What is Extended?
Extended (extended.exchange) is a decentralized exchange for perpetual futures, letting traders take leveraged long or short positions on crypto assets on-chain. Perpetual futures are contracts with no expiry date; funding payments are periodically exchanged between long and short traders so the contract price stays close to the underlying spot price. It is one of the newer venues in this group by our measured on-chain age.
What do leverage and liquidation mean for you?
Leverage lets a small margin deposit control a larger position, amplifying both profit and loss. If the market moves against you and margin falls below the maintenance requirement, the position is liquidated and force-closed, and the collateral behind it can be lost. Funding costs can also accumulate while a position stays open.
What did our review measure?
We recorded about $121.5M in value locked, coverage across 2 chains, and a fast endpoint latency of 44 ms. Our measured on-chain age is roughly 1.5 years, making it relatively young. Our automated review found 0 audits for the tracked deployment, and we did not find a public status page. The zero-audit result reflects what our process surfaced, not a definitive claim that no security review exists.
What are the risks?
- Leverage risk: liquidations can be rapid during volatility and erase margin.
- Short track record: a younger protocol has less battle-tested history.
- Unverified audits: confirm security reviews yourself before trading with size.
- Smart-contract risk: on-chain derivatives always carry contract risk.
Who is it for?
Extended may appeal to traders who want a responsive, newer perps venue with meaningful measured liquidity and are comfortable with leverage. Its shorter track record and our zero-audit finding make it less suitable for risk-averse users or beginners. Verify current audits, liquidity, and parameters before committing funds.
Newer venues can offer fresh features and competitive incentives, but they have also had less time to be stress-tested by real market turmoil and by adversaries probing for weaknesses. That is not a verdict against them, only a reason to size positions conservatively at first, keep withdrawals frequent, and confirm through primary sources whether independent security reviews exist. Give a young protocol time to prove its resilience before you trust it with capital you cannot afford to lose.