by the Fund per Trade</th></tr></thead><tbody><tr><td>Perpetual Group 1</td><td>2.5%</td><td>$100k</td></tr><tr><td>Perpetual Groups 2-4</td><td>1.25%</td><td>$50k</td></tr><tr><td>Perpetual Group 5</td><td>1.25%</td><td>$25k</td></tr><tr><td>Perpetual Group 6</td><td>1.25%</td><td>$15k</td></tr><tr><td>Perpetual Group 7</td><td>0.25%</td><td>$5k</td></tr><tr><td>Perpetuals on RWA markets</td><td>1.25%</td><td>$50k for FX and XAU, $25k for the rest</td></tr><tr><td>wBTC, ETH and USDT Spot</td><td>5%</td><td>$100k</td></tr><tr><td>EURC Spot</td><td>5%</td><td>$50k</td></tr><tr><td>RFQ markets</td><td>0%</td><td>$0k</td></tr></tbody></table>

Remaining Insurance Fund Limit for a given market = Daily Insurance Fund Limit - Insurance Fund Loss on a given market during this day.

Besides market-level usage limits, the insurance fund is also subject to a global constraint: it cannot be depleted by more than 5% in a single day.

Daily Insurance Fund Limits are updated once a day at 00:00 UTC.

### Liquidation and Bankruptcy Prices

The Liquidation Price is the Mark Price of a perpetual position at which the account’s Margin Ratio exceeds 100%, indicating that the liquidation process should begin.

It is important to note that the Liquidation Price is a reference value. Actual liquidation occurs only when the Margin Ratio exceeds 100%.

Liquidation Price (Position A) = (Maintenance Margin of Other Positions − USDC Balance − Spot Equity − Unrealised PnL of Other Positions + Position A Size × Position A Entry Price) ÷ Position A Size, where:

* USDC Balance = Deposits − Withdrawals + Realised PnL
* Spot Equity = sum of (Spot Balance × Index Price × Contribution Factor) across all assets
* Unrealised PnL = Position Size × (Mark Price − Entry Price)
* Position Size is positive for long positions and negative for short positions

The Bankruptcy Price is the price at which liquidation orders are submitted and Auto-Deleveraging (ADL) is performed.

It represents the price at which, if the position is liquidated, the account’s Margin Ratio remains unchanged.

Bankruptcy Price of Perpetual Positions (Position A) = (Maintenance Margin of Other Positions ÷ Margin Ratio − USDC Balance − Spot Equity − Unrealised PnL of Other Positions + Position A Size × Position A Entry Price) ÷ Position A Size

Bankruptcy Price of Spot Assets (Asset A) = (Maintenance Margin ÷ Margin Ratio − USDC Balance − Spot Equity of Other Assets − Unrealised PnL) ÷ Asset A Size


# Funding Payments

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Funding payments are recurring fees exchanged between counterparties of the perpetual contract (from long positions to short positions and vice versa), ensuring the perpetual's price remains aligned with the underlying spot price of the asset. In practice:

* If the perpetual price exceeds the spot price, long positions pay funding fees to short positions.
* If the perpetual price is lower than the spot price, short positions pay funding fees to long positions.

The size of the funding payment is determined by the difference between the perpetual and spot prices, as well as the duration over which this difference is realized.

At Extended, funding payments are charged every hour and are applied to all users with open positions at that time. If a user closes their position before the funding fee is charged, it is not applied.

**Funding Payment = Position Size \* Mark Price \* (-Funding Rate)**, which implies that:

* If the funding rate is positive, long positions pay to short positions.
* If the funding rate is negative, short positions pay to long positions.

The funding rate calculation depends on the market's execution model and asset class.

## Order Book Markets

### Crypto Markets

**Funding Rate = (Average Premium + clamp(Interest Rate - Average Premium, 0.05%, -0.05%)) / 8**, which implies that:

* While funding payments are applied hourly, the funding rate realization period is 8 hours.
* The interest rate component is set at 0.01% per 8 hours for consistency with CEXs. It represents the difference between the cost of borrowing USD and the cost of borrowing the underlying crypto asset.
* The size of the hourly Funding Rate is capped as per the table below.

**Average Premium = (1\*Premium Index\_1 + ··· + N\*Premium Index\_N) / (1+···+N)**, where:

* Premium Index is calculated every 5 seconds and therefore 'N' is equal to 720.
* Premium Index = (Max(0, Impact Bid - Index Price) - Max(0, Index Price - Impact Ask)) / Index Price.
* Impact Bid / Ask refers to the average fill price to execute the Impact Notional on the Bid / Ask side.
* Impact Notional for different groups of markets is described below.

**Funding Rate Caps and Impact Notional Values across groups of markets.**

| Group\* | Rate Cap per hour | Impact Notional |
| ------- | ----------------- | --------------- |
| 1-2     | 0.25%             | $10,000         |
| 3       | 0.5%              | $5,000          |
| 4       | 0.75%             | $5,000          |
| 5       | 1%                | $2,500          |
| 6       | 2%                | $2,500          |
| 7       | 2%                | $500            |

*\*Refer to the section* [*Margin Schedule*](/extended-resources/trading/crypto-markets/margin-schedule#order-book-markets) *for grouping of markets.*

### RWA Markets

Funding for order book RWA markets follows the same premium-based methodology as order book crypto markets above:

**Funding Rate = (Average Premium + clamp(Interest Rate - Average Premium, 0.05%, -0.05%)) / 8**

with one difference:

* The Interest Rate component is set at 0.0035% per 8 hours (\~3.83% annualised) to better reflect the carry pricing of RWA instruments, bringing it closer to SOFR.

**Funding Rate Caps and Impact Notional Values across groups of markets.**

| Group\*                                                                                               | Rate Cap per hour | Impact Notional |
| ----------------------------------------------------------------------------------------------------- | ----------------- | --------------- |
| FX (EUR, USDJPY), Indices / ETFs (SPX, NDX, EWY), Precious Metals (XAU, XAG), Industrial Metals (XCU) | 1%                | $5,000          |
| Stocks (All), Energy (WTI, XBR, NATGAS), Precious Metals (XPT), Pre-IPOs (SPCX)                       | 1%                | $2,500          |

*\*Refer to the section* [*Margin Schedule*](/extended-resources/trading/rwa-markets/margin-schedule#order-book-markets) *for grouping of markets.*

## RFQ Markets

### Crypto Markets

For markets that use Binance as the underlying price source, funding rates are sourced directly from Binance funding, rather than being calculated separately:

* Premium Index is calculated every 5 seconds and therefore 'N' is equal to 720.
* Premium Index = (Max(0, Impact Bid - Index Price) - Max(0, Index Price - Impact Ask)) / Index Price.
* Impact Bid / Ask refers to the average fill price to execute the Impact Notional on Binance on the Bid / Ask side.

**Average Premium = (1\*Premium Index\_1 + ··· + N\*Premium Index\_N) / (1+···+N)**, where:

* While funding payments are applied hourly, the funding rate realization period is 8 hours.
* The interest rate component is set at 0.01% per 8 hours for consistency with CEXs. It represents the difference between the cost of borrowing USD and the cost of borrowing the underlying crypto asset.

### RWA Markets

For RWA that use Binance as the underlying price source, funding rates are sourced directly from Binance funding, the same way as for RFQ crypto markets.

RWA markets that use Hyperliquid as the underlying price source follows the same premium-based methodology as order book crypto markets, with one difference: the Premium Index is computed from the Mark Price rather than from order book impact prices.

**Premium Index = (Mark Price - Index Price) / Index Price**

**Average Premium = (1\*Premium Index\_1 + ··· + N\*Premium Index\_N) / (1+···+N)**, where the Premium Index is calculated every 5 seconds over the past hour and therefore 'N' is equal to 720.

**Funding Rate = clamp(Funding Scaling Factor \* (Average Premium + clamp(Interest Rate - Average Premium, 0.05%, -0.05%)) / 8, ±1% per hour)**

* While funding payments are applied hourly, the funding rate realization period is 8 hours.
* The Interest Rate component is set at 0.01% per 8 hours, consistent with order book crypto markets.
* Scaling factor = 0.5.
* The hourly funding rate is capped at 1% per hour.

### Prime RWA Markets

Prime RWA markets use a single price feed (Index Price = Mark Price), so a premium-based funding rate would always equal zero. Funding for these markets is instead derived from the aggregate position imbalance (open interest skew) in each market:

**Funding Rate = clamp(Average Retail OI / (OI Limit / 2), -1, +1) \* Max FR**, floored at the market's base rate:

* If Average Retail OI > 0, Funding Rate = max(Funding Rate, +Floor).
* If Average Retail OI < 0, Funding Rate = min(Funding Rate, -Floor).
* If Average Retail OI = 0, Funding Rate = +Floor.

**Average Retail OI = (1\*OI\_1 + ··· + N\*OI\_N) / (1+···+N)**, where:

* OI is the signed retail open interest of the market: long open interest is positive, short open interest is negative.
* OI is sampled every 5 seconds and therefore 'N' is equal to 720 (a linearly-weighted average over the past hour).

In practice, the Floor acts as the base funding rate: the funding rate's magnitude never falls below the Floor, and its sign follows the position skew. The funding rate scales linearly with the open interest imbalance and reaches Max FR when the net imbalance reaches half of the market's OI Limit.

**Funding Rate parameters for Prime RWA markets.**

| Parameter         | Value                                                                                                                                                                     |
| ----------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Floor (base rate) | 0.0005% per hour                                                                                                                                                          |
| Max FR            | 0.003% per hour (6 × Floor)                                                                                                                                               |
| OI Limit          | Per market - equals the market's OI Cap, see the RFQ section of [RWA Trading Rules](/extended-resources/trading/rwa-markets/trading-rules#group-specific-trading-rules-1) |


# Oracle Prices

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.


# Crypto Markets

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Order Book Markets

**Overview**

For crypto assets Extended relies on Mark and Index Prices obtained from 5 nodes of an independent Oracle Provider, [Stork](https://www.stork.network/):

* Mark Prices are used to determine the liquidability of accounts and calculate positions' unrealized PnL.
* Index Prices are used for the calculation of Funding Payments. For detailed information on the calculation of Funding Payments, please refer to the section on [Funding Payments](/extended-resources/trading/funding-payments#crypto-markets).

For a deeper understanding of the approach Stork employs to define Mark and Index Prices, explore Stork's comprehensive [documentation](https://docs.stork.network/).

Utilizing independent Oracle Providers like Stork helps prevent potential price manipulation and ensures an equitable and accurate reflection of asset values within the Extended ecosystem.

**Price Denomination**

Both, Mark and Index Prices sourced from Stork are USD denominated. This means that on Extended USD PnL is settled in USDC given USDC margin.

### RFQ Markets

For crypto RFQ markets, Index and Mark Prices are provided by [RedStone](https://redstone.finance/), referencing Binance Index and Mark Prices. k-prefixed markets (e.g. kFLOKI) reference 1,000 units of the underlying token.


# RWA Markets

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

## Order Book Markets

For RWA perpetual markets, index and mark prices rely on:

* external oracle data during trading hours
* [off-hours pricing](#off-hours-pricing) during non-trading hours

Trading hours are specified for each market below.

### **Oracle Price Reference**

| Group             | Market   | Oracle Price Reference                                          |
| ----------------- | -------- | --------------------------------------------------------------- |
| Indices           | SPX, NDX | Value of the index                                              |
| Energy            | WTI      | 1 barrel of West Texas Intermediate (WTI) Light Sweet Crude Oil |
| Energy            | NATGAS   | 1 MMBtu of Henry Hub natural gas                                |
| Energy            | XBR      | 1 barrel of Brent Crude Oil                                     |
| Precious Metals   | XAU      | 1 troy ounce of gold                                            |
| Precious Metals   | XAG      | 1 troy ounce of silver                                          |
| Precious Metals   | XPT      | 1 troy ounce of platinum                                        |
| Industrial Metals | XCU      | 1 pound of copper                                               |
| FX                | EUR      | EUR/USD exchange rate                                           |
| FX                | USDJPY   | USD/JPY exchange rate                                           |
| Equities          | All      | Underlying share price                                          |

### **Oracle Price Methodology**

The table below outlines the Oracle Price Methodology for all RWA markets, including the provider, calculation methodology, underlying price reference, and oracle availability.

| Market                         | Provider                                                                               | Oracle Price Reference                                                                                                                                                                                                                                                      | Oracle Availability |
| ------------------------------ | -------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------- |
| Indices: SPX, NDX              | [RedStone](https://redstone.finance/)                                                  | CME[¹](https://www.cmegroup.com/markets/equities/sp/e-mini-sandp500.contractSpecs.html)[²](https://www.cmegroup.com/markets/equities/nasdaq/e-mini-nasdaq-100.contractSpecs.html) futures equivalent\* normalised to spot                                                   | 23/5\*\*            |
| Energy: WTI, NATGAS, XBR       | [RedStone](https://redstone.finance/)                                                  | CME[¹](https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.contractSpecs.html)[²](https://www.cmegroup.com/markets/energy/natural-gas/natural-gas.contractSpecs.html) and ICE[¹](https://www.ice.com/products/219/Brent-Crude-Futures) futures equivalent\* | 23/5\*\*            |
| Precious Metals: XAU, XAG, XPT | [RedStone](https://redstone.finance/)                                                  | [Massive](https://massive.com/) (XAU, XAG) and [LMAX](https://www.lmax.com/) (XPT) spot with fallbacks\*\*\*                                                                                                                                                                | 23/5\*\*            |
| Industrial Metals: XCU         | [RedStone](https://redstone.finance/)                                                  | [CME](https://www.cmegroup.com/markets/metals/base/copper.contractSpecs.html) futures equivalent\*                                                                                                                                                                          | 23/5\*\*            |
| FX: EUR, USDJPY                | [RedStone](https://redstone.finance/) (EUR); [Stork](https://www.stork.network/) (JPY) | EUR: [LMAX](https://www.lmax.com/) spot with fallbacks\*\*\*; JPY: FX broker spot prices                                                                                                                                                                                    | 24/5                |
| Equities & ETFs: All           | [Stork](https://www.stork.network/)                                                    | Regular, pre-market, and post-market sessions: NYSE/Nasdaq midpoint prices via licensed data providers.; Overnight: Blue Ocean ATS                                                                                                                                          | 24/5                |

> \* CME and ICE futures equivalent: a proprietary aggregate of market-maker and broker feeds that has historically shown high correlation with CME and ICE L1 mid-prices. Used as an alternative to direct CME and ICE market data. Expected maximum deviation from CME and ICE L1 mid-prices is 1-2 bps, depending on the market.
>
> \*\* 23/5 = 6:30 PM – 5:30 PM ET, Sunday to Friday, with 1 hour daily gaps.
>
> \*\*\* Fallback is automatically triggered when the primary source is down or significantly deviates from the median of fallback sources.

Outside of Oracle Availability windows, the index and mark prices are calculated based on the off-hours pricing mechanics.

**Futures-to-spot normalisation**

For indices (SPX and NDX), where the price represents a futures-implied spot price, the oracle normalises the futures price to a spot equivalent using the cost-of-carry formula:

```
Spot = Futures / (1 + (r - d) * T / 365)
```

where:

* `r` = risk-free rate (SOFR) sourced from New York Fed
* `d` = annualised dividend yield, derived from major index ETF dividend yields and updated monthly. Current values can be obtained [here](https://github.com/redstone-finance/redstone-oracles-monorepo/blob/main/packages/node-remote-config/dev/other/rollover-time-blend-implied-spot.json).
* `T` = days to futures expiry

**Roll Schedule for Indices**

Index oracles (SPX and NDX) reference quarterly futures contracts. The active contract follows the standard quarterly cycle, with settlement codes corresponding to the contract month:

* H — March
* M — June
* U — September
* Z — December

The active contract rolls to the next quarterly contract before expiry, on the corresponding “Active Until” date. The active and expiry dates for each quarterly contract are shown below:

| Underlying Suffix | Active Until            | Expiration              |
| ----------------- | ----------------------- | ----------------------- |
| H6                | 2026-03-16 14:00:00 UTC | 2026-03-20 13:30:00 UTC |
| M6                | 2026-06-15 14:00:00 UTC | 2026-06-18 13:30:00 UTC |
| U6                | 2026-09-14 14:00:00 UTC | 2026-09-18 13:30:00 UTC |
| Z6                | 2026-12-14 15:00:00 UTC | 2026-12-18 14:30:00 UTC |

**Roll Schedule for Energy and Industrial Metals**

For markets that reference futures-based price feeds (WTI, XBR, NATGAS, XCU), the active contract rolls over a 5-business-day transition window.

The roll period runs from the 5th to the 10th business day of the month. During this period, the oracle price transitions from the front-month contract to the next active contract using a linear weighting model that updates at predefined timestamps aligned with internal pricing sessions.

Updated weightings take effect when the oracle switches back to external pricing at 6:00 PM ET.

Roll Example. If WTI is referencing the M6 contract and rolling into N6, the transition proceeds as follows:

| Timestamp         | Front-month (M6) weight | Next-month (N6) weight |
| ----------------- | ----------------------- | ---------------------- |
| Day 5, 5:30 PM ET | 80%                     | 20%                    |
| Day 6, 5:30 PM ET | 60%                     | 40%                    |
| Day 7, 5:30 PM ET | 40%                     | 60%                    |
| Day 8, 5:30 PM ET | 20%                     | 80%                    |
| Day 9, 5:30 PM ET | 0%                      | 100% (roll complete)   |

**Active contract schedule**

The table below shows the active contract at the start of each month and the corresponding roll target for each energy and industrial metals market.

| Instrument   | Apr 2026 roll | May 2026 roll | Jun 2026 roll | Jul 2026 roll | Aug 2026 roll | Sep 2026 roll | Oct 2026 roll | Nov 2026 roll | Dec 2026 roll |
| ------------ | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- |
| XCU (Copper) | K6 → N6       | N6            | N6 → U6       | U6            | U6 → Z6       | Z6            | Z6            | Z6 → H7       | H7            |
| WTI          | K6 → M6       | M6 → N6       | N6 → Q6       | Q6 → U6       | U6 → V6       | V6 → X6       | V6 → X6       | X6 → Z6       | Z6 → F7       |
| XBR (Brent)  | M6 → N6       | N6 → Q6       | Q6 → U6       | U6 → V6       | V6 → X6       | X6 → Z6       | Z6 → F7       | F7 → G7       | G7 → H7       |
| NATGAS       | K26 → M26     | M26 → N26     | N26 → Q26     | Q26 → U26     | U26 → V26     | V26 → X26     | X26 → Z26     | Z26 → F27     | F27 → G27     |

### **Off-hours Pricing**

During off-trading hours, if the oracle has not been updated for more than 5 minutes, both the Index Price and Mark Price for RWA markets are derived from order book liquidity.

**Index Price Calculation**

The Index Price evolves according to:

```
Index_t = Index_{t-1} + (1 − β) · Adj_t
```

where the index moves from its previous value toward prices implied by the order book, with the speed of adjustment controlled by the smoothing factor `(1 − β)`.

**Adjustment Term**

```
Adj_t = max(Impact_Bid_t − Index_{t-1}, 0) − max(Index_{t-1} − Impact_Ask_t, 0)
```

where:

* `Impact Bid` = average execution price required to fill the market's configured impact notional on the bid side.
* `Impact Ask` = average execution price required to fill the market's configured impact notional on the ask side.

The adjustment term behaves as follows:

* If the Index Price lies between the Impact Bid and Impact Ask, no adjustment is applied.
* If the Impact Bid exceeds the Index Price, the index moves upward.
* If the Impact Ask falls below the Index Price, the index moves downward.
* If either side lacks sufficient liquidity to fill the impact notional, that side contributes zero to the adjustment.

**Smoothing Factor**

The smoothing factor is time-aware, so the index behaves consistently regardless of update cadence and remains robust to irregular updates.

```
β    = exp(−Δt* / τ)        smoothing factor
Δt*  = min(Δt, c·τ)         capped elapsed time (max 3 min)
τ    = 30 min               time constant
Δt   = t − t_prev           time since last update
c    = 0.1                  caps each step at ≤ 9.5% of Adj_t
```

Capping the effective elapsed time at `c·τ` (3 minutes) ensures no update can move the index by more than approximately 9.5% of the current adjustment term, even after a prolonged period without updates.

**Maximum Deviation**

To limit off-hours price drift, the maximum deviation of the Index Price and Mark Price from the last known oracle price is capped at `|Index_t − last_oracle_price| ≤ 1 / max_leverage`.

## RFQ Markets

RFQ RWA markets reference the underlying real-world asset, and the price feed setup depends on the market type (see [RWA Markets](/extended-resources/trading/rwa-markets) for market lists and trading sessions).

### **RWA Markets**

RWA RFQ markets maintain two separate price feeds. Like all RWA markets, they reference the underlying real-world asset - but prices are sourced from the asset's perpetual market on an external venue (Binance or Hyperliquid), which itself references the underlying real-world listing while trading around the clock:

| Market                                | Provider                            | Oracle Price Reference                                                          | Oracle Availability |
| ------------------------------------- | ----------------------------------- | ------------------------------------------------------------------------------- | ------------------- |
| RWA RFQ markets (Binance-sourced)     | [Stork](https://www.stork.network/) | Binance perpetual market prices, tracking the underlying real-world listing     | 24/7                |
| RWA RFQ markets (Hyperliquid-sourced) | [Stork](https://www.stork.network/) | Hyperliquid perpetual market prices, tracking the underlying real-world listing | 24/7                |

**Price sources for RWA markets.**

| Price source | Markets                                                                                                                                                                     |
| ------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Binance      | TSM, ASML, AVGO, ARM, MRVL, NBIS, CRWV, STXX, DELL, WDC, QCOM, RKLB, SOXL, DRAM, LITE, CBRS, NOK, BE, USAR, QNT, IBM, AAOI, AXTI, COHR, BMNR, FLNC, ASTS, OPENAI, ANTHROPIC |
| Hyperliquid  | SKHYNIX, SAMSUNG, BB, PURR, SPCX, INTC, CRCL, EWY, TSLA, AMD, GOOGL, HOOD, COIN, META, ORCL, AAPL, MSFT, BABA, AMZN, PLTR, JP225                                            |

### **Prime RWA Markets**

Prime RWA markets use a single price feed: **Index Price = Mark Price**. The price tracks the underlying asset on its real-world listing venue, using the same sources as order book RWA equities above (provided by [Stork](https://www.stork.network/): NYSE/Nasdaq midpoint prices via licensed data providers during regular, pre-market, and post-market sessions; Blue Ocean ATS overnight). Because these markets are halted when no reliable underlying reference is available (weekends and underlying market public holidays), no divergence between Index Price and Mark Price can occur.

| Market            | Provider                            | Oracle Price Reference                                                                                                            | Oracle Availability |
| ----------------- | ----------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | ------------------- |
| Prime RWA markets | [Stork](https://www.stork.network/) | Regular, pre-market, and post-market sessions: NYSE/Nasdaq midpoint prices via licensed data providers. Overnight: Blue Ocean ATS | 24/5                |


# Crypto Markets

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

Extended lists crypto markets under two execution models:

* **Order book markets** - perpetual and spot markets matched on Extended's central limit order book;
* **RFQ markets** - perpetual markets executed via market-maker quotes - see [RFQ Execution](/extended-resources/trading/rfq-execution).

All crypto markets are available for trading 24/7. For market specifications, please refer to the following pages:

* [Trading Rules](/extended-resources/trading/crypto-markets/trading-rules)
* [Margin Schedule](/extended-resources/trading/crypto-markets/margin-schedule)
* [Funding Payments](/extended-resources/trading/funding-payments)
* [Oracle Prices](/extended-resources/trading/oracle-prices)

## Supported Markets

### Order Book Markets

| Category | Markets                                                                                                                             |
| -------- | ----------------------------------------------------------------------------------------------------------------------------------- |
| L1       | BTC, ETH, SOL, HYPE, SUI, AVAX, LTC, APT, S, XLM, CC, MON, DOT, TON, BERA, BCH, XPL, BNB, SEI, XMR, ADA, IP, TRX, ZEC               |
| L2       | ARB, OP, STRK, LINEA, MNT, MEGA, AZTEC                                                                                              |
| DeFi     | AAVE, UNI, CRV, PENDLE, LDO, JUP, CAKE, SNX, AERO, ENA, ONDO, PUMP, ASTER, AVNT, WLFI, EDEN, BP, LIT, EDGE, RESOLV, ZORA, APEX, LAB |
| AI       | TAO, NEAR, WLD, KAITO, GRASS, VIRTUAL, VVV, PIEVERSE, CHIP                                                                          |
| Infra    | XRP, LINK, TIA, EIGEN, ZRO, INIT                                                                                                    |
| Meme     | DOGE, kPEPE, kSHIB, kBONK, WIF, TRUMP, FARTCOIN, GOAT, POPCAT, MOODENG, PENGU, MELANIA, SPX6900, 4                                  |
| Spot     | wBTC, ETH, USDT                                                                                                                     |

### RFQ Markets

| Category  | Markets                                                                                                                                             |
| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------- |
| L1        | ENJ, KAT, DASH, SAGA, MOVR, kLUNC, NIL, CHZ, ICP, HBAR, BABY, ETC, ALGO, INJ, DYM, ATOM, HIVE, VIC, OPEN, CFX, PARTI, KAIA, KSM, POLYX, kXEC        |
| L2        | SOON, POL, STX, MOVE                                                                                                                                |
| DeFi      | ORCA, ZBT, SPK, LAYER, GENIUS, BAS, CFG, JTO, DYDX, ETHFI, LYN, RUNE, STABLE, EVAA, VELVET, MORPHO, DEEP                                            |
| AI        | AIOT, FET, SAHARA, ZEREBRO, AIA, OPG, AGT, AIGENSYN, IO, KITE, ARC, AKT, SAPIEN, SWARMS, CGPT, RECALL                                               |
| Infra     | BSB, APE, FIL, AXS, PLAY, NAORIS, GALA, STORJ, H, RENDER, TAC, ZEN, FHE, INX, FIDA, kNOT, SAND, AR, TRIA, kHMSTR, ENS, W, JASMY, IRYS, DUSK, GTC, Q |
| Meme      | ORDI, BILL, BASED, UB, B, kDOGS, GIGGLE, TST, PRL, TRUTH, GWEI, PNUT, BEAT, kBOME, COLLECT, USELESS, US, JELLYJELLY, kFLOKI, TURBO, TAG, kPTB       |
| Commodity | PAXG                                                                                                                                                |


# Trading Rules

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

The trading rules set out below describe the limitations and controls applicable to crypto markets listed on Extended. Market-specific trading rules are also available through the Trading Rules tab on the main trading interface.

## Order Book Markets

All perpetual markets on Extended are categorized into 7 Market Groups based on the liquidity of different markets.

### Market-Specific Trading Rules

Market-specific trading rules include:

* **Minimum Trade Size:** Users cannot place orders below the minimum trade size.
* **Minimum Change in Trade Size:** Users cannot modify orders by an amount lower than minimum change in trade size.
* **Minimum Price Change:** Prices on the exchange cannot change by an amount below minimum price change.

| Market   | Group   | Min Trade Size | Min Change in Trade Size | Min Price Change |
| -------- | ------- | -------------- | ------------------------ | ---------------- |
| BTC      | Group 1 | 0.0001 BTC     | 0.00001 BTC              | $1               |
| ETH      | Group 1 | 0.01 ETH       | 0.001 ETH                | $0.1             |
| HYPE     | Group 2 | 0.1 HYPE       | 0.01 HYPE                | $0.001           |
| SOL      | Group 2 | 0.1 SOL        | 0.01 SOL                 | $0.01            |
| DOGE     | Group 3 | 100 DOGE       | 10 DOGE                  | $0.00001         |
| XRP      | Group 3 | 10 XRP         | 1 XRP                    | $0.0001          |
| AAVE     | Group 3 | 0.1 AAVE       | 0.01 AAVE                | $0.01            |
| ADA      | Group 3 | 10 ADA         | 1 ADA                    | $0.0001          |
| SUI      | Group 3 | 10 SUI         | 1 SUI                    | $0.0001          |
| PUMP     | Group 3 | 1000 PUMP      | 100 PUMP                 | $0.000001        |
| ENA      | Group 3 | 100 ENA        | 10 ENA                   | $0.00001         |
| BNB      | Group 3 | 0.01 BNB       | 0.001 BNB                | $0.01            |
| LIT      | Group 4 | 10 LIT         | 1 LIT                    | $0.0001          |
| NEAR     | Group 4 | 10 NEAR        | 1 NEAR                   | $0.0001          |
| XMR      | Group 4 | 0.1 XMR        | 0.01 XMR                 | $0.01            |
| kPEPE    | Group 4 | 1000 kPEPE     | 100 kPEPE                | $0.000001        |
| kSHIB    | Group 4 | 1000 kSHIB     | 100 kSHIB                | $0.000001        |
| WIF      | Group 4 | 10 WIF         | 1 WIF                    | $0.0001          |
| AVAX     | Group 4 | 1 AVAX         | 0.1 AVAX                 | $0.001           |
| LTC      | Group 4 | 0.1 LTC        | 0.01 LTC                 | $0.01            |
| TRX      | Group 4 | 100 TRX        | 10 TRX                   | $0.00001         |
| LINK     | Group 4 | 1 LINK         | 0.1 LINK                 | $0.001           |
| ARB      | Group 4 | 10 ARB         | 1 ARB                    | $0.0001          |
| OP       | Group 4 | 10 OP          | 1 OP                     | $0.0001          |
| ONDO     | Group 4 | 10 ONDO        | 1 ONDO                   | $0.0001          |
| TIA      | Group 4 | 10 TIA         | 1 TIA                    | $0.0001          |
| SEI      | Group 4 | 100 SEI        | 10 SEI                   | $0.00001         |
| kBONK    | Group 4 | 1000 kBONK     | 100 kBONK                | $0.000001        |
| TRUMP    | Group 4 | 1 TRUMP        | 0.1 TRUMP                | $0.001           |
| JUP      | Group 4 | 10 JUP         | 1 JUP                    | $0.0001          |
| TON      | Group 4 | 10 TON         | 1 TON                    | $0.0001          |
| UNI      | Group 4 | 1 UNI          | 0.1 UNI                  | $0.0001          |
| APT      | Group 4 | 1 APT          | 0.1 APT                  | $0.0001          |
| LDO      | Group 4 | 10 LDO         | 1 LDO                    | $0.0001          |
| FARTCOIN | Group 4 | 10 FARTCOIN    | 1 FARTCOIN               | $0.00001         |
| CRV      | Group 4 | 10 CRV         | 1 CRV                    | $0.00001         |
| XPL      | Group 4 | 10 XPL         | 10 XPL                   | $0.00001         |
| BCH      | Group 4 | 0.01 BCH       | 0.001 BCH                | $0.01            |
| DOT      | Group 4 | 10 DOT         | 0.1 DOT                  | $0.0001          |
| ASTER    | Group 4 | 10 ASTER       | 1 ASTER                  | $0.00001         |
| TAO      | Group 4 | 0.1 TAO        | 0.01 TAO                 | $0.01            |
| WLD      | Group 5 | 10 WLD         | 1 WLD                    | $0.0001          |
| AVNT     | Group 5 | 10 AVNT        | 1 AVNT                   | $0.00001         |
| LINEA    | Group 5 | 1000 LINEA     | 100 LINEA                | $0.000001        |
| AERO     | Group 5 | 10 AERO        | 1 AERO                   | $0.00001         |
| MON      | Group 5 | 100 MON        | 10 MON                   | $0.00001         |
| GOAT     | Group 5 | 100 GOAT       | 10 GOAT                  | $0.00001         |
| S        | Group 5 | 100 S          | 10 S                     | $0.00001         |
| POPCAT   | Group 5 | 10 POPCAT      | 1 POPCAT                 | $0.00001         |
| MOODENG  | Group 5 | 100 MOODENG    | 10 MOODENG               | $0.00001         |
| VIRTUAL  | Group 5 | 10 VIRTUAL     | 1 VIRTUAL                | $0.00001         |
| KAITO    | Group 5 | 10 KAITO       | 1 KAITO                  | $0.0001          |
| STRK     | Group 5 | 100 STRK       | 10 STRK                  | $0.00001         |
| GRASS    | Group 5 | 10 GRASS       | 1 GRASS                  | $0.0001          |
| PENDLE   | Group 5 | 10 PENDLE      | 1 PENDLE                 | $0.0001          |
| ZRO      | Group 5 | 10 ZRO         | 1 ZRO                    | $0.0001          |
| SPX6900  | Group 5 | 10 SPX         | 1 SPX                    | $0.00001         |
| MNT      | Group 5 | 10 MNT         | 1 MNT                    | $0.00001         |
| EIGEN    | Group 5 | 10 EIGEN       | 1 EIGEN                  | $0.0001          |
| EDEN     | Group 5 | 100 EDEN       | 10 EDEN                  | $0.00001         |
| CAKE     | Group 5 | 10 CAKE        | 1 CAKE                   | $0.0001          |
| ZEC      | Group 5 | 0.1 ZEC        | 0.1 ZEC                  | $0.001           |
| PENGU    | Group 5 | 1000 PENGU     | 100 PENGU                | $0.000001        |
| IP       | Group 5 | 10 IP          | 1 IP                     | $0.0001          |
| BERA     | Group 5 | 10 BERA        | 1 BERA                   | $0.0001          |
| SNX      | Group 5 | 10 SNX         | 1 SNX                    | $0.0001          |
| WLFI     | Group 5 | 100 WLFI       | 10 WLFI                  | $0.00001         |
| APEX     | Group 5 | 10 APEX        | 1 APEX                   | $0.00001         |
| XLM      | Group 5 | 100 XLM        | 10 XLM                   | $0.00001         |
| LAB      | Group 5 | 1 LAB          | 0.1 LAB                  | $0.0001          |
| BP       | Group 6 | 100 BP         | 10 BP                    | $0.00001         |
| RESOLV   | Group 6 | 100 RESOLV     | 10 RESOLV                | $0.00001         |
| INIT     | Group 6 | 10 INIT        | 1 INIT                   | $0.00001         |
| MELANIA  | Group 6 | 100 MELANIA    | 10 MELANIA               | $0.00001         |
| ZORA     | Group 6 | 1000 ZORA      | 100 ZORA                 | $0.000001        |
| 4        | Group 6 | 100 4          | 10 4                     | $0.000001        |
| MEGA     | Group 6 | 10 MEGA        | 1 MEGA                   | $0.00001         |
| AZTEC    | Group 6 | 1000 AZTEC     | 100 AZTEC                | $0.000001        |
| VVV      | Group 6 | 1 VVV          | 0.1 VVV                  | $0.0001          |
| EDGE     | Group 6 | 10 EDGE        | 1 EDGE                   | $0.00001         |
| CC       | Group 6 | 100 CC         | 10 CC                    | $0.00001         |
| PIEVERSE | Group 6 | 10 PIEVERSE    | 1 PIEVERSE               | $0.00001         |
| CHIP     | Group 6 | 100 CHIP       | 10 CHIP                  | $0.000001        |

### Group-Specific Trading Rules

Group-specific trading rules include:

* **Maximum Market Order:** Users cannot place a market order that exceeds the specified limit.
* **Maximum Limit Order:** Users cannot place a limit order that exceeds the specified limit.
* **Maximum Position Value:** Users cannot have a sum of their position value and the maximum value of either their long or short triggered orders that exceeds the specified Max Position Value.
* **Limit Price Cap / Floor:** Users cannot place a long limit order with a price greater than Mark Price \* (1 + Limit Order Price Cap) or a short limit order with a price lower than Mark Price \* (1 - Limit Order Floor Ratio).
* **Maximum № of open orders:** Users cannot have more than the specified Max Number of Open Orders for a given market.

| Group   | Max Market Order | Max Limit Order | Max Position Value | Limit Price Cap / Floor | Max № of Open Orders |
| ------- | ---------------- | --------------- | ------------------ | ----------------------- | -------------------- |
| Group 1 | $ 3,000 k        | $ 15,000 k      | $ 30,000 k         | 5%                      | 200                  |
| Group 2 | $ 1,500 k        | $ 7,500 k       | $ 15,000 k         | 5%                      | 200                  |
| Group 3 | $ 500 k          | $ 2,500 k       | $ 7,000 k          | 5%                      | 200                  |
| Group 4 | $ 250 k          | $ 1,250 k       | $ 5,200 k          | 10%                     | 200                  |
| Group 5 | $ 150 k          | $ 750 k         | $ 2,500 k          | 15%                     | 200                  |
| Group 6 | $ 50 k           | $ 250 k         | $ 500 k            | 15%                     | 200                  |
| Group 7 | $ 10 k           | $ 50 k          | $ 100 k            | 15%                     | 200                  |

## RFQ Markets

All crypto RFQ markets are categorized into 7 Market Groups.

### Market-Specific Trading Rules

| Market     | Group   | Min Trade Size | Min Change in Trade Size | Min Price Change |
| ---------- | ------- | -------------- | ------------------------ | ---------------- |
| PAXG       | Group 1 | 0.01 PAXG      | 0.001 PAXG               | $0.1             |
| ETC        | Group 2 | 1 ETC          | 0.1 ETC                  | $0.0001          |
| FIL        | Group 3 | 10 FIL         | 1 FIL                    | $0.00001         |
| FET        | Group 3 | 100 FET        | 10 FET                   | $0.00001         |
| INJ        | Group 3 | 1 INJ          | 0.1 INJ                  | $0.0001          |
| DASH       | Group 4 | 1 DASH         | 0.1 DASH                 | $0.001           |
| AXS        | Group 4 | 10 AXS         | 1 AXS                    | $0.00001         |
| kLUNC      | Group 4 | 100 kLUNC      | 10 kLUNC                 | $0.000001        |
| CHZ        | Group 4 | 1000 CHZ       | 100 CHZ                  | $0.000001        |
| ICP        | Group 4 | 10 ICP         | 1 ICP                    | $0.0001          |
| HBAR       | Group 4 | 100 HBAR       | 10 HBAR                  | $0.000001        |
| RENDER     | Group 4 | 10 RENDER      | 1 RENDER                 | $0.0001          |
| ALGO       | Group 4 | 100 ALGO       | 10 ALGO                  | $0.000001        |
| POL        | Group 4 | 100 POL        | 10 POL                   | $0.000001        |
| JTO        | Group 4 | 10 JTO         | 1 JTO                    | $0.00001         |
| ATOM       | Group 4 | 10 ATOM        | 1 ATOM                   | $0.0001          |
| SAND       | Group 4 | 100 SAND       | 10 SAND                  | $0.000001        |
| ETHFI      | Group 4 | 100 ETHFI      | 10 ETHFI                 | $0.00001         |
| MORPHO     | Group 4 | 10 MORPHO      | 1 MORPHO                 | $0.0001          |
| APE        | Group 5 | 100 APE        | 10 APE                   | $0.00001         |
| KITE       | Group 5 | 100 KITE       | 10 KITE                  | $0.00001         |
| DYDX       | Group 5 | 100 DYDX       | 10 DYDX                  | $0.00001         |
| AR         | Group 5 | 10 AR          | 1 AR                     | $0.0001          |
| STX        | Group 5 | 100 STX        | 10 STX                   | $0.00001         |
| CFX        | Group 5 | 100 CFX        | 10 CFX                   | $0.000001        |
| RUNE       | Group 5 | 100 RUNE       | 10 RUNE                  | $0.00001         |
| AKT        | Group 5 | 10 AKT         | 1 AKT                    | $0.00001         |
| STABLE     | Group 5 | 1000 STABLE    | 100 STABLE               | $0.000001        |
| kFLOKI     | Group 5 | 1000 kFLOKI    | 100 kFLOKI               | $0.000001        |
| ENS        | Group 5 | 1 ENS          | 0.1 ENS                  | $0.0001          |
| JASMY      | Group 5 | 1000 JASMY     | 100 JASMY                | $0.0000001       |
| ORDI       | Group 6 | 10 ORDI        | 1 ORDI                   | $0.0001          |
| BSB        | Group 6 | 100 BSB        | 10 BSB                   | $0.00001         |
| BILL       | Group 6 | 100 BILL       | 10 BILL                  | $0.000001        |
| ENJ        | Group 6 | 1000 ENJ       | 100 ENJ                  | $0.000001        |
| ORCA       | Group 6 | 10 ORCA        | 1 ORCA                   | $0.00001         |
| BASED      | Group 6 | 100 BASED      | 10 BASED                 | $0.000001        |
| KAT        | Group 6 | 1000 KAT       | 100 KAT                  | $0.0000001       |
| UB         | Group 6 | 100 UB         | 10 UB                    | $0.000001        |
| ZBT        | Group 6 | 100 ZBT        | 10 ZBT                   | $0.000001        |
| PLAY       | Group 6 | 100 PLAY       | 10 PLAY                  | $0.000001        |
| SAHARA     | Group 6 | 1000 SAHARA    | 100 SAHARA               | $0.000001        |
| ZEREBRO    | Group 6 | 1000 ZEREBRO   | 100 ZEREBRO              | $0.000001        |
| GALA       | Group 6 | 10000 GALA     | 1000 GALA                | $0.0000001       |
| LAYER      | Group 6 | 100 LAYER      | 10 LAYER                 | $0.000001        |
| GENIUS     | Group 6 | 100 GENIUS     | 10 GENIUS                | $0.00001         |
| GWEI       | Group 6 | 100 GWEI       | 10 GWEI                  | $0.000001        |
| BABY       | Group 6 | 1000 BABY      | 100 BABY                 | $0.0000001       |
| H          | Group 6 | 10 H           | 1 H                      | $0.00001         |
| OPG        | Group 6 | 100 OPG        | 10 OPG                   | $0.00001         |
| BEAT       | Group 6 | 10 BEAT        | 1 BEAT                   | $0.00001         |
| AGT        | Group 6 | 1000 AGT       | 100 AGT                  | $0.000001        |
| AIGENSYN   | Group 6 | 1000 AIGENSYN  | 100 AIGENSYN             | $0.000001        |
| IO         | Group 6 | 100 IO         | 10 IO                    | $0.00001         |
| FIDA       | Group 6 | 1000 FIDA      | 100 FIDA                 | $0.000001        |
| TRIA       | Group 6 | 1000 TRIA      | 100 TRIA                 | $0.000001        |
| JELLYJELLY | Group 6 | 100 JELLYJELLY | 10 JELLYJELLY            | $0.000001        |
| kHMSTR     | Group 6 | 100 kHMSTR     | 10 kHMSTR                | $0.00001         |
| EVAA       | Group 6 | 100 EVAA       | 10 EVAA                  | $0.00001         |
| MOVE       | Group 6 | 1000 MOVE      | 100 MOVE                 | $0.0000001       |
| VELVET     | Group 6 | 100 VELVET     | 10 VELVET                | $0.000001        |
| AIOT       | Group 7 | 100 AIOT       | 10 AIOT                  | $0.000001        |
| B          | Group 7 | 100 B          | 10 B                     | $0.00001         |
| SAGA       | Group 7 | 1000 SAGA      | 100 SAGA                 | $0.000001        |
| kDOGS      | Group 7 | 1000 kDOGS     | 100 kDOGS                | $0.000001        |
| MOVR       | Group 7 | 10 MOVR        | 1 MOVR                   | $0.0001          |
| SPK        | Group 7 | 1000 SPK       | 100 SPK                  | $0.000001        |
| GIGGLE     | Group 7 | 1 GIGGLE       | 0.1 GIGGLE               | $0.001           |
| SOON       | Group 7 | 100 SOON       | 10 SOON                  | $0.00001         |
| TST        | Group 7 | 1000 TST       | 100 TST                  | $0.000001        |
| PRL        | Group 7 | 100 PRL        | 10 PRL                   | $0.00001         |
| NIL        | Group 7 | 100 NIL        | 10 NIL                   | $0.000001        |
| NAORIS     | Group 7 | 1000 NAORIS    | 100 NAORIS               | $0.000001        |
| TRUTH      | Group 7 | 1000 TRUTH     | 100 TRUTH                | $0.0000001       |
| STORJ      | Group 7 | 100 STORJ      | 10 STORJ                 | $0.000001        |
| AIA        | Group 7 | 100 AIA        | 10 AIA                   | $0.000001        |
| BAS        | Group 7 | 1000 BAS       | 100 BAS                  | $0.000001        |
| PNUT       | Group 7 | 1000 PNUT      | 100 PNUT                 | $0.000001        |
| kBOME      | Group 7 | 100 kBOME      | 10 kBOME                 | $0.00001         |
| TAC        | Group 7 | 1000 TAC       | 100 TAC                  | $0.000001        |
| ZEN        | Group 7 | 1 ZEN          | 0.1 ZEN                  | $0.0001          |
| DYM        | Group 7 | 1000 DYM       | 100 DYM                  | $0.000001        |
| CFG        | Group 7 | 100 CFG        | 10 CFG                   | $0.00001         |
| FHE        | Group 7 | 1000 FHE       | 100 FHE                  | $0.000001        |
| INX        | Group 7 | 1000 INX       | 100 INX                  | $0.0000001       |
| kNOT       | Group 7 | 100 kNOT       | 10 kNOT                  | $0.00001         |
| COLLECT    | Group 6 | 100 COLLECT    | 10 COLLECT               | $0.000001        |
| USELESS    | Group 7 | 100 USELESS    | 10 USELESS               | $0.000001        |
| ARC        | Group 6 | 100 ARC        | 10 ARC                   | $0.000001        |
| HIVE       | Group 7 | 100 HIVE       | 10 HIVE                  | $0.000001        |
| VIC        | Group 7 | 1000 VIC       | 100 VIC                  | $0.000001        |
| OPEN       | Group 7 | 100 OPEN       | 10 OPEN                  | $0.00001         |
| LYN        | Group 7 | 1000 LYN       | 100 LYN                  | $0.000001        |
| PARTI      | Group 7 | 100 PARTI      | 10 PARTI                 | $0.000001        |
| US         | Group 7 | 1000 US        | 100 US                   | $0.000001        |
| SAPIEN     | Group 7 | 100 SAPIEN     | 10 SAPIEN                | $0.000001        |
| W          | Group 6 | 1000 W         | 100 W                    | $0.0000001       |
| SWARMS     | Group 7 | 1000 SWARMS    | 100 SWARMS               | $0.0000001       |
| TURBO      | Group 7 | 10000 TURBO    | 1000 TURBO               | $0.00000001      |
| IRYS       | Group 7 | 1000 IRYS      | 100 IRYS                 | $0.000001        |
| DUSK       | Group 7 | 100 DUSK       | 10 DUSK                  | $0.000001        |
| TAG        | Group 7 | 10000 TAG      | 1000 TAG                 | $0.0000001       |
| kPTB       | Group 7 | 100 kPTB       | 10 kPTB                  | $0.000001        |
| Q          | Group 7 | 1000 Q         | 100 Q                    | $0.000001        |
| CGPT       | Group 7 | 1000 CGPT      | 100 CGPT                 | $0.000001        |
| KAIA       | Group 7 | 1000 KAIA      | 100 KAIA                 | $0.000001        |
| GTC        | Group 7 | 100 GTC        | 10 GTC                   | $0.000001        |
| DEEP       | Group 7 | 1000 DEEP      | 100 DEEP                 | $0.000001        |
| KSM        | Group 7 | 10 KSM         | 1 KSM                    | $0.0001          |
| POLYX      | Group 7 | 1000 POLYX     | 100 POLYX                | $0.000001        |
| RECALL     | Group 7 | 1000 RECALL    | 100 RECALL               | $0.000001        |
| kXEC       | Group 7 | 1000 kXEC      | 100 kXEC                 | $0.0000001       |

### Group-Specific Trading Rules

* **OI Cap:** The maximum total open interest for a given market - see RFQ Execution for the behaviour when the cap is reached.

| Group   | Max Market Order | Max Limit Order | Max Position Value | OI Cap    | Limit Price Cap / Floor | Max № of Open Orders |
| ------- | ---------------- | --------------- | ------------------ | --------- | ----------------------- | -------------------- |
| Group 1 | $ 300 k          | $ 1,500 k       | $ 2,500 k          | $ 5,000 k | 15%                     | 200                  |
| Group 2 | $ 150 k          | $ 750 k         | $ 1,000 k          | $ 2,000 k | 15%                     | 200                  |
| Group 3 | $ 150 k          | $ 750 k         | $ 1,000 k          | $ 2,000 k | 15%                     | 200                  |
| Group 4 | $ 75 k           | $ 375 k         | $ 500 k            | $ 1,000 k | 15%                     | 200                  |
| Group 5 | $ 50 k           | $ 200 k         | $ 250 k            | $ 500 k   | 15%                     | 200                  |
| Group 6 | $ 75 k           | $ 375 k         | $ 500 k            | $ 1,000 k | 15%                     | 200                  |
| Group 7 | $ 50 k           | $ 200 k         | $ 250 k            | $ 500 k   | 15%                     | 200                  |

*\*Refer to the* [*Margin Schedule*](/extended-resources/trading/crypto-markets/margin-schedule#rfq-markets) *for grouping of markets.*

## Spot Markets

All spot markets on Extended are categorized into 2 Market Groups based on the liquidity of different markets.

### Market-Specific Trading Rules

Market-specific trading rules include:

* **Minimum Trade Size:** Users cannot place orders below the minimum trade size.
* **Minimum Change in Trade Size:** Users cannot modify orders by an amount lower than minimum change in trade size.
* **Minimum Price Change:** Prices on the exchange cannot change by an amount below minimum price change.

| Market | Group   | Min Trade Size | Min Change in Trade Size | Min Price Change |
| ------ | ------- | -------------- | ------------------------ | ---------------- |
| wBTC   | Group 1 | 0.0001 wBTC    | 0.00001 wBTC             | $1               |
| ETH    | Group 2 | 0.01 ETH       | 0.001 ETH                | $0.1             |
| USDT   | Group 2 | 10 USDT        | 1 USDT                   | $0.0001          |

### Group-Specific Trading Rules

Group-specific trading rules include:

* **Maximum Market Order:** Users cannot place a market order that exceeds the specified limit.
* **Maximum Limit Order:** Users cannot place a limit order that exceeds the specified limit.
* **Max Balance Value:** Users cannot place additional buy orders if the combined value of their current asset balance and open buy orders exceeds the limit.
* **Limit Price Cap / Floor:** Users cannot place a long limit order with a price greater than Mark Price \* (1 + Limit Order Price Cap) or a short limit order with a price lower than Mark Price \* (1 - Limit Order Floor Ratio).
* **Maximum № of open orders:** Users cannot have more than the specified Max Number of Open Orders for a given market.

| Group   | Max Market Order | Max Limit Order | Max Balance Value | Limit Price Cap / Floor | Max № of Open Orders |
| ------- | ---------------- | --------------- | ----------------- | ----------------------- | -------------------- |
| Group 1 | $ 250 k          | $ 1,250 k       | $ 2,500 k         | 5%                      | 200                  |
| Group 2 | $ 150 k          | $ 750 k         | $ 1,500 k         | 5%                      | 200                  |


# Margin Schedule

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

Margin Schedule rules apply only to perpetual markets. Spot trading is not subject to the Margin Schedule.

### Initial Margin

Initial Margin is the required deposit to place an order and open a position. It's calculated as 1 divided by the leverage.

Leverage can range from 1 to the maximum leverage, which depends on the market and the value of open position and open orders in that market. Leverage may vary across different markets, but within a specific market, a single leverage rate is applied to both the open position and all open orders.

When a user modifies the leverage, this change is applied to both the open position and all open orders in that market. However, the change can fail if the total value of the open position and open orders exceeds the maximum allowed for the selected leverage, or if the initial margin requirement, recalculated with the new leverage, is not satisfied.

### Maintenance Margin

Maintenance Margin is the minimum amount of margin required to maintain a position after it has been opened. Positions are subject to liquidation when the account equity falls below the maintenance margin requirement.

Maintenance margin equals 50% of the initial margin at maximum leverage allowed for a given market and position value.

#### Order Validation against Margin Schedule

When placing a new order, it must ensure that the position remains below the maximum position value for the selected leverage:

* If the new order increases the absolute sum of the position value, the new order value, and the value of any triggered orders in the same direction as the new order, then the following criteria should be met:$$Abs(Sum(Position Value, New Order Value, Value of Triggered Orders))≤Max Position Value For Given Leverage$$
* If the new order does not increase the absolute sum of the position value, the new order value, and the value of any triggered orders in the same direction as the new order, then the validation is auto-passed.

### Order Book Markets

The Margin Schedule varies across 6 Market Groups. Value brackets may be adjusted over time, depending on available liquidity or changes in asset price.

**Group 1: BTC, ETH**

| Position Bracket  | Max Leverage | Min Initial Margin | Maintenance Margin |
| ----------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 3000 k      | 50.0         | 2%                 | 1%                 |
| $ 3000 - 6000 k   | 25.0         | 4%                 | 2%                 |
| $ 6000 - 9000 k   | 16.7         | 6%                 | 3%                 |
| $ 9000 - 12000 k  | 12.5         | 8%                 | 4%                 |
| $ 12000 - 15000 k | 10.0         | 10%                | 5%                 |
| $ 15000 - 18000 k | 8.3          | 12%                | 6%                 |
| $ 18000 - 21000 k | 7.1          | 14%                | 7%                 |
| $ 21000 - 24000 k | 6.3          | 16%                | 8%                 |
| $ 24000 - 27000 k | 5.6          | 18%                | 9%                 |
| $ 27000 - 30000 k | 5.0          | 20%                | 10%                |

**Group 2: SOL, HYPE.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 1000 k     | 50.0         | 2%                 | 1%                 |
| $ 1000 - 2000 k  | 25.0         | 4%                 | 2%                 |
| $ 2000 - 3000 k  | 16.7         | 6%                 | 3%                 |
| $ 3000 - 4000 k  | 12.5         | 8%                 | 4%                 |
| $ 4000 - 5000 k  | 10.0         | 10%                | 5%                 |
| $ 5000 - 6000 k  | 8.3          | 12%                | 6%                 |
| $ 6000 - 7000 k  | 7.1          | 14%                | 7%                 |
| $ 7000 - 8000 k  | 6.3          | 16%                | 8%                 |
| $ 8000 - 9000 k  | 5.6          | 18%                | 9%                 |
| $ 9000 - 10000 k | 5.0          | 20%                | 10%                |
| $10000 - 11000k  | 4.5          | 22%                | 11%                |
| $11000 - 12000k  | 4.2          | 24%                | 12%                |
| $12000 - 13000k  | 3.8          | 26%                | 13%                |
| $13000 - 14000k  | 3.6          | 28%                | 14%                |
| $14000 - 15000k  | 3.3          | 30%                | 15%                |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 2% and 1% respectively for every additional $1000k.*

**Group 3: XRP, AAVE, DOGE, SUI, ENA, PUMP, ADA, BNB.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 50.0         | 2%                 | 1%                 |
| $ 500 - 1000 k   | 25.0         | 4%                 | 2%                 |
| $ 1000 - 1500 k  | 16.7         | 6%                 | 3%                 |
| $ 1500 - 2000 k  | 12.5         | 8%                 | 4%                 |
| $ 2000 - 2500 k  | 10.0         | 10%                | 5%                 |
| $ 2500 - 3000 k  | 8.3          | 12%                | 6%                 |
| $ 3000 - 3500 k  | 7.1          | 14%                | 7%                 |
| $ 3500 - 4000 k  | 6.3          | 16%                | 8%                 |
| $ 4000 - 4500 k  | 5.6          | 18%                | 9%                 |
| $ 4500 - 5000 k  | 5.0          | 20%                | 10%                |
| $ 5000 - 5500 k  | 4.5          | 22%                | 11%                |
| $5500 - 6000k    | 4.2          | 24%                | 12%                |
| $6000 - 6500k    | 3.8          | 26%                | 13%                |
| $6500 - 7000k    | 3.6          | 28%                | 14%                |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 2% and 1% respectively for every additional $500k.*

**Group 4: NEAR, LIT, AVAX, TRUMP, LINK, CRV, TRX, ONDO, APT, UNI, WIF, TIA, JUP, LTC, ARB, kSHIB, TON, OP, SEI, LDO, XPL, FARTCOIN, kPEPE, kBONK, ASTER, XMR, DOT, BCH.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 400 k      | 25.0         | 4%                 | 2%                 |
| $ 400 - 800 k    | 12.5         | 8%                 | 4%                 |
| $ 800 - 1200 k   | 8.3          | 12%                | 6%                 |
| $ 1200 - 1600 k  | 6.3          | 16%                | 8%                 |
| $ 1600 - 2000 k  | 5.0          | 20%                | 10%                |
| $ 2000 - 2400 k  | 4.2          | 24%                | 12%                |
| $ 2400 - 2800 k  | 3.6          | 28%                | 14%                |
| $ 2800 - 3200 k  | 3.1          | 32%                | 16%                |
| $ 3200 - 3600 k  | 2.8          | 36%                | 18%                |
| $ 3600 - 4000 k  | 2.5          | 40%                | 20%                |
| $ 4000 - 4400k   | 2.3          | 44%                | 22%                |
| $ 4400 - 4800k   | 2.1          | 48%                | 24%                |
| $ 4800 - 5200k   | 1.9          | 52%                | 26%                |

*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 $400k.*

**Group 5: KAITO, MON, AERO, SPX, ZRO, GOAT, EDEN, GRASS, IP, PENDLE, CAKE, VIRTUAL, POPCAT, EIGEN, AVNT, S, MNT, ZEC, STRK, LINEA, SNX, WLD, TAO, WLFI, PENGU, XLM, LAB.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 250 k      | 10.0         | 10%                | 5%                 |
| $ 250 - 500 k    | 5.0          | 20%                | 10%                |
| $ 500 - 750 k    | 3.3          | 30%                | 15%                |
| $ 750 - 1000 k   | 2.5          | 40%                | 20%                |
| $ 1000 - 1250 k  | 2.0          | 50%                | 25%                |
| $1250 - 1500k    | 1.7          | 60%                | 30%                |
| $1500 - 1750k    | 1.4          | 70%                | 35%                |
| $1750 - 2000k    | 1.3          | 80%                | 40%                |
| $2000 - 2250k    | 1.1          | 90%                | 45%                |
| $2250 - 2500k    | 1.0          | 100%               | 50%                |

*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 $250k.*

**Group 6: 4, RESOLV, INIT, ZORA, MEGA, AZTEC, VVV, EDGE, PIEVERSE, CHIP.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 100 k      | 5.0          | 20%                | 10%                |
| $ 100 - 200 k    | 2.5          | 40%                | 20%                |
| $ 200 - 300 k    | 1.7          | 60%                | 30%                |
| $ 300 - 400 k    | 1.3          | 80%                | 40%                |
| $ 400 - 500 k    | 1.0          | 100%               | 50%                |

*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 $100k.*

**Group 7 (Pre-market): No active markets.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

### RFQ Markets

Crypto RFQ markets are categorized into 7 Market Groups. Value brackets may be adjusted over time, depending on available liquidity or changes in asset price.

**Group 1: PAXG.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 25.0         | 4%                 | 2%                 |
| $ 500 - 1500 k   | 12.5         | 8%                 | 4%                 |
| $ 1500 - 2500 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 $1000k.*

**Group 2: ETC.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 25.0         | 4%                 | 2%                 |
| $ 500 - 1000 k   | 16.7         | 6%                 | 3%                 |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 2% and 1% respectively for every additional $500k.*

**Group 3: FIL, FET, INJ.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

**Group 4: DASH, AXS, kLUNC, CHZ, ICP, HBAR, RENDER, ALGO, POL, JTO, ATOM, SAND, ETHFI, MORPHO.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 10.0         | 10%                | 5%                 |

*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.*

**Group 5: APE, KITE, DYDX, AR, STX, CFX, RUNE, AKT, STABLE, kFLOKI, ENS, JASMY.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 250 k      | 10.0         | 10%                | 5%                 |

*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 $250k.*

**Group 6: ORDI, BSB, BILL, ENJ, ORCA, BASED, KAT, UB, ZBT, PLAY, SAHARA, ZEREBRO, GALA, LAYER, GENIUS, GWEI, BABY, H, OPG, BEAT, AGT, AIGENSYN, IO, FIDA, TRIA, JELLYJELLY, kHMSTR, EVAA, MOVE, VELVET.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 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 $500k.*

**Group 7: AIOT, B, SAGA, kDOGS, MOVR, SPK, GIGGLE, SOON, TST, PRL, NIL, NAORIS, TRUTH, STORJ, AIA, BAS, PNUT, kBOME, TAC, ZEN, DYM, CFG, FHE, INX, kNOT, COLLECT, USELESS, ARC, HIVE, VIC, OPEN, LYN, PARTI, US, SAPIEN, W, SWARMS, TURBO, IRYS, DUSK, TAG, kPTB, Q, CGPT, KAIA, GTC, DEEP, KSM, POLYX, RECALL, kXEC.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 250 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 $250k.*


# Pre-market Listings

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

Pre-markets enable trading before a formed spot market exists. As a result, mark and index prices are derived from internal order book dynamics rather than external reference markets.

Due to the absence of reliable external pricing and typically lower liquidity, pre-markets carry increased risk, including higher volatility, wider spreads, and greater susceptibility to price dislocations.

### Risk Framework

To account for these risks, pre-markets are launched with conservative risk parameters, including:

* Lower position limits
* More restrictive margin requirements

These parameters are designed to protect both users and the protocol during the early stages of price discovery.

### Mark and Index Price

In pre-markets, both Mark and Index prices are derived from exponentially weighted averages of order book prices.

The market is initialised with `initial_mark_price`, derived from:

* OTC quotes
* Polymarket FDV
* Assumed token supply

**Oracle Price**

The oracle price represents a smoothed estimate of fair value based on historical mark prices.

* Sampled once per minute
* Defined as a 45-min EWMA of past mark prices
* When historical marks are unavailable, `initial_mark_price` is used as padding

```
oracle_0 = initial_mark_price

oracle_t = α · mark_{t−1} + (1 − α) · oracle_{t−1}

α = 1 − exp(−1 / 45)
```

To prevent runaway pricing in illiquid conditions:

```
oracle_t ≤ 5 × initial_mark_price
```

**Mark Price**

The mark price is the executable fair price used for PnL and liquidations.

* Computed once per minute, after the oracle update
* Uses impact mid price with $500 notional
* Combines the oracle (slow anchor) with a smoothed deviation

```
mark_t = oracle_t + D_t

D_0 = 0

D_t = β · (impact_mid_t − oracle_t) + (1 − β) · D_{t−1}

β = 1 − exp(−1 / 45)
```

Intuition:

* `oracle_t` captures long-term fair value
* `impact_mid_t` reflects current tradable levels
* `D_t` ensures gradual adjustment without overreacting to short-term noise

**Index Price**

The index price is a slower, manipulation-resistant reference price.

* Defined as a 45-min EWMA of mark prices
* Updated once per minute
* Uses the same decay as the oracle
* No caps are applied

```
index_0 = initial_mark_price

index_t = α · mark_t + (1 − α) · index_{t−1}

α = 1 − exp(−1 / 45)
```

### Transition to Regular Market

Once the underlying spot market is live and reliable external pricing is available:

* Mark and Index prices transition to standard oracle-based pricing, referencing external market data
* Risk limits and margin schedules are revised to reflect improved liquidity and reduced uncertainty

No user action is required during the transition.


# RWA Markets

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

In addition to crypto markets, Extended offers perpetual contracts on a range of traditional financial (RWA) assets, under two execution models:

* **Order book markets** - matched on Extended's central limit order book.
* **RFQ markets** - executed via market-maker quotes - see [RFQ Execution](/extended-resources/trading/rfq-execution).

Trading fees currently follow the same structure as crypto markets, although this may be revised in the future.

For market specifications and implementation details related to RWA markets, please refer to the following pages:

* [Trading Rules](/extended-resources/trading/rwa-markets/trading-rules)
* [Margin Schedule](/extended-resources/trading/rwa-markets/margin-schedule)
* [Funding Payments](/extended-resources/trading/funding-payments)
* [Oracle Prices](/extended-resources/trading/oracle-prices)
* [Corporate Actions](/extended-resources/trading/rwa-markets/corporate-actions)
* [Pre-IPO Markets](/extended-resources/trading/rwa-markets/pre-ipo-markets)

## Trading Sessions

All **order book** RWA markets are available for trading 24/7, including weekends and public holidays, though spreads may be significantly wider outside of traditional market trading hours.

**RFQ** RWA markets come in two categories: **standard RWA markets**, which trade 24/7, and **Prime RWA markets**. Prime markets themselves come in three types:

* 24/5 (continuous, no weekend/holidays)
* Pre-market, regular, and post-market sessions, with no overnight sessions (and no weekend/holidays)
* Regular trading hours only (no extended hours trading)

| Market type       | Session                                                                   | Availability                                                                                       |
| ----------------- | ------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- |
| RWA markets       | 24/7                                                                      | Around the clock, including weekends and public holidays                                           |
| Prime RWA markets | 24/5                                                                      | Around the clock from Monday to Friday; halted over weekends and underlying market public holidays |
| Prime RWA markets | Pre-market, regular, and post-market sessions, with no overnight sessions | All trading sessions without overnight, weekends and underlying market public holidays             |
| Prime RWA markets | Regular market hours                                                      | Only while the underlying exchange's trading session is open                                       |

While a market is halted, order placement and execution are unavailable; open positions remain open, and margin requirements continue to apply.

## Supported Markets

### Order Book Markets

| Category          | Markets                                                             |
| ----------------- | ------------------------------------------------------------------- |
| Indices / ETFs    | SPX (S\&P 500), NDX (Nasdaq-100)                                    |
| Precious Metals   | XAU (Gold), XAG (Silver), XPT (Platinum)                            |
| Industrial Metals | XCU (Copper)                                                        |
| Energy            | XBR (Brent Crude Oil), WTI (WTI Crude Oil), NATGAS (US Natural Gas) |
| Equities          | NVDA, MSTR, MU, SNDK                                                |
| FX                | EUR, USDJPY                                                         |

### RFQ Markets

| Category       | Markets                                                                                                                                                                                                                                                            |
| -------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Indices / ETFs | SOXL, DRAM, EWY, JP225                                                                                                                                                                                                                                             |
| Equities       | TSM, ASML, AVGO, ARM, MRVL, NBIS, CRWV, STXX, DELL, WDC, QCOM, RKLB, SKHYNIX, LITE, CBRS, SAMSUNG, NOK, BE, USAR, QNT, IBM, BB, AAOI, AXTI, COHR, BMNR, FLNC, ASTS, PURR, SPCX, INTC, CRCL, TSLA, AMD, GOOGL, HOOD, COIN, META, ORCL, AAPL, MSFT, BABA, AMZN, PLTR |
| Pre-IPO        | OPENAI, ANTHROPIC                                                                                                                                                                                                                                                  |

### Prime RWA Markets

Prime RWA markets either trade 24/5 or follow the trading hours of the underlying asset's market.

For 24/5 markets, trading on Extended is unavailable during weekends and public holidays of the underlying market.

For regular-hours markets, trading on Extended is unavailable outside those hours - orders cannot be placed until the market reopens.

Trading hours vary by asset, so check a specific asset's schedule below before placing an order.\
\
**24/5 Prime markets:**

| Category | Markets                        |
| -------- | ------------------------------ |
| Equities | IREN, KLAC, PDD, APP, ON, RGTI |

**Prime markets with no overnight session:**

| Category | Markets                                                                                                                                                                     |
| -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Equities | MCHP, GFS, SNPS, DDOG, LIN, MARA, RIOT, CLSK, TTD, AXON, TTWO, MELI, VRTX, SHOP, BKNG, STLD, CDNS, CEG, HON, XEL, REGN, GEHC, TMUS, ISRG, NXPI, ADSK, ODFL, CDW, FANG, SBUX |


# Trading Rules

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

The trading rules provided below include various limitations that apply to RWA markets listed on the exchange. Users can also access specific trading rules for each market through the 'Trading Rules' tab on the main trading screen.

## Order Book Markets

All RWA markets on Extended are categorized into groups based on market type and/or liquidity characteristics. Extended applies both market-specific and group-specific trading rules.

### **Market-Specific Trading Rules**

Market-specific trading rules include:

* Minimum Trade Size: Users cannot place orders below the minimum trade size.
* Minimum Change in Trade Size: Users cannot modify orders by an amount lower than minimum change in trade size.
* Minimum Price Change: Prices on the exchange cannot change by an amount below minimum price change.

| Group             | Market | Min Trade Size | Min Change in Trade Size | Min Price Change |
| ----------------- | ------ | -------------- | ------------------------ | ---------------- |
| FX                | EUR    | 10 EUR         | 1 EUR                    | $0.00001         |
| FX                | USDJPY | 0.1 USDJPY     | 0.01 USDJPY              | $0.001           |
| Indices / ETFs    | SPX    | 0.01 SPX       | 0.001 SPX                | $0.1             |
| Indices / ETFs    | NDX    | 0.001 NDX      | 0.0001 NDX               | $1               |
| Precious Metals   | XAU    | 0.01 XAU       | 0.001 XAU                | $0.1             |
| Precious Metals   | XAG    | 1 XAG          | 0.1 XAG                  | $0.001           |
| Precious Metals   | XPT    | 0.01 XPT       | 0.001 XPT                | $0.1             |
| Industrial Metals | XCU    | 1 XCU          | 0.1 XCU                  | $0.0001          |
| Energy            | XBR    | 0.1 XBR        | 0.1 XBR                  | $0.001           |
| Energy            | WTI    | 0.1 WTI        | 0.01 WTI                 | $0.001           |
| Energy            | NATGAS | 10 NATGAS      | 1 NATGAS                 | $0.0001          |
| Equities          | NVDA   | 0.1 NVDA       | 0.01 NVDA                | $0.01            |
| Equities          | MSTR   | 0.1 MSTR       | 0.01 MSTR                | $0.01            |
| Equities          | MU     | 0.01 MU        | 0.001 MU                 | $0.01            |
| Equities          | SNDK   | 0.01 SNDK      | 0.001 SNDK               | $0.01            |

### Group-Specific Trading Rules

Group-specific trading rules include:

* Maximum Market Order: Users cannot place a market order that exceeds the specified limit.
* Maximum Limit Order: Users cannot place a limit order that exceeds the specified limit.
* Maximum Position Value: Users cannot have a sum of their position value and the maximum value of either their long or short triggered orders that exceeds the specified Max Position Value.
* Limit Price Cap / Floor: Users cannot place a long limit order with a price greater than Mark Price \* (1 + Limit Order Price Cap) or a short limit order with a price lower than Mark Price \* (1 - Limit Order Floor Ratio).
* Maximum № of open orders: Users cannot have more than the specified Max Number of Open Orders for a given market.

| Group                        | Markets               | Max Market Order | Max Limit Order | Max Position Value | Limit Price Cap / Floor | Max № of Open Orders |
| ---------------------------- | --------------------- | ---------------- | --------------- | ------------------ | ----------------------- | -------------------- |
| FX                           | EUR                   | $ 500 k          | $ 2,500 k       | $ 10,000 k         | 15%                     | 200                  |
| FX                           | USDJPY                | $ 150 k          | $ 750 k         | $ 2,000 k          | 15%                     | 200                  |
| Indices / ETFs               | SPX, NDX              | $ 150 k          | $ 750 k         | $ 3,000 k          | 15%                     | 200                  |
| Precious Metals              | XAU                   | $ 250 k          | $ 1,250 k       | $ 6,000 k          | 15%                     | 200                  |
| Precious Metals              | XAG                   | $ 150 k          | $ 750 k         | $ 3,000 k          | 15%                     | 200                  |
| Precious Metals              | XPT                   | $ 50 k           | $ 250 k         | $ 1,000 k          | 15%                     | 200                  |
| Industrial Metals and Energy | XBR, WTI, NATGAS, XCU | $ 150 k          | $ 750 k         | $ 1,000 k          | 15%                     | 200                  |
| Equities                     | All                   | $ 150 k          | $ 750 k         | $ 1,000 k          | 15%                     | 200                  |

## RFQ Markets

All RFQ RWA markets are categorized into 10 Market Groups.

### Market-Specific Trading Rules

| Market    | Group    | Min Trade Size | Min Change in Trade Size | Min Price Change |
| --------- | -------- | -------------- | ------------------------ | ---------------- |
| GOOGL     | Group 1  | 0.1 GOOGL      | 0.01 GOOGL               | $0.01            |
| MSFT      | Group 1  | 0.1 MSFT       | 0.01 MSFT                | $0.01            |
| META      | Group 2  | 0.01 META      | 0.001 META               | $0.01            |
| SKHYNIX   | Group 3  | 0.01 SKHYNIX   | 0.001 SKHYNIX            | $0.01            |
| KLAC      | Group 4  | 0.1 KLAC       | 0.01 KLAC                | $0.01            |
| ON        | Group 4  | 0.1 ON         | 0.01 ON                  | $0.001           |
| MRVL      | Group 4  | 0.1 MRVL       | 0.01 MRVL                | $0.01            |
| NBIS      | Group 4  | 0.1 NBIS       | 0.01 NBIS                | $0.01            |
| DRAM      | Group 4  | 0.1 DRAM       | 0.01 DRAM                | $0.001           |
| INTC      | Group 4  | 1 INTC         | 0.1 INTC                 | $0.001           |
| CRCL      | Group 4  | 0.1 CRCL       | 0.01 CRCL                | $0.001           |
| MCHP      | Group 5  | 0.1 MCHP       | 0.01 MCHP                | $0.01            |
| SNPS      | Group 5  | 0.1 SNPS       | 0.01 SNPS                | $0.01            |
| DDOG      | Group 5  | 0.1 DDOG       | 0.01 DDOG                | $0.01            |
| APP       | Group 5  | 0.1 APP        | 0.01 APP                 | $0.01            |
| XEL       | Group 5  | 0.1 XEL        | 0.01 XEL                 | $0.001           |
| TSM       | Group 5  | 0.1 TSM        | 0.01 TSM                 | $0.01            |
| AVGO      | Group 5  | 0.1 AVGO       | 0.01 AVGO                | $0.01            |
| ARM       | Group 5  | 0.1 ARM        | 0.01 ARM                 | $0.01            |
| CRWV      | Group 5  | 0.1 CRWV       | 0.01 CRWV                | $0.01            |
| QCOM      | Group 5  | 0.1 QCOM       | 0.01 QCOM                | $0.01            |
| RKLB      | Group 5  | 0.1 RKLB       | 0.01 RKLB                | $0.001           |
| SOXL      | Group 5  | 0.1 SOXL       | 0.01 SOXL                | $0.01            |
| LITE      | Group 5  | 0.01 LITE      | 0.001 LITE               | $0.01            |
| CBRS      | Group 5  | 0.1 CBRS       | 0.01 CBRS                | $0.01            |
| SAMSUNG   | Group 5  | 0.1 SAMSUNG    | 0.01 SAMSUNG             | $0.01            |
| NOK       | Group 5  | 1 NOK          | 0.1 NOK                  | $0.001           |
| IBM       | Group 5  | 0.1 IBM        | 0.01 IBM                 | $0.01            |
| BB        | Group 5  | 1 BB           | 0.1 BB                   | $0.0001          |
| EWY       | Group 5  | 0.1 EWY        | 0.01 EWY                 | $0.001           |
| TSLA      | Group 5  | 0.1 TSLA       | 0.01 TSLA                | $0.01            |
| AMD       | Group 5  | 0.1 AMD        | 0.01 AMD                 | $0.01            |
| HOOD      | Group 5  | 0.1 HOOD       | 0.01 HOOD                | $0.001           |
| COIN      | Group 5  | 0.1 COIN       | 0.01 COIN                | $0.01            |
| ORCL      | Group 5  | 0.1 ORCL       | 0.01 ORCL                | $0.01            |
| AAPL      | Group 5  | 0.1 AAPL       | 0.01 AAPL                | $0.01            |
| BABA      | Group 5  | 0.1 BABA       | 0.01 BABA                | $0.01            |
| AMZN      | Group 5  | 0.1 AMZN       | 0.01 AMZN                | $0.01            |
| PLTR      | Group 5  | 0.1 PLTR       | 0.01 PLTR                | $0.01            |
| GFS       | Group 6  | 0.1 GFS        | 0.01 GFS                 | $0.001           |
| LIN       | Group 6  | 0.01 LIN       | 0.001 LIN                | $0.01            |
| AXON      | Group 6  | 0.1 AXON       | 0.01 AXON                | $0.01            |
| MELI      | Group 6  | 0.01 MELI      | 0.001 MELI               | $0.01            |
| VRTX      | Group 6  | 0.1 VRTX       | 0.01 VRTX                | $0.01            |
| TTWO      | Group 6  | 0.1 TTWO       | 0.01 TTWO                | $0.01            |
| SHOP      | Group 6  | 0.1 SHOP       | 0.01 SHOP                | $0.001           |
| BKNG      | Group 6  | 0.1 BKNG       | 0.01 BKNG                | $0.001           |
| STLD      | Group 6  | 0.1 STLD       | 0.01 STLD                | $0.01            |
| CDNS      | Group 6  | 0.1 CDNS       | 0.01 CDNS                | $0.01            |
| HON       | Group 6  | 0.1 HON        | 0.01 HON                 | $0.01            |
| REGN      | Group 6  | 0.01 REGN      | 0.001 REGN               | $0.01            |
| GEHC      | Group 6  | 0.1 GEHC       | 0.01 GEHC                | $0.001           |
| TMUS      | Group 6  | 0.1 TMUS       | 0.01 TMUS                | $0.01            |
| ISRG      | Group 6  | 0.1 ISRG       | 0.01 ISRG                | $0.01            |
| NXPI      | Group 6  | 0.1 NXPI       | 0.01 NXPI                | $0.01            |
| ADSK      | Group 6  | 0.1 ADSK       | 0.01 ADSK                | $0.01            |
| ODFL      | Group 6  | 0.1 ODFL       | 0.01 ODFL                | $0.01            |
| CDW       | Group 6  | 0.1 CDW        | 0.01 CDW                 | $0.001           |
| SBUX      | Group 6  | 0.1 SBUX       | 0.01 SBUX                | $0.01            |
| ASML      | Group 6  | 0.01 ASML      | 0.001 ASML               | $0.01            |
| STXX      | Group 6  | 0.01 STXX      | 0.001 STXX               | $0.01            |
| DELL      | Group 6  | 0.1 DELL       | 0.01 DELL                | $0.01            |
| WDC       | Group 6  | 0.01 WDC       | 0.001 WDC                | $0.01            |
| BE        | Group 6  | 0.1 BE         | 0.01 BE                  | $0.01            |
| USAR      | Group 6  | 1 USAR         | 0.1 USAR                 | $0.001           |
| QNT       | Group 6  | 0.1 QNT        | 0.01 QNT                 | $0.001           |
| AAOI      | Group 6  | 0.1 AAOI       | 0.01 AAOI                | $0.001           |
| AXTI      | Group 6  | 0.1 AXTI       | 0.01 AXTI                | $0.001           |
| COHR      | Group 6  | 0.1 COHR       | 0.01 COHR                | $0.01            |
| BMNR      | Group 6  | 1 BMNR         | 0.1 BMNR                 | $0.001           |
| FLNC      | Group 6  | 1 FLNC         | 0.1 FLNC                 | $0.001           |
| ASTS      | Group 6  | 0.1 ASTS       | 0.01 ASTS                | $0.001           |
| OPENAI    | Group 6  | 0.01 OPENAI    | 0.001 OPENAI             | $0.1             |
| ANTHROPIC | Group 6  | 0.01 ANTHROPIC | 0.001 ANTHROPIC          | $0.1             |
| PURR      | Group 6  | 1 PURR         | 0.1 PURR                 | $0.0001          |
| JP225     | Group 7  | 0.0001 JP225   | 0.00001 JP225            | $1               |
| SPCX      | Group 8  | 0.1 SPCX       | 0.01 SPCX                | $0.01            |
| PDD       | Group 8  | 0.1 PDD        | 0.01 PDD                 | $0.001           |
| IREN      | Group 9  | 0.1 IREN       | 0.01 IREN                | $0.001           |
| MARA      | Group 10 | 1 MARA         | 0.1 MARA                 | $0.001           |
| RIOT      | Group 10 | 1 RIOT         | 0.1 RIOT                 | $0.001           |
| CLSK      | Group 10 | 1 CLSK         | 0.1 CLSK                 | $0.001           |
| TTD       | Group 10 | 1 TTD          | 0.1 TTD                  | $0.001           |
| CEG       | Group 10 | 0.1 CEG        | 0.01 CEG                 | $0.01            |
| RGTI      | Group 10 | 1 RGTI         | 0.1 RGTI                 | $0.001           |
| FANG      | Group 10 | 0.1 FANG       | 0.01 FANG                | $0.001           |

### Group-Specific Trading Rules

* **OI Cap:** The maximum total open interest for a given market - see RFQ Execution for the behaviour when the cap is reached.

| Group    | Max Market Order | Max Limit Order | Max Position Value | OI Cap    | Limit Price Cap / Floor | Max № of Open Orders |
| -------- | ---------------- | --------------- | ------------------ | --------- | ----------------------- | -------------------- |
| Group 1  | $ 150 k          | $ 750 k         | $ 1,000 k          | $ 2,000 k | 15%                     | 200                  |
| Group 2  | $ 75 k           | $ 375 k         | $ 500 k            | $ 1,000 k | 15%                     | 200                  |
| Group 3  | $ 250 k          | $ 1,250 k       | $ 1,500 k          | $ 3,000 k | 15%                     | 200                  |
| Group 4  | $ 150 k          | $ 750 k         | $ 1,000 k          | $ 2,000 k | 15%                     | 200                  |
| Group 5  | $ 75 k           | $ 375 k         | $ 500 k            | $ 1,000 k | 15%                     | 200                  |
| Group 6  | $ 50 k           | $ 200 k         | $ 250 k            | $ 500 k   | 15%                     | 200                  |
| Group 7  | $ 50 k           | $ 200 k         | $ 250 k            | $ 500 k   | 15%                     | 200                  |
| Group 8  | $ 150 k          | $ 750 k         | $ 1,000 k          | $ 2,000 k | 15%                     | 200                  |
| Group 9  | $ 75 k           | $ 375 k         | $ 500 k            | $ 1,000 k | 15%                     | 200                  |
| Group 10 | $ 50 k           | $ 200 k         | $ 250 k            | $ 500 k   | 15%                     | 200                  |

*\*Refer to the* [*Margin Schedule*](/extended-resources/trading/rwa-markets/margin-schedule#rfq-markets) *for grouping of markets.*


# Margin Schedule

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

Margin Schedule rules apply only to perpetual markets. Spot trading is not subject to the Margin Schedule.

### Initial Margin

Initial Margin is the required deposit to place an order and open a position. It's calculated as 1 divided by the leverage.

Leverage can range from 1 to the maximum leverage, which depends on the market and the value of open position and open orders in that market. Leverage may vary across different markets, but within a specific market, a single leverage rate is applied to both the open position and all open orders.

When a user modifies the leverage, this change is applied to both the open position and all open orders in that market. However, the change can fail if the total value of the open position and open orders exceeds the maximum allowed for the selected leverage, or if the initial margin requirement, recalculated with the new leverage, is not satisfied.

### Maintenance Margin

Maintenance Margin is the minimum amount of margin required to maintain a position after it has been opened. Positions are subject to liquidation when the account equity falls below the maintenance margin requirement.

Maintenance margin equals 50% of the initial margin at maximum leverage allowed for a given market and position value.

#### Order Validation against Margin Schedule

When placing a new order, it must ensure that the position remains below the maximum position value for the selected leverage:

* If the new order increases the absolute sum of the position value, the new order value, and the value of any triggered orders in the same direction as the new order, then the following criteria should be met:$$Abs(Sum(Position Value, New Order Value, Value of Triggered Orders))≤Max Position Value For Given Leverage$$
* If the new order does not increase the absolute sum of the position value, the new order value, and the value of any triggered orders in the same direction as the new order, then the validation is auto-passed.

Each RWA market has a custom margin schedule, detailed below. Value brackets may be adjusted over time, depending on available liquidity or changes in asset price.

### Order Book Markets

**EUR**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

**SPX (S\&P 500)**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 1000 k     | 25.0         | 4%                 | 2%                 |
| $ 1000 - 2000 k  | 12.5         | 8%                 | 4%                 |
| $ 2000 - 3000 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 $1000k.*

**NDX (Nasdaq-100)**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 1000 k     | 16.7         | 6%                 | 3%                 |
| $ 1000 - 2000 k  | 8.3          | 12%                | 6%                 |
| $ 2000 - 3000 k  | 5.6          | 18%                | 9%                 |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 6% and 3% respectively for every additional $1000k.*

**XAU (Gold)**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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)**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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)**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 20.0         | 5%                 | 2.5%               |
| $ 500 - 1000 k   | 10.0         | 10%                | 5%                 |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 5% and 2.5% respectively for every additional $500k.*

**XPT (Platinum), XBR and WTI**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 1000 k     | 10.0         | 10%                | 5%                 |

*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.*

**NATGAS**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

**NVDA, MSTR, MU, SNDK**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

### RFQ Markets

RFQ RWA markets are categorized into 10 Market Groups.

**Group 1: GOOGL, MSFT.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 20.0         | 5%                 | 2.5%               |
| $ 500 - 1000 k   | 10.0         | 10%                | 5%                 |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 5% and 3% respectively for every additional $500k.*

**Group 2: META.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 20.0         | 5%                 | 2.5%               |

*If a user's position exceeds the last margin tier, initial and maintenance margin requirements will increase by 5% and 3% respectively for every additional $500k.*

**Group 3: SKHYNIX.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 10.0         | 10%                | 5%                 |
| $ 500 - 1000 k   | 5.0          | 20%                | 10%                |
| $ 1000 - 1500 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 $500k.*

**Group 4: KLAC, ON, MRVL, NBIS, DRAM, INTC, CRCL.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

**Group 5: MCHP, SNPS, DDOG, APP, XEL, TSM, AVGO, ARM, CRWV, QCOM, RKLB, SOXL, LITE, CBRS, SAMSUNG, NOK, IBM, BB, EWY, TSLA, AMD, HOOD, COIN, ORCL, AAPL, BABA, AMZN, PLTR.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 k      | 10.0         | 10%                | 5%                 |

*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.*

**Group 6: GFS, LIN, AXON, MELI, VRTX, TTWO, SHOP, BKNG, STLD, HON, REGN, GEHC, TMUS, ISRG, NXPI, ADSK, ODFL, CDW, SBUX, ASML, STXX, DELL, WDC, BE, USAR, QNT, AAOI, AXTI, COHR, BMNR, FLNC, ASTS, OPENAI, ANTHROPIC, PURR.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 250 k      | 10.0         | 10%                | 5%                 |

*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 $250k.*

**Group 7: JP225.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 125 k      | 25.0         | 4%                 | 2%                 |
| $ 125 - 250 k    | 12.5         | 8%                 | 4%                 |

*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 $125k.*

**Group 8: SPCX, PDD.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 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.*

**Group 9: IREN.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 500 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 $500k.*

**Group 10: MARA, RIOT, CLSK, TTD, CEG, RGTI, FANG.**

| Position Bracket | Max Leverage | Min Initial Margin | Maintenance Margin |
| ---------------- | ------------ | ------------------ | ------------------ |
| $ 0 - 250 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 $250k.*


# Corporate Actions

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

Corporate actions for single-name equity markets are handled as follows.

| Event                                       | Handling                                                                                                                                                                                                                                                                   |
| ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 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, acquisitions, and 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

Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading.

#### What a Pre-IPO Position Is and Is Not

A position in a Pre-IPO market is a cash-settled perpetual 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, officers, employees, shareholders, underwriters, or any party associated with the eventual public listing

Holders of Pre-IPO positions do not have voting rights, dividend rights, information rights, allocation rights, or any other rights typically associated with ownership of the referenced company’s equity.

#### Pricing

Pre-IPO markets reference an external pre-listing price feed. For internal compliance reasons, these price feeds are sourced externally rather than constructed internally. See [Oracle Prices](/extended-resources/trading/oracle-prices) for the current provider.

#### Transition to a regular market

When the referenced issuer completes its public listing, the Pre-IPO market is expected to transition to a spot-market price reference feed. This transition typically occurs once the underlying begins regular-way trading and sufficient external market data is available to support standard oracle pricing, usually during the first regular trading session after listing.

This assumes the company completes a public listing on a recognised exchange, in the expected jurisdiction and listing structure.

If a company goes public through a non-standard structure, such as a foreign exchange listing, depositary receipts, a direct listing, or a SPAC combination, Extended may handle the event in one of the following ways:

* Conversion: the perpetual market continues trading against an adjusted reference asset, with any necessary adjustments applied
* Settlement: the market and all open positions are settled at the Mark Price

Extended will choose the approach that best preserves the economics of the original market. Where practicable, the specific treatment will be communicated in an announcement published ahead of the event.

#### Risks

Pre-IPO markets carry risks including pricing risk, listing and conversion risk, settlement risk, and liquidity risk.


# Account Operations

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.


# Account Creation

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Extended is compatible with all EVM and Starknet wallets. When connecting a new wallet, we require two signatures for the following purposes:

* **Account Creation:** This involves generating your Extended account and signing key pair, which will be stored locally in your browser.
* **Registration:** This confirms your ownership of the Extended account and enables trading.

For each newly connected wallet, we automatically create one trading account. However, users have the option to create up to 10 trading accounts, each with independent margin, per single wallet.


# Deposits and Withdrawals

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

#### Supported Assets

Extended supports the following assets:

* USDC
* wBTC
* ETH
* USDT
* EURC (coming soon)

#### **EVM wallet users**

For EVM users, deposits and withdrawals across assets are supported from the following chains.

| Chain     | USDC | wBTC | ETH | USDT | EURC          |
| --------- | ---- | ---- | --- | ---- | ------------- |
| Ethereum  | ✅    | ✅    | ✅   | ✅    | ✅             |
| Arbitrum  | ✅    |      | ✅   | ✅    |               |
| Base      | ✅    | ✅    | ✅   |      | *Coming soon* |
| Polygon   | ✅    |      | ✅   | ✅    |               |
| Avalanche | ✅    | ✅    |     | ✅    |               |
| BNB Chain | ✅    | ✅    | ✅   | ✅    |               |

The table below show the limits and processing times per transaction across supported assets and chains. There is no limit on the number of transactions a single user can submit.

Please note that actual limits and processing times may vary depending on liquidity availability on the Rhino.fi bridge.

<table><thead><tr><th width="134.640625">Asset / Chain</th><th>Deposits</th><th>Withdrawals</th></tr></thead><tbody><tr><td><strong>USDC</strong><br>• Ethereum<br>• Arbitrum<br>• Base<br>• Polygon<br>• Avalanche</td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $1M: ~2 min</li><li><p>Transactions > $1M:</p><ul><li>~2 min for Polygon and Avalanche</li><li>~20 min for other chains</li></ul></li></ul></td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C;$1M: ~2 min</li><li>Transactions >$1M: up to 4 hours</li></ul></td></tr><tr><td><strong>USDC</strong><br>• BNB chain</td><td><ul><li>Maximum: $1M per transaction</li><li>Processing time: ~2 min</li></ul></td><td><ul><li>Maximum: $1M per transaction</li><li>Processing time: ~2 min</li></ul></td></tr><tr><td><strong>wBTC</strong><br>• Ethereum</td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.2M: ~2 min</li><li>Transactions > $0.2M: ~10 min</li></ul></td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.2M: ~2 min</li><li>Transactions > $0.2M: ~10 min</li></ul></td></tr><tr><td><strong>wBTC</strong><br>• Base<br>• Avalanche<br>• BNB chain</td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.2M: ~2 min</li><li>Transactions > $0.2M: ~10 min</li></ul></td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.05M: ~2 min</li><li>Transactions > $0.05M: ~10 min</li></ul></td></tr><tr><td><strong>ETH</strong><br>• Ethereum</td><td><ul><li>Maximum: unlimited</li><li>Processing time: ~2 min</li></ul></td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.2M: ~2 min</li><li>Transactions > $0.2M: up to 4 hours</li></ul></td></tr><tr><td><strong>ETH</strong><br>• Arbitrum<br>• Base<br>• Polygon<br>• BNB chain</td><td><ul><li>Maximum: $1M per transaction</li><li>Transactions &#x3C; $0.2M: ~2 min</li><li>Transactions > $0.2M: ~30 min</li></ul></td><td><ul><li>Maximum: $1M per transaction</li><li>Transactions &#x3C; $0.2M: ~2 min</li><li>Transactions > $0.2M: up to 4 hours</li></ul></td></tr><tr><td><strong>EURC</strong><br>• Ethereum</td><td><ul><li>Maximum: €10M per transaction</li><li>Processing time: ~2 min</li></ul></td><td><ul><li>Maximum: €10M per transaction</li><li>Transaction &#x3C; €0.05M: ~2 min</li><li>Transaction > €0.05M: up to 4 hours</li></ul></td></tr><tr><td><strong>USDT</strong><br>• Ethereum</td><td><ul><li>Maximum: unlimited</li><li>Processing time: ~5 min</li></ul></td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.5M: ~2 min</li><li>Transactions > $0.5M: up to 4 hours</li></ul></td></tr><tr><td><strong>USDT</strong><br>• Arbitrum<br>• Polygon</td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.5M: ~2 min</li><li>Transactions > $0.5M: ~10 min</li></ul></td><td><ul><li>Maximum: $10M per transaction</li><li>Transactions &#x3C; $0.5M: ~2 min</li><li>Transactions > $0.5M: up to 4 hours</li></ul></td></tr><tr><td><strong>USDT</strong><br>• Avalanche<br>• BNB Chain</td><td><ul><li>Maximum: $1M per transaction</li><li>Transactions &#x3C; $0.5M: ~2 min</li><li>Transactions > $0.5M: ~10 min</li></ul></td><td><ul><li>Maximum: $1M per transaction</li><li>Transactions &#x3C; $0.5M: ~2 min</li><li>Transactions > $0.5M: up to 4 hours</li></ul></td></tr></tbody></table>

#### **Starknet wallet users**

Starknet wallet users can only deposit from and withdraw to Starknet. No transaction limits apply across supported assets.


# Vault

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Important Risk Disclosure

Allocating assets to the Extended Vault involves substantial risk and may result in the partial or total loss of your allocation. The Extended Vault is intended only for users who fully understand and are willing to bear these risks.

By allocating assets to the Extended Vault, you acknowledge and accept that:

* Your assets will be actively deployed in liquidation processing and other protocol activities, as described below, and will not remain idle.
* The value of your allocation may increase or decrease at any time.
* Returns are variable, are not guaranteed and may be negative.
* You may lose part or all of your allocation.
* Past performance is not indicative of future results.

The Extended Vault is exposed to a variety of risks, including liquidation processing risk, lending and money market risk, XVS collateral and liquidation risk, withdrawal and liquidity risk, vault performance risk, operational risk, technology risk, smart contract risk, oracle risk and risks arising from extreme market conditions.

A detailed description of these risks, together with the operation of the Extended Vault and its risk-management framework, is set out [below](#detailed-vault-risk-disclosure). Users should carefully review and understand these disclosures before allocating assets to the Extended Vault.

### Extended Vault Shares (XVS)

Whenever users deposit USDC into the vault, they receive Extended Vault Shares (XVS) in return. XVS:

* Contributes 90% of its value to both user Equity and Available Balance for Trading, allowing vault deposits to function as yield-bearing collateral for perpetual trading.
* Continuously accrues both base and extra yield, as described in detail below.

**Example: Impact of XVS Balance on User Equity and Available Balance for Trading**

| Scenario                                                          | User Equity | User Available Balance   |
| ----------------------------------------------------------------- | ----------- | ------------------------ |
| The user has 1,000 USDC in the account                            | $1,000      | $1,000                   |
| The user deposits into the vault and receives $1,000 worth of XVS | $900        | $900                     |
| The user opens a $1,000 BTC long with 4x leverage                 | $900        | $650 ($900 - $1,000 / 4) |
| Unrealised PnL of BTC long becomes +$100                          | $1000       | $750                     |

**Note:**

* If you use XVS as collateral, it may be affected by trading losses and liquidation. If you want your vault deposit to remain independent of trading activity, please keep XVS in a separate sub-account. At the moment of deposit, you can choose the target sub-account where the XVS balance will be credited.
* Currently, XVS balances can be transferred between sub-accounts but cannot be withdrawn from the exchange. We are considering enabling withdrawals in the future to support new DeFi primitives.
* If you have a negative USDC balance that is offset by your XVS balance, no interest is charged on the negative USDC balance.

### Vault Deposits & Withdrawals

Deposit Logic:

* The minimum deposit is $5.&#x20;
* A 24-hour lockup period applies to each deposit. Withdrawals can only be made 24 hours after each deposit. If a user makes multiple deposits, each one follows its own lockup timeline.

Withdrawal Logic:

* No minimum withdrawal amount.
* Upon XVS withdrawal, the vault closes a pro-rata share of any open positions based on the user’s share of total vault equity and transfers the resulting USDC to the user’s account.
* Any price impact from closing positions is borne solely by the withdrawing user and is not shared with other vault participants.
* During the liquidation of spot balances (see step 5 of the [liquidation process](/extended-resources/trading/liquidation-logic)), the vault may temporarily hold assets other than USDC. As a result, **when XVS is withdrawn, the user may receive a mix of assets (not only USDC), in proportion to their share of total vault equity**. This is expected to be a rare but plausible scenario.

### XVS yield

The Extended Vault currently generates yield through liquidation activity, lending activity within Extended's native money market and a share of exchange fees. These activities generate two types of yield:

* **Base Yield:** Earned by all users and generated through the vault’s liquidation activity.
* **Extra Yield:** Earned based on user activity and derived from a share of exchange fees.

#### Base Yield

Base XVS yield is available to all vault depositors and accrues continuously through changes in the XVS price. The activities that generate this yield are described below.

**Trading (deprecated)**

The trading functionality described in this section has been discontinued. The Extended Vault currently does not engage in any market-making, quoting, proprietary trading or similar trading activities. This section is retained solely for transparency and historical reference.

Historically, the vault actively quoted on markets listed on Extended using an automated market-making strategy. Its quoting behavior was governed by both global and market-specific exposure controls, as well as dynamic capital allocation and spread management logic:

Exposure Management

* **Global Exposure Cap:**\
  If the vault’s leverage exceeds 0.1x, it will only quote in markets where it already holds exposure, and only on the side that reduces that exposure. This acts as a circuit breaker to prevent excessive leverage.
* **Per-Market Exposure Limits:**\
  Each market has a hard cap on allowable vault exposure. Less liquid assets have stricter limits to minimize risk from illiquidity.

Quoting Behavior

* **Adaptive Spread Quoting:**\
  Spreads are set dynamically—tightening in stable conditions and widening with volatility—to mitigate adverse selection. Quotes must remain within predefined width constraints to stay eligible for rewards.
* **Exposure-Aware Adjustments:**\
  The vault adjusts size and spread asymmetrically by side, reducing quoting size and widening the spread on the side that would further increase the vault's exposure.

Additionally, the vault accrued maker rebates from its historical market-making activity.

**Liquidations**

The vault handles all liquidations on the exchange, including XVS, spot balances, and perpetual positions, and earns a 1% liquidation fee on healthy liquidations. It is important to note that, given the design of the XVS liquidation flow described below, the vault always earns a 1% fee on liquidations of XVS balances.&#x20;

Potential losses to the vault from liquidations of perpetual positions, when a position is closed below the bankruptcy price and the vault covers the shortfall, are limited by three controls:

* **Global Limit**:\
  The vault cannot be depleted by more than 5% in a single day for liquidation purposes.
* **Per-Market Daily Budget**:\
  Each market can only utilize a fraction of the vault’s balance within a 24-hour period. This limit varies by market, with less liquid assets having access to a smaller share of the vault.&#x20;
* **Per-Liquidation Loss Cap**:\
  Each market has a hard cap on the maximum absorbable loss per liquidation. Again, less liquid markets have more conservative caps.

You can check the market-specific loss caps [here](/extended-resources/trading/liquidation-logic).

All liquidations are deterministic, and the vault knows its PnL for every liquidation trade, as it closes the liquidated position before taking it over. If the vault cannot close a position at an acceptable price within the risk limits described above, it does not take over the position, and the position is instead auto-deleveraged (ADL).

Given that the vault is designed to operate with low leverage (see Quoting Logic above), it is highly unlikely to become a counterparty to ADL. Therefore, the vault is not intended to serve as a last-resort backstop for failed liquidations.

#### Extra Yield

Extra XVS Yield depends on user activity as per the logic below:

* All users starting from the Knight trading league earn extra yield on their XVS balance.
* The higher the user’s trading league, the higher the extra yield. The increase in extra yield accelerates from lower to higher leagues.
* There is currently a $300k per-client vault deposit cap on which extra yield is paid across all leagues.

Unlike Base yield, Extra yield is paid in XVS once per day (meaning the user’s XVS balance will increase daily), and the additional XVS is accrued into the user’s main account. Extra Yield is funded by interest income from the native [money market](/extended-resources/money-market) and a share of exchange fees.

#### Mechanics of the XVS Liquidation Process

Given that XVS represents a claim on vault equity, which includes open positions, the liquidation process for XVS differs from regular liquidations. The logic works as follows:

* When a user with an XVS balance becomes subject to liquidation, their XVS balance is liquidated first, meaning it is withdrawn from the vault with a 1% liquidation fee that is accrued to the vault.
* When liquidating vault shares, the vault closes its open positions (if any) in proportion to the liquidated XVS.
* If the vault cannot close its positions via the order book (for example, due to insufficient liquidity), a special operation called Force Close is used.
  * The vault closes positions against the most profitable and highly leveraged user on the opposite side (as determined by the [ADL ranking](/extended-resources/trading/liquidation-logic#auto-deleveraging-adl)) at the Mark Price.
  * Force Close is similar to ADL, but unlike ADL, where positions are closed at the bankruptcy price, Force Close operates at Mark Price and does not impose direct losses on the opposing user.
  * Given the vault’s risk limits (the maximum position it can take in any market), Force Close is expected to be used only in extreme scenarios.
* Because of this design, the XVS balance of a liquidated user can always be withdrawn from the vault.
* After the XVS balance is withdrawn, if the user remains unhealthy, the system proceeds with the regular liquidation process for the user’s remaining perpetual positions.

It is important to note that, during the liquidation of spot balances (see step 5 of the [liquidation process](/extended-resources/trading/liquidation-logic)), the vault may temporarily hold assets other than USDC. Consequently, **when XVS is liquidated, the user may receive a mix of assets (not only USDC), in proportion to their share of total vault equity.**

### Detailed Vault Risk Disclosure

Allocating assets to the Extended Vault involves substantial risk. The Extended Vault currently does not engage in market-making, quoting, proprietary trading or similar trading activities. The principal current risks arise from liquidation processing, lending activity within Extended's native money market, the use of XVS as collateral, withdrawal mechanics and the operation of the protocol.

**1. Loss of Allocation**

The value of XVS may increase or decrease over time. Users may lose part or all of their allocation.

Returns are variable, are not guaranteed and may be negative. Neither historical performance nor historical yield should be relied upon as an indicator of future performance.

Extended does not guarantee preservation of capital and does not compensate users for losses incurred through participation in the vault.

**2. Liquidation Processing Risk**

The vault participates in the liquidation process on Extended and may absorb losses where liquidated positions are closed below their bankruptcy price.

Although the protocol implements global limits, per-market budgets and per-liquidation loss caps designed to reduce risk, these controls do not eliminate the possibility of losses.

Periods of extreme volatility, rapid price movements, market dislocations, insufficient liquidity or failures in the liquidation process may result in losses to the vault.

**3. Lending and Money Market Risk**

The vault acts as the primary lender within Extended's native money market and earns interest from users borrowing USDC against eligible collateral assets.

The value of the vault may be adversely affected if collateral values decline rapidly, collateral cannot be liquidated efficiently, liquidity becomes unavailable, or liquidation mechanisms fail to operate as intended.

The money market relies on collateral valuation, interest-rate models, mark prices, liquidation systems and other protocol mechanisms. Failures, inaccuracies, delays or adverse market conditions affecting these mechanisms may result in losses to the vault.

Interest income generated by the money market may vary significantly over time and may decrease or cease entirely.

**4. XVS Collateral and User Liquidation Risk**

XVS contributes 90% of its value to user Equity and Available Balance for Trading.

Users who utilise XVS as collateral may experience reductions in their XVS balance as a result of trading losses, liquidation events or other account-level risk events.

Where a user becomes subject to liquidation, the user's XVS balance is liquidated first and withdrawn from the vault in accordance with the liquidation process described above. A liquidation fee applies to such withdrawals.

Users who wish to separate vault participation from trading activity should hold XVS in a dedicated sub-account.

**5. Withdrawal and Liquidity Risk**

Vault withdrawals are subject to a 24-hour lockup period for each deposit.

When XVS is withdrawn, the vault may be required to unwind a proportional share of positions or assets held as part of its liquidation and money market activities. Any resulting slippage, execution costs or price impact are borne solely by the withdrawing user.

In certain circumstances, including following spot balance liquidations, the vault may temporarily hold assets other than USDC. As a result, withdrawals may be settled partially in assets other than USDC.

**6. Vault Performance Risk**

XVS represents a claim on the equity of the Extended Vault.

The value of XVS is determined by the value of the underlying vault equity and may increase or decrease over time.

Vault equity may be affected by liquidation gains and losses, lending income, lending losses, fee income, force-close activity, operational incidents and other events affecting the vault.

Accordingly, users are exposed to fluctuations in the value of XVS and may experience gains or losses through changes in vault equity.

**7. Technology, Smart Contract, Oracle and Operational Risk**

The vault relies on software, smart contracts, matching engine infrastructure, liquidation systems, interest-rate models, mark price calculations, oracle inputs and other operational infrastructure.

Bugs, exploits, security incidents, incorrect calculations, oracle failures, network disruptions, infrastructure outages, human error or other technical or operational failures may result in losses, delayed withdrawals, incorrect valuations, unexpected liquidations or other adverse outcomes.

**8. Protocol Parameter Risk**

The operation of the vault depends on various protocol parameters, including collateral factors, liquidation limits, utilisation targets, interest-rate models, risk limits and fee allocation mechanisms. Incorrect configuration, unexpected interactions between parameters or future changes to protocol parameters may adversely affect vault performance, user returns or the value of XVS.

**9. Extreme Market Conditions**

Extreme volatility, liquidity shortages, market dislocations, cascading liquidations, blockchain congestion, oracle failures or other extraordinary market events may result in losses that exceed historical experience or internal risk assumptions.

Risk controls and exposure limits are intended to reduce risk but should not be interpreted as guarantees against loss.

**10. No Insurance or Compensation**

Vault allocations are not deposits and are not protected by any governmental deposit insurance scheme, compensation scheme or guarantee fund.

Neither Extended nor any affiliated party guarantees the performance of the vault, preservation of capital, availability of liquidity or any level of return.

Losses arising from participation in the vault are not compensated.


# Money Market

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Overview

Extended’s multi-asset collateral margin is powered by a native money market.&#x20;

The current implementation enables borrowing USDC against other collateral assets for trading perpetuals. However, it does not yet allow:

* users to borrow and withdraw USDC, as borrowing is currently restricted to use within Extended.
* borrowing of assets other than USDC

Once USDC borrowing within the platform is proven to be stable, USDC borrow-and-withdraw functionality will be enabled to support broader DeFi use cases.

In the current implementation, USDC borrowing is triggered only by trading losses:

* If a user has a negative USDC balance offset by non-stablecoin collateral (excluding XVS), the user is considered to be borrowing USDC and pays interest on that amount.
* If a negative USDC balance is offset by XVS, no interest is charged. XVS represents a claim on the vault’s equity and can be converted into USDC under normal conditions.

The vault acts as the primary lender, accruing interest paid by USDC borrowers and distributing it to depositors as [Extra Yield](/extended-resources/vault#extra-yield).

### Interest Rate Model

#### Rate Determination

The borrowing rate for USDC depends on both:

* overall utilisation of the vault (global utilisation)
* utilisation of the vault against each specific collateral asset (asset utilisation)

As a result, borrowing rates may vary depending on the collateral used.

> For example, if the optimal overall utilisation of the USDC lending pool is set at 50% and the asset-specific optimal utilisation at 20%, then:
>
> * if 20% of the lending pool is lent against BTC, and
> * only 5% is lent against ETH,
>
> the interest rate for borrowing USDC against ETH will be lower than for borrowing against BTC.

The interest rate is paid approximately every 15 minutes and is defined as **max(Asset Rate, Global Rate),** where:

* Global Rate: depends on total utilisation of the vault
* Asset Rate: depends on utilisation of the vault against a given collateral asset

Both Global Rate and Asset Rate are updated approximately every minute and recalculated based on elapsed time.

#### Interest Rate Curve

Both Global Rate and all Asset Rates follow a simple interest rate curve defined by:

* **C** (rate at 100% utilisation): 900%
* **B** (rate at target utilisation): C / 120 = 7.5%
* **A** (rate at 0% utilisation): C / 250 = 3.6%

<figure><img src="/files/tkBf1jtHxzuhemMQZk9O" alt=""><figcaption></figcaption></figure>

Target utilisation at launch:

* Global utilisation (vault): 10%
* Per-asset utilisation: 10% for BTC, ETH, USDT and 5% for EURC

#### Curve Adjustment Mechanism

The interest rate curve is dynamically adjusted when utilisation deviates from the target by more than 1 percentage point.

The adjustment is applied to C (the borrowing rate at 100% utilisation) at a rate of 0.1% annualised per minute per 1% of excess deviation, scaled by the time elapsed since the last update.

<pre><code><strong>If |Current Utilisation − Target Utilisation| > 1%:
</strong>
    If Current Utilisation − Target Utilisation > 1%:
        EffectiveDeviation = Current Utilisation − Target Utilisation − 1%

    If Current Utilisation − Target Utilisation &#x3C; -1%:
        EffectiveDeviation = Current Utilisation − Target Utilisation + 1%

    C(n+1) = clamp( C(n) + EffectiveDeviation × 0.001% × Δt , 360% , 900% )

Otherwise:

    C(n+1) = C(n)
</code></pre>

#### Interest application

As described above, the interest rate a user pays depends on the collateral assets against which they borrow USDC.&#x20;

If a user has multiple assets serving as collateral, borrowing is allocated from the lowest-rate collateral to the highest-rate collateral.

> For example:
>
> * Current USDC borrowing rates by collateral:&#x20;
>   * BTC 10% APY
>   * ETH 5% APY
>   * USDT 1% APY
> * User collateral:&#x20;
>   * $100K BTC
>   * $50K ETH
>   * $50K USDT
> * User has −$175K uPNL on their perp position and is borrowing 175K USDC
> * The annualised interest payment is calculated as follows (lowest rate first):
>   * $50K @ 1% (USDT) → $500
>   * $50K @ 5% (ETH) → $2,500
>   * $75K @ 10% (BTC) → $7,500
> * Total annualised interest is $10,500 and effective borrowing rate is \~6.0% (10,500/ 175,000 × 100)


# Referrals and Affiliates

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Referrals program

To participate in the referral program, you must achieve $10,000 in traded volume.

Once you meet this requirement, you can create a unique referral link on `app.extended.exchange/referrals` by appending your personal code to the base URL (e.g., `app.extended.exchange/join/CODE`). The CODE can include any combination of Latin letters and numbers, up to 15 characters long. A single user can create multiple referral links.

Referrers earn **2.5% points generated by their referrals**.

Invited users receive a 10% discount on commissions for their first $50M in total trading volume.

### Affiliates and sub-affilates program

You can only join if you receive a direct invite from the Extended team or a referral from an existing Extended affiliate.

Affiliates earn **boosted points and rebates on all net fees** generated by their referrals, with:

* no cap on trading volume per referral.
* net fees = fees paid − maker rebates for the corresponding trades.

The affiliates program is designed to automatically redistribute **half** of the affiliates’ earned referral points back to their users, providing unique benefits for users who joined via an affiliate link. Even after this redistribution, affiliates still net more points than regular referrers.

Affiliates can also refer eligible users to become their **sub-affiliates** and earn **10% of the fees paid** by the sub-affiliates’ users. This 10% is paid in addition to the sub-affiliates’ own rebates and does not reduce their earnings.


# Builder Codes

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

### Implementation Logic

Builder codes enable developers who build alternative frontends for Extended to earn a builder fee on each trade they route for users. This fee goes 100% to the builder and is defined per-order. To enable builder codes, a builder must have an Extended account.

When a builder routes an order through their app or strategy, they include their `clientId` (available on the API page in the Extended UI) and a `builderFee` value:

```
builderId: 123,     // builder's clientId
builderFee: 0.0005  // fee fraction (0.0005 = 0.05%)
```

The maximum allowed builder fee can be fetched using the `get_fees` method — the `TradingFeeModel` includes the `builder_fee_rate` parameter.

There is no manual builder-fee claiming process. All builder fees are automatically transferred to the builder’s Extended account daily at 00:00 UTC.

You can find an example implementation in our Builder Order Example Code: [link](https://github.com/x10xchange/python_sdk/tree/starknet/examples/cases).

If a user qualifies for a trading rebate while using a builder code, they still receive that rebate. The builder-codes system fully supports Extended’s fee and rebate schedules.

### Referrals & Builder Codes

If a user registers using a referral code, that code is permanently associated with the user’s account, regardless of whether the user trades via the UI or through a builder integration.

In addition, builders may issue their own referral or affiliate codes. Builders can encourage users to activate these codes in order to qualify for extended revenue sharing and referral points.


# Points Program

### Overview

The Extended Points Program recognises certain eligible activity and contributions to the Extended ecosystem.

Participation is subject to the [Terms of Use](/extended-resources/legal/terms-of-use), applicable eligibility requirements and jurisdictional restrictions.

Points are allocated periodically in accordance with the program parameters, allocation methodology, eligibility requirements and anti-abuse controls described on this page. The program may evolve over time, and its terms, operation or availability may be updated, paused or brought to an end in accordance with the [Terms of Use](/extended-resources/legal/terms-of-use).

### Current distribution parameters

Under the current program parameters:

* Points distributions are processed weekly; and
* no more than 600,000 Points will be allocated in any weekly distribution.

The stated maximum is a program limit and does not constitute a commitment that the full amount, or any minimum amount, will be distributed in a particular week.

**As of 11.08.2026, total Points distributed under the program: 65,200,954.**

The cumulative figure is provided for informational purposes only. It does not affect individual allocations or imply any monetary value, token allocation or future entitlement.

### Qualifying activity

Points may be allocated in connection with:

* qualifying trading activity;
* qualifying liquidity-related activity;
* eligible referral or affiliate activity;
* other activity, contributions or circumstances recognised by Extended as supporting the objectives or operation of the program, such as product testing, bug reporting, structured user feedback; and
* exceptional user-impact events, including operational errors or incidents.

Extended may determine the eligibility, amount and timing of any such allocation in accordance with the applicable program parameters. All allocations will be made within the applicable Points pools.

Where Points are allocated in connection with an operational error or incident, the allocation does not imply that Points have a fixed monetary value and, unless expressly agreed otherwise with the affected user, does not by itself constitute reimbursement or settlement of any financial loss.

Engaging in qualifying activity does not create an entitlement to any particular allocation. Allocations may depend on multiple factors, including the nature, quality, consistency and eligibility of the relevant activity.

Users should not trade, deposit, refer others or increase their activity solely for the purpose of obtaining Points.

Participation in the Vault and in leveraged trading products involves significant risk, including possible total loss. Points are not compensation for taking additional risk and should not be understood as a recommendation or encouragement to trade, deposit or increase activity.

### Allocation methodology

The allocation methodology is intended to recognise genuine eligible activity and contributions.

Extended may apply weightings, eligibility thresholds, exclusions, adjustments and anti-abuse controls. The existence of qualifying activity does not guarantee that Points will be allocated or that similar activities will receive identical allocations.

Detailed elements of the methodology may not be disclosed where disclosure could facilitate manipulation, circumvention or abuse.

Material changes to the program parameters or allocation methodology will be reflected in this documentation. Changes may apply immediately where reasonably required for legal, regulatory, security, operational, anti-abuse or error-correction purposes.

### Eligibility and prohibited conduct

Participation is not available to persons who are ineligible under the [Terms of Use](/extended-resources/legal/terms-of-use) or located in a restricted jurisdiction.

Points may be withheld, reduced, cancelled or adjusted where activity is determined to involve, among other things:

* wash trading or artificial volume;
* self-referrals or coordinated referral abuse;
* multiple-account manipulation;
* bots or automated activity used to exploit the program;
* fraud, manipulation or circumvention of program rules;
* activity by an ineligible person or from a restricted jurisdiction; or
* an operational, data or calculation error.

Extended may request information reasonably required to verify eligibility, investigate suspected abuse or correct an allocation.

### Nature of Points

Points:

* are program units and are not freely transferable or tradable by users;
* are not money and have no guaranteed monetary value;
* cannot be purchased, sold, transferred or redeemed by users;
* do not confer ownership, governance, profit-sharing, shareholder or similar rights;
* do not currently represent a token, cryptoasset, security or other financial instrument and do not create a present entitlement to receive tokens.

Extended may, at its discretion and in limited circumstances, migrate, reassign or otherwise adjust Points, including following a verified wallet compromise, operational error or program-integrity issue. Any such action does not create a general right for users to transfer Points.

**Points may be taken into account in connection with a future token distribution or other program benefit. Any such distribution or benefit would be subject to separate terms, eligibility requirements, compliance and anti-abuse checks, and the final applicable program mechanics. No particular allocation methodology, conversion ratio, claim process, distribution date, staking option or token value has been confirmed unless expressly confirmed in separate official documentation.**

### Adjustments and program changes

Extended may correct individual or aggregate allocations where necessary to address an error, abuse, manipulation, ineligibility or another program-integrity issue.

Program parameters, eligibility criteria and allocation methodology may be amended, suspended or discontinued.

Where reasonably practicable, material changes will be reflected on this page. Advance notice may not be provided where an immediate change is reasonably required for legal, regulatory, security, operational, anti-abuse or error-correction purposes.

Any future token distribution and claim process will be governed by separate terms made available at the relevant time. Holding Points does not remove the requirement to satisfy those terms, complete any required eligibility or compliance checks, or submit a valid claim.

### Balances and allocation queries

A user's individual Points balance and distribution history are available at:

<https://app.extended.exchange/points>

Balances and distribution records displayed in the user interface may be corrected where necessary to address an error, abuse, manipulation, ineligibility or other program-integrity issue.

Users who believe that an allocation contains an error may submit a query through the applicable support channel. Submission of a query does not guarantee an adjustment.

### Primary source of information

This page is the primary public source for current information about the Points program.

Discord, X and other public communications are informational only and do not amend or override this documentation or the [Terms of Use](/extended-resources/legal/terms-of-use).

This page should be read together with the [Terms of Use](/extended-resources/legal/terms-of-use). In the event of any inconsistency between this page and the [Terms of Use](/extended-resources/legal/terms-of-use), the [Terms of Use](/extended-resources/legal/terms-of-use) prevail.


# More

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.


# Testers Program

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Testers are an elite group of Extended traders who play a crucial role in shaping the future of our platform.

### **Benefits for Testers**

Testers are eligible for the following benefits:

* **Early Access**: Gain early information about the product roadmap and timelines.
* **Access to the Team**: Enjoy direct communication with the founders, engineering team, fellow Testers, and, when necessary, ecosystem partners.
* **Exclusive benefits:** Enjoy special rewards and perks from the team.

### **Becoming a Tester**

Continue engaging with our platform by actively trading, reporting bugs, and providing valuable feedback. Our team closely monitors contributions and invites those who provide valuable input to join the Testers. There are currently only 200 spots available in the Testers Program.

### **Losing Tester Status**

Testers who cease contributing may be removed from the group. The team will conduct regular monthly reviews.


# Leaderboard

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

The leaderboard displays three metrics for all traders within the selected time period:

1. Absolute PnL = Closing Account Equity - Opening Account Equity - Inbound transfers during the period (e.g., deposits) + Outbound transfer during the period (e.g., withdrawals);
2. PnL Percentage = Absolute PnL / max(100,Opening Account Equity + Sum of Inbound transfer in the period);
3. Total Trading Volume during the period.

Leaderboard is updated hourly.

Achieving top positions on the leaderboard does not automatically entitle traders to benefits or rewards. However, Extended occasionally organizes trading competitions that offer rewards to the top performers. To ensure you don't miss out on these opportunities, we encourage you to join our [Discord](https://discord.gg/extendedapp) for the latest updates and information.


# Platform Outage

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Extended operates around-the-clock trading platform, aiming to achieve 100% uptime and connectivity for our clients at all times.

However, there are instances when the platform may face interruptions, either from scheduled maintenance or unforeseen system problems.

To address any disruptions, we equip our clients with several tools designed to handle the various types of downtime.

### Advance Notifications

Most cases of downtime are related to planned maintenance. For such instances, we will take the following actions:

* Post a notification on Discord 24 hours before the maintenance begins, and repeat this notification 1 hour, and 10 minutes before maintenance starts.
* Activate a maintenance page on the UI during the maintenance period.

In case of unplanned maintenance, we will:

* Post a notification on Discord notifying users of the unexpected maintenance;
* Activate a maintenance page on the UI during the maintenance period.

### Deadman's switch

At times, you may encounter connectivity issues or network downtime, which prevents your application from making requests.&#x20;

To manage this, you can utilize the [Mass Auto-Cancel](https://x10xchange.github.io/x10-documentation/#scheduled-mass-cancel-dead-man-39-s-switch) endpoint. This feature allows you to set a timeout period; if no new requests are made before this period expires, all orders will automatically be cancelled.&#x20;

### Post-only period

Upon restart, the exchange will operate in post-only mode for 120 seconds. During this time, users can only:

* Cancel existing open orders;
* Submit post-only orders.

During the post-only period:

* Market orders and limit orders that would match against existing orders will be rejected;
* Conditional and take-profit/stop-loss (TPSL) orders will not trigger;
* Funding payments will not accrue;
* Liquidations will not be processed; however, if a position becomes eligible for liquidation after trading resumes, liquidation(s) will proceed as usual.


# Testnet

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

You can access our testnet at [starknet.sepolia.extended.exchange](https://starknet.sepolia.extended.exchange).

On the testnet, users can claim $1,000 worth of test USDC per day for each L1 wallet. Even if a user creates multiple trading accounts under a single L1 wallet, this $1,000 limit applies collectively to all associated trading accounts.

Claiming test collateral is the sole method for users to acquire deposits for trading on the testnet.


# Troubleshooting Guide

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

If you experience any issues with exchange availability, please try the following before raising a support ticket with the team:

1. Check your internet connection;
2. Close all open tabs with the Extended app, or refresh the page if only one tab is open;
3. Close and reopen your browser;
4. Check if your wallet is connected (you may need to enter a password or click "Connect" in your wallet provider);
5. Try disconnecting and reconnecting your wallet;
6. Check the network selected in your wallet;
7. Clear site data and refresh the page.

**If the above doesn't help, please raise a support ticket in** [**Discord**](https://discord.gg/extendedapp)**.**


# Smart Contract Audits

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Extended's on-chain logic and smart contracts have undergone extensive audits by external security firms. The audit reports are available below:

* [ChainSecurity](https://www.chainsecurity.com/security-audit/starkware-starknet-perpetual);
* [Public audit competition](https://code4rena.com/reports/2025-03-starknet-perpetual).

For detailed information on the Extended Technical Architecture, please refer to the [Technical Architecture](https://extended.exchange/blog/extended-architecture) section.


# Bounty program

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

We offer rewards for identifying and reporting bugs or vulnerabilities that critically affect the Extended Exchange in a live environment, including those that could cause functionality disruptions or unintended financial consequences.

### Program Rewards

Rewards will be paid in USDC, with amounts determined at Extended’s sole discretion based on the severity of the vulnerability. Payout ranges are as follows:

* Critical (up to $500,000): Bugs or exploits causing unintended financial consequences.
* High (up to $50,000): Issues leading to network downtime or liveness failures.
* Medium (up to $5,000): Performance issues affecting the API server.

All bounty submissions will be classified accordingly, though classification criteria may change over time.

### Submission Process

* Prepare a detailed report, including clear reproduction steps and a proof of concept.
* Submit your report to **<security@extended.exchange>**
* If multiple individuals or entities report the same bug, only the first submission will be considered.
* Rewards will be distributed in USDC on Ethereum for responsibly disclosed bugs, based on severity.
* We commit not to take legal action against researchers acting in good faith and following program guidelines.
* We appreciate the time and effort put into every bug report.

### Eligibility

To be eligible:

* You must be the first to report the vulnerability.
* The vulnerability must qualify under the program.
* You must report any vulnerability within 24 hours of discovery.
* You must not be a current or former employee or contractor of Extended.
* You must comply with KYC/KYB policies.
* You must maintain confidentiality until authorized for disclosure.
* We must be able to reproduce your findings.
* Contributors to the development of the affected code are not eligible to submit findings on that code.

The Extended Security Team also actively searches for vulnerabilities. We appreciate cooperation in respecting final decisions and avoiding repeated negotiations.

### Program Rules

* The SDK is out of scope for the bounty program.
* Do not use web application scanners for automated vulnerability scanning that generates excessive traffic.
* Avoid using automated scanners to spam forms or create multiple accounts.
* Avoid causing damage or limiting the availability of products, services, or infrastructure.
* Do not compromise personal data or cause service interruptions or degradation.
* Do not access or alter other users' data—keep all tests confined to your own accounts.
* Conduct testing strictly within the defined scope.
* Do not exploit DoS/DDoS vulnerabilities, engage in social engineering attacks, or participate in spamming.
* Stay within legal and program-defined boundaries.
* Do not disclose details of discovered vulnerabilities to anyone outside authorized company personnel without explicit permission.


# Brand Kit

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

[Link](https://drive.google.com/drive/u/0/folders/162dHiqStgvD_TCqNjXbutKqFEFae5bKM) to Google Drive folder containing Extended media assets for third-party use.&#x20;


# Legal


# Terms of Use

Last Updated on 30/05/2026

THE EXTENDED INTERFACE, AS DEFINED HEREIN, IS NOT ACCESSIBLE TO INDIVIDUALS OR ENTITIES RESIDING IN, LOCATED IN, INCORPORATED IN, OR WITH A REGISTERED OFFICE IN ANY RESTRICTED JURISDICTION, INCLUDING WITHOUT LIMITATION THE JURISDICTIONS IDENTIFIED ON THE EXTENDED WEBSITE, OR TO ANY OTHER PERSON OR ENTITY WHOSE ACCESS TO OR USE OF THE EXTENDED INTERFACE WOULD BE CONTRARY TO APPLICABLE LAW OR APPLICABLE REGULATORY REQUIREMENTS (REFERRED TO COLLECTIVELY AS “RESTRICTED PERSONS”).

NO EXCEPTIONS ARE MADE; THUS, IF YOU ARE CLASSIFIED AS A RESTRICTED PERSON, YOU ARE PROHIBITED FROM ATTEMPTING TO ACCESS THE EXTENDED INTERFACE.

ADDITIONALLY, CIRCUMVENTING THESE RESTRICTIONS USING A VIRTUAL PRIVATE NETWORK (“VPN”) IS EXPRESSLY FORBIDDEN.

These Terms of Use, along with any documents and additional terms expressly incorporated by reference (collectively referred to as "these Terms"), which include any other terms and conditions or agreements that X10 Ltd and our affiliates ("X10", "Extended," "we," "us," and "our") make publicly available or provide to you or the company or other legal entity you represent ("you" or "your"), govern the agreement between Extended and you regarding your access to and use of:

1. Extended’s websites, including extended.exchange; web applications; mobile applications; and all associated sites linked by Extended (hereinafter collectively with any materials and services available therein, and successor website(s) or application(s) thereto, referred to as the "Site");
2. All products and features available through the Site, including the order book, matching engine, smart contracts, decentralized applications, APIs, and all other software developed by Extended or a third party for trading blockchain-based assets ("Digital Assets"). This encompasses entering into perpetual contracts ("Perpetual Contracts") related to Digital Assets and the computation and  scalability service known as “StarkEx” (the "StarkEx Service") (collectively referred to as the "Interface").

Please read these Terms carefully as they govern your use of our Services. These Terms specifically outline your rights and obligations, along with our disclaimers and limitations of legal liability, concerning your access to and use of the Services. By accessing the Site, creating an Extended account, and agreeing to use our Services, you are explicitly agreeing to these Terms and consent to be bound by and adhere to them. If you do not agree with these Terms, you are required not to access or use the Services. We strongly advise you to review the disclosures and disclaimers detailed in Section 12 thoroughly before using any software developed by Extended.

Section 12 contains important information regarding the legal responsibilities tied to your use of the Services. By accessing or using the Services, you acknowledge that Extended does not offer execution, settlement, or clearing services of any kind and is not liable for the execution, settlement, or clearing of transactions conducted through the Services. This understanding is essential for ensuring that you are fully aware of the nature of the services provided by Extended.

1\. MODIFICATIONS TO THESE TERMS

We reserve the right to amend these Terms at our sole discretion. Should there be any changes, we will notify you, either through the Services or by updating the "Last Updated" date at the top of these Terms. Unless specified otherwise in our notice, all modifications take effect immediately. Your continued use of the Services after we provide this notice constitutes your acceptance of the changes. If you do not agree to the revised Terms, you must cease using the Site and the Services.

2\. USE OF SERVICES

2.1 As a prerequisite to accessing or utilizing the Services, you affirm and warrant to Extended the following conditions:

* If you are an individual agreeing to these Terms, you certify that you are legally of age within your jurisdiction and possess the requisite legal capacity to enter into and be governed by these Terms.
* If these Terms are being entered on behalf of an entity, you confirm that you hold the authority to legally bind that entity to these Terms. In this context, “you” refers to that entity, except as specified in this clause.
* Should you be entering into these Terms to access, or intending to access, the Interface, you represent and warrant that you are not a Restricted Person, including, without limitation, that:

  (a) you are not residing in, located in, incorporated in, or with a registered office in any jurisdiction identified on our Restricted Countries page; and

  (b) your access to or use of the Interface would not be contrary to any applicable law or regulatory requirement.
* You declare that you are not subject to any economic or trade sanctions managed or enforced by any governmental authority, nor are you identified on any list of prohibited or restricted parties.
* You have no intentions of engaging in transactions with any Sanctioned Persons.
* You will refrain from using a VPN or any other privacy or anonymization techniques to evade or attempt to evade any applicable restrictions on the Services.
* Your engagement with the Services (a) complies with and does not infringe upon any applicable domestic or international laws, rules, statutes, regulations, by-laws, orders, protocols, codes, decrees, or other governing directives, requirements, or guidelines, as well as any rules, orders, judgments, directives, or requirements issued by any relevant governmental, regulatory, judicial, or administrative authority, and (b) does not promote or facilitate any illegal activities.

2.2 As a condition of accessing or using the Services, you must acknowledge, understand, and consent to the following stipulations:

* Occasionally, the Services may be inaccessible or non-operational due to various factors including: (a) equipment malfunctions, technology or infrastructure issues; (b) routine maintenance carried out by Extended or our suppliers or contractors; (c) unforeseeable or uncontrollable factors beyond Extended's control; (d) interruptions or the temporary or permanent unavailability of underlying blockchain infrastructure; or (e) the unavailability of third-party service providers or external partners for any reason. Extended disclaims all responsibility and liability for any losses or other damages resulting from such circumstances.
* We retain the right to modify or disable access to the Services at any time in the event of a breach of these Terms. This includes situations where we suspect that any of your representations and warranties may be false or misleading. We will not be liable for any losses or damages you may incur as a result of the Services being inaccessible to you at any time or for any reason.
* The Services may undergo evolution, which may lead Extended to apply changes, replace, or discontinue the Services either temporarily or permanently at our sole discretion.
* The pricing information and other data provided on the Site should not be interpreted as (i) an offer, a solicitation of an offer, or a recommendation to engage in a transaction with Extended (except for the payment of fees to Extended) or (ii) any transactional advice using the Site and Services.
* Extended does not act as an agent for you or any other user of the Services.
* You are solely responsible for your use of the Services, including all transactions involving Digital Assets.
* To the extent permitted by applicable law, we owe no fiduciary duties or liabilities to you or any third party. Any such duties or liabilities that may exist by law or equity are hereby irrevocably disclaimed, waived, and eliminated.
* You bear sole responsibility for reporting and remitting any taxes applicable to your use of the Services.
* We do not control, nor are we liable for, the delivery, quality, safety, legality, or any other aspect of any Digital Assets that you may transfer to or from a third party. We are not responsible for ensuring that a transaction with a third party is completed or that such a party is authorized to transact.
* We may occasionally organize contests, promotions, sweepstakes, or other activities, or offer referral programs ("Promotions and Referrals"), which may be subject to separate terms and conditions and eligibility requirements. It is your responsibility to review all terms and conditions related to these Promotions and Referrals to determine your eligibility. Participation in these activities implies your agreement to comply with all related terms and conditions and rules, as well as those of any third-party partners.
* Should you receive discounts on fees from any Promotions and Referrals that do not have separate terms and conditions, Extended reserves the right to modify, add to, or eliminate such discounts and other aspects of the Promotions and Referrals at any time.

2.3 As a condition for accessing or using the Services, you agree to the following commitments to Extended:

* You will only transfer Digital Assets that you have legally obtained and that belong to you in the course of using the Services.
* You will adhere to all applicable laws while using the Services, and you will refrain from using the Services if the laws of your country, or any other relevant legal requirements, prohibit such use.
* Any Digital Assets you engage with in connection with the Services are either your own property, or you have proper authorization to manage transactions using such Digital Assets.
* In addition to adhering to all restrictions, prohibitions, and conditions outlined in these Terms, you will also: (a) Ensure that all information you provide on the Site and throughout your use of the Services remains current, complete, and accurate at all times. (b) Maintain the security and confidentiality of all your access tools, including your private keys linked to your public Ethereum address, passwords, API keys, and private keys associated with your StarkEx Service account (STARK keys), among other credentials.

2.4 As a prerequisite for accessing or using the fiat-to-crypto and crypto-to-fiat services ("On-and-Off Ramp Services") offered by an unaffiliated third-party provider, you acknowledge, understand, and agree to the following stipulations:

* The On-and-Off Ramp Services are provided directly by the third-party service provider and are not facilitated by Extended.
* Any transactions related to the purchase or sale of cryptocurrency in exchange for value (including fiat, cryptocurrency, and loans) with On-and-Off Ramp Services will only occur once you have exited the Site and the Services.
* All transactions involving the transfer of value (including sending, receiving, and holding value) will take place directly between your wallet address and the third-party On-and-Off Ramp Services provider.
* Restricted Persons are not permitted to use the Interface, and thus, the On-and-Off Ramp Services are not available to any Restricted Persons in relation to the Interface.
* Any information you provide to the third-party On-and-Off Ramp Services provider, including payment or KYC details, will not be shared with Extended.
* You agree to release Extended from any liability concerning any transactions or transmissions between you and the third-party On-and-Off Ramp Services provider.

3\. FEES

When you use the Services, unless otherwise stated during a promotion by Extended, you are required to cover all fees associated with interactions on the Ethereum blockchain, such as "gas" costs for deposits and withdrawals, as well as other fees like trading fees, as listed on the Site at the time of your usage. Although we make every effort to provide accurate fee estimates, please be aware that these are still estimates. The actual fees you pay may differ from these estimates due to fluctuations in Ethereum "gas" costs or other variables

4\. NO PROFESSIONAL ADVICE OR FIDUCIARY DUTIES

All information provided in relation to your access to and use of the Services is solely for informational purposes and should not be interpreted as professional advice. You should neither act nor refrain from acting based on any information available on the Site or any other content we provide, including but not limited to blog posts, data, articles, links to third-party content, Discord content, news feeds, tutorials, tweets, and videos. Prior to making any decisions involving financial, legal, or other significant issues related to the Services, you should consult with a professional who is licensed and qualified to provide advice in the relevant area. The Terms do not create or imply any fiduciary duties on our part. You acknowledge and agree that the only duties and obligations we owe to you are those explicitly stated in these Terms.

5\. PROHIBITED ACTIVITY

You are prohibited from engaging in the activities listed below (“Prohibited Uses”) while using the Services. The activities specified are indicative, but not exhaustive, of Prohibited Uses. If you are unsure whether your usage of the Services constitutes a Prohibited Use, or if you have questions about how these regulations apply to you, please contact us at <legal@extended.exchange>. By using the Services, you agree not engage in any of the following Prohibited Uses:

* Violating any applicable laws, including anti-money laundering, anti-terrorist financing laws, and sanctions programs.
* Engaging in transactions involving items that infringe or violate copyright, trademark, right of publicity or privacy, or any other proprietary right under applicable law. This includes unauthorized use of Extended’s or our licensors’ intellectual property, name, or logo; or any actions that falsely imply an endorsement by or affiliation with Extended.
* Engaging in improper or abusive trading practices. This includes, but is not limited to: (a) any fraudulent activities intended to defraud, deceive, trick, or mislead; (b) trading ahead of another user of the Services or front-running; (c) engaging in fraudulent trading; (d) accommodation trading; (e) conducting fictitious transactions; (f) pre-arranging or participating in non-competitive transactions; (g) cornering or attempting to corner any perpetual contracts; (h) wash trading, which involves entering buy and sell orders at approximately the same price, volume, and time to artificially generate trading volume; (i) manipulating the market price of a perpetual contract or its underlying digital asset to create an artificial price; (j) spoofing, or placing buy or sell orders without a genuine intent to transact, with plans to cancel before execution; (k) executing orders that result in no net change in either party's open positions but result in a profit for one party and a loss for the other, known as a "money pass"; (l) engaging in any other trading activities that, in the reasonable judgment of Extended, are considered abusive, improper, or disruptive to the operation of the Interface.
* Operating the Services in ways that could interfere with others' ability to enjoy them fully, or that could harm, overload, damage, or impair the functionality of the Site or the Services.
* Bypassing any content-filtering techniques, security measures, or access controls implemented by Extended on the Site, including through the use of VPNs.
* Using robots, spiders, crawlers, scrapers, or other automated methods or interfaces not provided by us to access the Services, extract data, or introduce harmful elements like malware, viruses, Trojan horses, worms, logic bombs, drop-dead devices, backdoors, or shutdown mechanisms into the Site or Services.
* Providing information that is false, inaccurate, or misleading while using the Services, or engaging in fraudulent activities against Extended, other users, or any other individuals.
* Using or accessing the Services to transfer or exchange Digital Assets derived from any illegal or fraudulent activities, including terrorism or tax evasion.
* Using the Services in ways that, at our sole discretion, we find to be defamatory, libelous, obscene, indecent, lewd, vulgar, suggestive, harassing, threatening, inflammatory, fraudulent, deceptive, or in any way objectionable, or that could incite, promote, or encourage hate, violence, or racial intolerance.
* Accessing the Services from any jurisdiction that Extended has identified, at our sole discretion, as a prohibited location where the use of our Site, the Interface, or the Services is not allowed, including any Blocked Countries or Restricted Territories.
* Harassing, abusing, or harming another individual, including employees and service providers of Extended.
* Impersonating another user of the Services or misrepresenting your identity in any way.
* Engaging, or attempting to engage, or assisting or encouraging any third party to partake in any activities that are prohibited under this Section 5 or any other provisions of these Terms.

We reserve the right, at our sole discretion, to deny access to the Services if a Know Your Transaction (KYT) risk assessment indicates that an engagement poses a risk beyond our company's risk tolerance or violates our internal policies and procedures. This measure is implemented to uphold the integrity and security of our Services for all users.

6\. CONTENT

By utilizing our Site or Services, you provide us with a royalty-free, fully paid, sublicensable (across multiple tiers), transferable, perpetual, irrevocable, and non-exclusive global license to use, replicate, modify, create derivatives from, display, perform, publish, and distribute any content that you share with other users (collectively referred to as "Your Content"). This license also includes the right to use Your Content for promoting Extended or the Services. You affirm and guarantee that (a) you possess Your Content or have secured the necessary rights to grant the licenses and rights outlined in these Terms, and (b) our use of Your Content, as authorized under these Terms, does not and will not infringe on the rights of any third party, including copyright, privacy, or other personal or proprietary rights.

7\. PROPRIETARY RIGHTS

7.1. You agree that specific components of the Services might incorporate or connect to open-source software, and your usage of the Services is bound by, and you agree to adhere to, all relevant open-source licenses governing such components (hereafter referred to as the “Open-Source Licenses”). In compliance with these licenses, you are prohibited from (a) reselling, leasing, loaning, sharing, distributing, or allowing any third party to utilize the Services; (b) using the Services for time-sharing or service bureau purposes; or (c) using the Services in any way that contravenes the Open-Source Licenses.

7.2. Excluding third-party software incorporated into the Services, Extended retains ownership of the Services, including all technologies, content, and other materials presented, used, or provided on the Site or in association with the Services (including all intellectual property rights contained therein, irrespective of their status under the Open-Source Licenses). Extended grants you a limited, non-exclusive, revocable, non-transferable, non-sublicensable license to access and use those parts of the Site and Services that are proprietary to Extended and not covered by the Open-Source Licenses.

7.3. All trademarks related to Extended’s products or services, including logos and other marks that appear on the Site or as part of the Services, such as Extended’s name and logo, are owned by Extended or our licensors. You are forbidden from copying, imitating, or using them without the explicit prior written approval from Extended or the respective licensors. This agreement does not confer any rights to these trademarks, and you must not remove, conceal, or modify any legal notices shown in or along with the Site or Services.

7.4. The Services are non-custodial. Depositing Digital Assets into any smart contract available on the Interface does not transfer ownership of the Digital Assets to Extended, and you maintain control over your Digital Assets at all times. Only the private key linked to the Ethereum address from which you transfer Digital Assets, or the private key linked to your StarkEx Service account (STARK key), has the authority to control the Digital Assets you deposit into the smart contracts available on the Interface.

8\. LINKS

The Services or third parties may provide links to other websites, applications, or resources on the World Wide Web. You acknowledge and agree that Extended is not responsible for the availability of such external sites, applications, or resources, and does not endorse and is not liable for any content, advertising, products, or materials on or available from such sites or resources. You further acknowledge and agree that Extended will not be liable, directly or indirectly, for any damage or loss caused by or in connection with your use of or reliance on any such content, goods, or services available on or through any external site or resource.

9\. MODIFICATION, SUSPENSION, AND TERMINATION

We reserve the right, at our sole discretion, to modify, suspend, or discontinue the Services (or any part thereof), temporarily or permanently, at any time and from time to time, with or without notice to you, for any reason whatsoever, including but not limited to reasons that may allow only open Perpetual Contracts to be closed. Should your access be terminated, your right to use the Services will immediately cease. We will not be liable for any losses you suffer due to any modification, suspension, or discontinuance of the Services, or due to any modification, suspension, or termination of your access to the Services for any reason.

The following sections of these Terms will survive any termination of your access to the Site or the Services, regardless of the reason for its expiration or termination, as well as any other provision which by law or by its nature should survive.

10\. RISKS&#x20;

10.1. By using the Services, you acknowledge and agree that you fully understand the risks associated with blockchain technology and cryptographic systems. These risks include those related to digital assets such as Ethereum (ETH), smart contract-based tokens, and other systems that operate within blockchain networks. Extended does not control or own any of the software that forms the basis of these blockchain networks. It's important to note that:

* Extended is not responsible for managing the blockchain-based software and networks that support the Services.
* There is no assurance regarding the functionality, security, or availability of such software and networks.
* Blockchain networks may undergo sudden changes in their operational rules, commonly known as "forks," which can significantly impact the Services.

Blockchain technologies rely on public and private key cryptography, where you are solely responsible for the security of your private keys. We do not possess access to your private keys. Loss of control over your private keys will result in the permanent and irreversible loss of access to your digital assets stored on blockchain networks such as Ethereum. If you lose your private keys:

* You will be unable to transfer your digital assets to another blockchain address or wallet.
* Consequently, you may lose all potential value or utility of your digital assets, as neither Extended nor any other entity can recover or safeguard them for you.

10.2. You acknowledge and understand that the Services, as well as your Digital Assets, may be affected by regulatory inquiries or actions. Such regulatory measures could restrict or impede Extended's ability to continue providing our proprietary software, and may also limit your access to or use of the Services. It is important to be aware of the potential legal challenges that could influence your interactions with the platform and the management of your assets.

10.3. You acknowledge and understand that cryptography is an evolving field, with new advancements such as enhanced code-cracking techniques and the development of quantum computers posing potential risks to Digital Assets and the Services. These technological advancements could lead to the theft or loss of your Digital Assets. While we strive to regularly update the smart contracts on the Interface to incorporate the latest in cryptographic security measures, we must clarify that these updates cannot guarantee the complete security of the Services. Such efforts are intended to mitigate risks associated with technological progress, but they do not eliminate all potential vulnerabilities.

10.4. You understand that the Ethereum blockchain is still under development, which introduces certain technological and security risks when using the Services. This ongoing development can also lead to uncertainties regarding Digital Assets and their transactions. Additionally, you acknowledge that the costs associated with transacting on the Ethereum blockchain are variable and can increase without warning. Such increases may affect your activities on the blockchain, potentially leading to price fluctuations or higher costs when using the Services. This variability is an inherent risk of engaging with blockchain technology in its developmental stages.

10.5. You recognize that the Services, like any software, are not free from flaws. You accept that it is your responsibility to evaluate any code related to the Services before use. This evaluation is crucial to understanding and mitigating potential risks associated with software defects or vulnerabilities.

10.6. The APIs provided through the Services are offered on an "as is" and "as available" basis. We expressly disclaim any and all representations and warranties related to the APIs, whether express or implied, to the fullest extent permitted by law. This includes, but is not limited to, warranties of accuracy, completeness, reliability, service levels, timeliness, non-infringement, title, quality, merchantability, or fitness for a particular purpose. By using these APIs, you acknowledge that you bear all risks associated with their use, including any reliance on their accuracy, completeness, or usefulness.

10.7. To the extent permitted by law, we shall not be liable for any losses or damages you or any third party may incur, whether in contract, tort (including negligence), restitution, or breach of statutory duty, relating to the use or inability to use the APIs. This includes, but is not limited to, any loss or inaccuracy of data, costs, indirect, incidental, or consequential damages such as lost revenues and lost profits arising from your or any third party's use of the APIs, whether authorized or not. It is important to note that you are responsible for any actions or omissions of any third party or API client that you authorize to use the APIs.

Your API Key serves as our primary method of verifying your access to the API. You must ensure the security of your API Key, as you will be solely responsible for any breaches or compromises resulting from it. We will not be liable for carrying out any instructions or commands that may be issued using your API Key by any unauthorized third party. You must notify us immediately if you become aware of any unauthorized use of the APIs or the Service Data through your API Key.

10.8. Using the Services, especially for trading Perpetual Contracts, involves significant financial risk. Both Digital Assets in general and Perpetual Contracts specifically are experimental, highly risky, and volatile. All transactions made through the Services are irreversible, final, and non-refundable. By using the Services, you acknowledge that you do so at your own risk, and it is essential to assess whether your financial situation and risk tolerance are suitable for such trading activities. When you use the Services, you confirm that you are solely responsible for performing your own risk assessments concerning any transactions and the Digital Assets involved, including Perpetual Contracts. You must have the requisite market knowledge, professional advice, and experience to assess the risks and benefits of any transactions accurately. You accept all consequences of using the Services, including the potential permanent loss of access to your Digital Assets. All transaction decisions are entirely your responsibility. Despite any contrary terms, we are not liable for any losses or damages that you or any third party may incur from using the Services to engage in Digital Asset transactions, including Perpetual Contracts.

10.9. We are obligated to comply with all applicable laws, which may necessitate certain actions or the provision of information upon request by government agencies. You acknowledge and understand that Extended has the discretion to take any measures it considers necessary to cooperate with government entities or to adhere to legal requirements.

10.10. You understand that the StarkEx Service is still under development, which introduces various technological and trading risks when using the Services. These risks can include delays in trades, withdrawals, and deposits due to Extended servers or the operators of the StarkEx Services being offline. Additionally, there may be inaccuracies such as incorrect information displayed on the site due to server errors, or even transactions being rolled back if server errors occur. You acknowledge that these issues can significantly affect your transactions using the Services, potentially preventing transactions from being completed at your desired prices or at all.

10.11. You understand that you are responsible for all trades you initiate, including any erroneous orders that may be executed. We do not intervene or take any action to correct erroneous trades that occur due to your mistakes.

10.12. By using the Services, you accept and assume all risks detailed in Sections 10 and 2 of these Terms. You acknowledge and agree that Extended is not responsible or liable for any of these risks. You irrevocably waive, release, and discharge all claims, whether currently known or unknown to you, against Extended and its shareholders, members, directors, officers, employees, agents, representatives, suppliers, and contractors ("Representatives") related to any risks mentioned in Sections 10 and 2.

11\. INDEMNIFICATION&#x20;

You agree to defend, indemnify, and hold harmless Extended and our Representatives (collectively, "Indemnified Parties") from any claims, demands, lawsuits, actions, proceedings, investigations, liabilities, damages, losses, costs, or expenses, including reasonable attorneys’ fees, that arise from or relate to: (a) your use of, or conduct in connection with, the Services; (b) Digital Assets associated with your Ethereum address; (c) any feedback or user content you provide to Extended regarding the Services; (d) your breach of these Terms; or (e) your violation or misappropriation of any third party's rights. Should you be required to indemnify any Indemnified Party, Extended (or, at our discretion, the relevant Indemnified Party) reserves the right to exclusively control any action or proceeding and to decide if and how to settle the dispute. You are also required to cooperate with Extended in defending against these claims.

12\. DISCLOSURES AND DISCLAIMERS

12.1. Extended develops software but does not operate a Digital Asset or derivatives exchange platform, nor does it offer trade execution or clearing services. Extended has no oversight, involvement, or control over your transactions using the Services. All transactions between users of the Interface are conducted peer-to-peer directly between the users’ Ethereum addresses via a smart contract. You are solely responsible for ensuring compliance with all Applicable Laws regarding your Digital Assets.

12.2. Extended is not registered or licensed by any regulatory agency or authority, and no such body has reviewed or endorsed the Services.

12.3. To the maximum extent permitted under Applicable Law, the Services and any related content or functionality are provided on an “AS IS” and “AS AVAILABLE” basis. We expressly disclaim, and you waive, any representations, conditions, or warranties of any kind, whether express or implied, legal, statutory, or arising otherwise from statute, law, course of dealing, or usage of trade. This includes, but is not limited to, warranties of merchantability, quality, fitness for a particular purpose, title, security, reliability, accuracy, quiet enjoyment, and non-infringement of third-party rights. We do not guarantee that the Services will be uninterrupted, timely, secure, or error-free, nor do we warrant that any defects in the Services will be corrected.

12.4. You acknowledge that data you provide while using the Services may be lost, corrupted, or temporarily unavailable due to various factors, including technical failures, protocol changes by third-party providers, or force majeure events. To the maximum extent permitted by law, we are not liable for any loss or damage caused by such occurrences, which may affect the Services and your use thereof.

13\. LIMITATION OF DAMAGES; EXCLUSION OF CONSEQUENTIAL AND RELATED DAMAGES

13.1. You agree that neither Extended nor any of its Representatives shall be liable for any loss or injury resulting from: (i) delays, inaccessibilities, or malfunctions in equipment or technology; (ii) periodic maintenance or repairs undertaken by Extended or its suppliers or contractors; (iii) events beyond Extended’s reasonable control or unforeseeable events; (iv) disruptions or the unavailability of the underlying blockchain infrastructure; or (v) the unavailability of third-party service providers or external partners for any reason. Extended and its Representatives will not be obligated to cover or reimburse any damages or losses resulting from the aforementioned scenarios. You acknowledge and accept all risks of loss from these events, agreeing to bear them solely.

13.2. In no event will Extended, its suppliers, contractors, or any of their respective stockholders, members, directors, officers, employees, attorneys, agents, or representatives be liable for any incidental, indirect, special, punitive, consequential, or similar damages arising from or connected with the Services, including but not limited to loss of fiat, assets, data, revenue, opportunities, goodwill, profits, or other financial benefits. This applies whether the damages arise from use of the Services, transaction execution or settlement, performance or non-performance of the Services, and regardless of the legal theory of liability (contract, tort including negligence, strict liability, breach of warranty, civil liability, or any other legal theory). This exclusion applies even if Extended has been advised of, knew, or should have known the possibility of such damages. These limitations apply notwithstanding any failure of essential purpose of these Terms or any remedy.

14\. LIMITATION OF LIABILITY

Notwithstanding any other provision in these Terms, if Extended or any associated party is deemed liable under these Terms, the total liability of Extended (along with our equity owners, members, directors, managers, officers, employees, attorneys, agents, representatives, suppliers, and contractors) related to your use of the Services (including their content and functionality), any performance or non-performance of the Services, your Digital Assets, Perpetual Contracts, or any other product, service, or item provided by or on behalf of Extended, regardless of whether the claim arises under contract, tort (including negligence), civil liability, statute, strict liability, or another theory of liability, shall not exceed the total amount of fees you have paid to Extended under these Terms within the two (2) months immediately preceding the event that gave rise to the claim.

15\. DISPUTE RESOLUTION AND GOVERNING LAW

15.1. You and Extended agree that any disputes arising from or related to these Terms or the Services will be handled on an individual basis and shall be subject to the exclusive jurisdiction of the courts of England and Wales.

15.2. Before filing any formal legal action, you agree to attempt to resolve any dispute with Extended informally. To initiate this process, you must send a written notice of your claim ("Notice") to Extended by email at <legal@extended.exchange>. Your Notice must include: (a) your name, residential address, email address, and telephone number; (b) a detailed description of the nature and basis of the claim; and (c) the specific relief or resolution you are seeking.

16\. GENERAL INFORMATION&#x20;

16.1. Please review our privacy policy for details on how we collect, use, share, and process your information. This policy is incorporated by reference and can be found [here](/extended-resources/legal/privacy-policy).&#x20;

16.2. You agree to receive all communications related to these Terms or the Services electronically. These may include agreements, documents, receipts, notices, and disclosures, collectively termed as "Communications". We may provide Communications by posting them on the Site or by emailing them to the address you provided. It is recommended that you keep copies of all Communications, either by printing or storing electronically. For any inquiries, complaints, or claims related to the Services, please contact us at <legal@extended.exchange>.

16.3. The rights and remedies available to Extended under these Terms are in addition to, and not a substitute for, any other rights or remedies provided under applicable law, or recognized by common law or equity. No failure or delay by Extended in exercising any right, power, or privilege under these Terms shall act as a waiver of such rights.

16.4. If any provision of these Terms is found to be invalid or unenforceable, this will not affect the validity or enforceability of the remaining provisions, which will continue to be in full force and effect.

16.5. We are not responsible or liable for any failure or delay in the performance of the Services, or for any loss or damage you may incur, resulting from circumstances or events beyond our control. This includes, but is not limited to, natural disasters like floods and earthquakes, extraordinary weather conditions, other acts of God, fires, wars, insurrections, riots, labor disputes, accidents, governmental actions, communication breakdowns, power failures, or equipment or software malfunctions.

16.6. You are not permitted to assign or transfer any rights to use the Services, or any of your rights or obligations under these Terms, without our express prior written consent. This restriction applies whether such assignment or transfer would occur by operation of law or in connection with any change of control. Conversely, we reserve the right to assign or transfer any or all of our rights and obligations under these Terms, in whole or in part, without needing to notify you or obtain your consent or approval.

16.7. In the event of a conflict between these Terms and any other agreement you have with us, these Terms will prevail unless the other agreement explicitly references and states that it supersedes these Terms.

16.8. You agree that, except as explicitly provided otherwise in this Agreement, there are no third-party beneficiaries to this Agreement, apart from the Indemnified Parties.<br>

<br>


# Statement of Risk

This notice outlines the risks associated with digital assets that you may consider investing in through services offered by Extended. Extended provides a decentralized platform for trading perpetual contracts, and it is not authorized or regulated by the Seychelles Financial Services Authority or any other financial regulator.

### Disclosures

Extended facilitates the trading of perpetual contracts, which provide indirect exposure to cryptocurrencies and commodities.

As the cryptocurrency markets are decentralized and not subject to regulation, our cryptocurrency trading services fall outside the scope of specific European regulatory frameworks such as MiFID or MiCA. Consequently, users of Extended’s trading services do not receive the protections typically available to clients of regulated investment services, including access to investor compensation schemes.

Our offerings are highly risky and may not be appropriate for all investors. This notice aims to inform you of these risks, though it cannot detail all potential risks or how they might apply to your individual circumstances. If you are in doubt, we recommend seeking professional advice. Before engaging with Extended, it is crucial that you understand these risks, ensure you have sufficient financial resources to withstand potential losses, and monitor your positions closely. Trading involves risk to your capital. You should not invest money that you cannot afford to lose.

### Perpetual Contracts

A Perpetual Contract is an agreement to buy or sell a cryptocurrency at a future date without an expiration. Unlike equity futures, Perpetual Contracts do not have a set delivery date and can be held indefinitely, avoiding the need to rollover contracts. When you engage in trading Perpetual Contracts, you typically do so on margin, also known as trading with leverage. This implies that you can deposit only a fraction of your position’s total value. Consequently, even minor fluctuations in the market can significantly affect your equity, both positively and negatively. Even minor market movements can significantly affect your position, positively or negatively.

If the market turns adverse, you could lose more than your initial investment in a given position. Market gaps can occur when the underlying market is closed, potentially causing substantial price shifts that could be disadvantageous to you. You are liable for all losses associated with your positions up to the equity in your Extended smart contract.

Before deciding to trade on margin, carefully evaluate your investment goals, experience level, and risk appetite. Market liquidity of Perpetuals Contracts is not guaranteed, and it may be challenging to liquidate an existing position. The specifications of Perpetual Contracts may significantly differ from the actual underlying market or cryptocurrency.

Perpetual Contracts are complex instruments that carry a high risk of rapid monetary loss due to leverage. Make sure you fully understand how Perpetual Contracts work and carefully consider whether you can afford the significant risk of financial loss.

Perpetual Contracts generally do not suit long-term investment strategies. Holding a Perpetual Contract for an extended period can lead to increased costs due to funding payments and might not be as beneficial as owning the underlying asset directly.&#x20;

Whenever you have open positions, it is crucial that your account equity satisfies our margin requirements, which are subject to change. If market prices turn unfavorable, or if margin requirements are adjusted, you might be required to promptly deposit additional funds to meet the new margin criteria and preserve your open positions. Failure to comply may result in the closure of one or more—or even all—of your positions by us, with you bearing sole responsibility for any resulting losses


# Restricted Countries

Access to the Extended Protocol website, API, and services (defined by the [Terms of Use](/extended-resources/legal/terms-of-use)) is not available to Restricted Persons.

“Restricted Persons” includes any individual or entity residing in, located in, incorporated in, or with a registered office in any jurisdiction in which access to or use of the Extended Protocol is restricted, including without limitation:

(A) Afghanistan, Canada, China (Hong Kong), Cuba, Iran, North Korea, Russia, Syria, Seychelles, Ukraine (Crimea, Donetsk and Luhansk Regions), the United Kingdom and the United States of America; and

(B) any other individual or entity whose access to or use of the Extended Protocol, website, API, and services would be contrary to any applicable law or regulatory requirement.

Restricted Persons must not access or use the Extended Protocol website or services.

This page may be updated from time to time.

Please refer to the [Terms of Use](/extended-resources/legal/terms-of-use) for further details regarding access to the Extended Protocol.


# Privacy Policy

Last Updated on 16/07/2024.

This Privacy Policy applies to all websites, applications, or services provided, owned, or operated by Extended and its affiliates (collectively, “Extended”). Extended values your privacy and wants you to understand how we collect, use, and disclose personal information.

DEFINITIONS

* “Personal information” means information related to an identified or identifiable natural person.
* “User” and “you” refer to the individual or entity using Extended’s websites, applications, or services.

ACCEPTANCE

By using Extended’s websites (in each case, as defined in the Terms of Use) and providing personal information, you accept the practices described in this Privacy Policy. All information provided by you, may be collected and used for things like keeping your information secure and determining your eligibility to use Extended’s services. Extended encourages you to be mindful of this when considering your activity on the Extended website. If you do not agree with the terms of this Policy, do not access or use the Website, or any other aspect of our business.

X10 Ltd., with a registered address at Oliaji Trade Center, 1st Floor, Victoria, Mahe, Seychelles, is the “data controller” for data protection purposes.

INFORMATION COLLECTION

When you interact with the Extended Website, we and/or our service providers may collect personal information about you from different sources listed below.

Directly Provided:&#x20;

* Contact Information: such as your email address.
* Financial Information: such as your public Ethereum network address, cryptocurrency wallet IDs, other wallet information, transaction history, trading data, and associated fees paid.
* Transaction Information: such as details of transactions made on or through services available on the Extended website, including the type of transaction, transaction amount, and timestamp.
* Correspondence: such as your feedback, questionnaire and survey responses, and information provided to our support team, including via the Extended website or social media messaging channels.

Automated Collection:&#x20;

* Online Identifiers: such as username, geo-location, tracking details, browser fingerprint, operating system, browser name and version, and IP addresses.
* Usage and Diagnostics Data: such as conversion events, user preferences, crash logs, device information, and other data collected via cookies and similar technologies.
* Information from Cookies and Other Tracking Technologies: we, and authorized third parties, may use cookies, web beacons, and similar technologies to record your preferences, track website usage, including our mobile applications, and collect information about your use of the Website along with other data we collect about you. You may set your web browser to refuse cookies or alert you when cookies are being sent. However, please note that some parts of the Website may not function properly if you do so.

Third Parties:

Occasionally, we receive personal information about you from other sources, such as our affiliates and public databases. We may combine this information with data collected from our Website for our own purposes.

USAGE OF INFORMATION

Extended uses your information to operate and improve its services (new or existing), ensure security, manage user relationships, prevent fraud, and comply with legal and regulatory obligations. Legal grounds for processing include contractual commitments, legal and regulatory obligations, user consent, and Extended legitimate interests.

SHARING OF INFORMATION

Extended may share your information with service providers for hosting, maintenance, security, data analysis, and functionality improvement. Extended may also disclose user information if Extended believes, in good faith, that such disclosure is necessary to comply with legal requirements, protect against liability, and ensure the integrity and security of Extended.

NON-PERSONAL INFORMATION

Extended may share aggregated or anonymized data, such as user statistics.

GLOBAL OPERATIONS

Extended operates globally, and your data may be transferred, stored, and processed in any country where Extended conducts business. You authorize these transfers as permitted by law.

DATA RIGHTS AND REQUESTS

You have rights under data protection laws, including accessing, correcting, and deleting your data, objecting to direct marketing, and filing complaints. To exercise your rights, contact <legal@extended.exchange>.

In your request, please include your email address, name, and all relevant details. To protect your privacy and security, Extended may verify your identity before granting access or making corrections to your information. We will review and respond to such requests at our sole discretion, considering the applicable laws governing the processing of your personal information. If we have valid legal reasons to refuse your request, we will inform you accordingly.

DATA RETENTION

Extended retains data as long as necessary to fulfill the purposes described in this Privacy Policy and as required by law.

THIRD-PARTY SERVICES

Extended may link to third-party websites and services with different privacy practices. Review their policies separately.

ANALYTICS AND ADVERTISING

Extended uses third-party analytics and advertising providers that may use tracking technologies. Consult their privacy policies for details.

DATA SECURITY

Extended employs various security measures, though no system is completely secure. You transmit information at your own risk.

CHILDREN'S PRIVACY

Extended is not for users under 18. If you are the parent or guardian of a user under 18, contact Extended to delete their information.

MERGER OR SALE

In the event of a merger, acquisition, or sale, user information may be transferred or assigned.

CHANGES TO PRIVACY POLICY

Extended may update this Privacy Policy at any time. Continued use of Extended after changes indicates acceptance.

CONTACT INFORMATION

For questions or comments, contact Extended at <legal@extended.exchange>.

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