Extended Vision

What is Extended?

Extended is a perp DEX, built by an ex-Revolut team. As of now, Extended offers perpetual contracts on both crypto and TradFi assets, with USDC as collateral and leverage of up to 100x.

Looking ahead, we are working on native integrations into major mobile wallets and a long-term vision to enable open unified margin logic.

The opportunity we see

The DeFi perps space is growing rapidly but remains underdeveloped — with clear opportunities for differentiated products and better market structure.

• DeFi derivatives have grown at a ~80% CAGR over the past three years, showing strong momentum in both demand and infrastructure.
• Market share remains highly concentrated in DeFi — Hyperliquid holds ~80% — compared to CeFi, where market share is more distributed (e.g., Binance ~35%). This highlights how early and unbalanced DeFi market structure still is.
• Despite rising volumes, no perp DEX has made a serious push toward onboarding retail users.
• Key product gaps remain unsolved — notably, the absence of mature implementations of cross-asset collateral, unified margin systems, and integrated lending and spot markets.

What sets Extended apart

Extended is building beyond perps, with a unique product vision centered around unified margin. The goal is to create a full-suite trading experience — combining perps, spot, and integrated lending markets under one margin system.

The first phase of this product vision focuses on integrating a native lending and borrowing market into Extended. This will allow users to post any supported asset — including yield-bearing ones — as collateral and earn additional yield through the integrated lending layer.

For example, if a user deposits wstETH as collateral and incurs a negative PnL while trading USDC-settled perpetuals, this effectively means borrowing USDC — with interest paid to USDC lenders.

Once the native lending market is in place, we will add spot markets to Extended's offering — expanding toward a cross-asset collateral unified margin with integrated perpetuals, lending, and spot trading.

Besides expanding its product offering, Extended is actively working on native integrations with wallets to make perpetuals available directly within wallet interfaces—similar to how swaps are currently integrated. This approach aims to unlock access to a new base of retail users.

Long-term ambition

Unified margin will initially serve as a core internal product, designed to meet the needs of traders by enabling multi-asset collateral support and delivering one of the most capital-efficient trading systems in the market. However, the long-term vision for Extended goes far beyond that - Extended aims to open up its unified margin architecture for external use cases and introduce independent validators to operate the network's state machines.

Following Hyperliquid's success, many perpetual DEXs are now following the playbook of launching perps and then building a general-purpose chain — but Extended is taking a different path. The ambition is to build an EVM-compatible network where unified margin logic is embedded directly into the base layer and exposed as an ERC-20 token accessible to all applications on the network.

This means that core functions — such as margining with native, network-wide borrowing and lending, and liquidation — will be handled by the network itself rather than by individual applications.

The Extended network, with global unified margin at its core, will allow all applications within the network to access users' available margin and share unified liquidity — reinforcing overall liquidity depth. From the user's perspective, all activity will contribute to a single global margin account shared across applications, allowing them to manage one account instead of multiple app-specific ones and maximize capital efficiency by using the same margin across dApps.

Roadmap

We are following a three-step roadmap — evolving from a Perp DEX into a full Open Financial Ecosystem powered by Native Unified Margin.

Team

We are an ex-Revolut team with deep expertise in designing and developing high-quality products for millions of retail users. Our engineering team brings extensive experience in building high-performance trading infrastructure for both traditional finance and centralized crypto exchanges.

We have raised $6.5M from Tioga Capital, Semantic Ventures, Cherry Ventures, StarkWare and Cyber Fund, as well as angel investors such as Revolut executives and Lido co-founder Konstantin Lomashuk.

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