Extended Exchange Review 2025: Zero Maker Fees, Airdrop Potential & Starknet Performance

Why Extended Matters for Funding Rate Traders

Looking for a perpetual DEX with zero maker fees and strong airdrop potential? Extended is quickly becoming a favorite among funding rate arbitrage traders seeking to maximize returns while farming future token rewards.

Built by an ex-Revolut team and deployed on Starknet, Extended combines centralized exchange performance with decentralized security. With over 1 billion USD in daily volume, 100+ trading pairs including TradFi assets, and an active points program, Extended offers a compelling package for both active traders and airdrop farmers.

In this comprehensive review, we cover:

• What makes Extended unique
• Fee structure and comparison with competitors
• The points program and airdrop potential
• How to use Extended for funding rate arbitrage
• Vault liquidity provision
• Step-by-step getting started guide

Track Extended funding rates in real-time on the FundingView Dashboard.

What is Extended Exchange?

Extended is a hybrid perpetual DEX built by former Revolut, Goldman Sachs, and Lykke engineers. It enables trading of perpetual contracts across both cryptocurrency and traditional finance (TradFi) assets, all collateralized in USDC with leverage up to 100x.

The Hybrid Architecture

Extended operates on a hybrid CLOB (Central Limit Order Book) model that combines the best of both worlds:

Off-Chain Execution:

• Order matching with sub-10ms latency
• Performance comparable to centralized exchanges
• No frontrunning or MEV exploitation
• Gas-free order execution

On-Chain Settlement:

• All settlements validated on Starknet via ZK proofs
• Full transparency and auditability
• Self-custody of assets
• Cryptographic security guarantees

This architecture delivers what the team calls a "10x better experience" compared to traditional CEXs, while maintaining the trustless properties of DeFi.

Starknet Migration

In August 2025, Extended completed its migration from StarkEx to Starknet mainnet, enabling:

• Native wallet support (MetaMask, WalletConnect, Starknet wallets)
• EVM-compatible deposits from Ethereum, Arbitrum, and Base
• Improved scalability and ecosystem integration
• Foundation for future unified margin system

Extended Key Metrics (2025)

Extended has demonstrated impressive growth since its Starknet migration:

Platform Statistics

Trading Infrastructure

These metrics position Extended as a serious contender in the perpetual DEX space, competing with established players like Hyperliquid and Paradex.

Extended Trading Fees

One of Extended's strongest competitive advantages is its fee structure, particularly attractive for funding rate arbitrage strategies.

Fee Schedule

Maker Rebate Program

Extended goes beyond zero maker fees with an additional rebate program:

• Up to 2 basis points daily rebates based on 30-day maker volume share
• Rewards users who provide liquidity to the order book
• Calculated and distributed automatically

Fee Comparison for Arbitrage

For funding rate arbitrage, Extended's fees compare favorably:

Pro tip: Extended's zero maker fees make it excellent for limit order strategies. Combine with Paradex for optimal arbitrage spreads.

Funding Rates on Extended

Extended uses hourly funding rates, aligning with most modern perpetual DEXs.

Funding Rate Mechanics

• Frequency: Every hour (24 times daily)
• Calculation: Based on mark price vs index price premium
• Oracle Sources: Blended from Hyperliquid, Bybit, and Binance
• Direction: Positive = longs pay shorts, Negative = shorts pay longs

Converting Extended Rates to APR

Use this formula to calculate annual returns:

APR = Hourly Rate × 24 × 365 × 100

Example:

• Extended hourly funding: 0.006%
• APR = 0.006% × 24 × 365 = 52.56% APR

Tracking Extended Funding Rates

Monitor Extended funding rates across all trading pairs on the FundingView Dashboard:

• Real-time hourly rates for 100+ pairs
• Historical data via History Explorer
• Arbitrage spread calculations vs other exchanges
• Pre-calculated opportunities on the Strategy page

Points Program and Airdrop Potential

Extended's Season 1 points program is one of the most compelling reasons to use the platform, with strong indications of a future token airdrop.

Points Distribution

How to Earn Points

1. Trading Activity

• Primary driver of points allocation
• Weighted by trading volume
• Both maker and taker orders count
• PnL considered in competitions

2. Liquidity Provision

• Deposit to the Extended Vault
• Provide tight order book quotes
• Maintain orders with good depth
• Points based on contribution quality

3. Referral Program

• 10% of fees from referred users
• 2.5% of referral points earned
• Requires 10,000 USD traded volume to activate
• Use code: GHZ or this link

4. Affiliate Program (Advanced)

• Requires 10M+ USD 30-day referred volume OR 4,000+ social followers
• Up to 60% fee share from referrals
• Can refer sub-affiliates (8% of their referral fees)

Airdrop Speculation

While Extended has not confirmed token details, community analysis suggests:

• Points will likely convert to token allocation
• Season 1 participants positioned for founding user rewards
• Backed by 6.5M USD from Tioga Capital, Semantic Ventures, Cherry Ventures, StarkWare, and Cyber Fund
• Angel investors include Revolut executives and Lido co-founder Konstantin Lomashuk

Strategy: Accumulate points through trading and vault deposits while earning funding rate income - double rewards potential.

Extended for Funding Rate Arbitrage

Extended is particularly well-suited for funding rate arbitrage strategies.

Why Use Extended for Arbitrage

Advantages:

1. Zero maker fees - Place limit orders without fee costs
2. Fast execution - Sub-10ms latency for quick position entry
3. TradFi assets - Unique arbitrage opportunities on EUR, SPX, etc.
4. Points rewards - Earn airdrop allocation while arbitraging
5. Self-custody - No counterparty risk

Considerations:

1. Lower liquidity than Hyperliquid
2. Starknet learning curve for some users
3. Deposit processing time varies by network

Optimal Arbitrage Pairs with Extended

Based on FundingView data, these combinations work well:

Check current spreads on the FundingView Strategy page.

Example Arbitrage Setup

Scenario: BTC funding arbitrage between Extended and Hyperliquid

Net hourly rate: 0.008% - 0.003% = 0.005%

APR calculation:

Gross APR = 0.005% × 24 × 365 = 43.8%

Fee adjustment:

• Extended maker: 0%
• Hyperliquid taker: 0.035% × 2 = 0.07%
• Break-even: 0.07% ÷ 0.005% = 14 hours

After ~14 hours, pure profit at ~43% APR plus Extended points.

Learn the complete process in our arbitrage tutorial.

Key Features for Traders

1. Advanced Order Types

Extended offers sophisticated order capabilities:

• Market Orders - Instant execution at best price
• Limit Orders - Set your price (zero fees as maker)
• Conditional Triggers - Stop-loss and take-profit
• TWAP Orders - Time-weighted average price execution
• Scaled Orders - Multiple orders across price range
• Post-Only (ALO) - Guarantee maker status
• OCO Orders - One-cancels-other linked TP/SL

2. TradFi Asset Trading

Unique among perpetual DEXs, Extended offers traditional finance assets:

• Forex: EUR/USD and other currency pairs
• Indices: SPX (S&P 500), and more
• 24/7 Trading: Trade TradFi assets around the clock
• Crypto Settlement: All in USDC, no fiat required

This opens unique arbitrage opportunities not available on crypto-only platforms.

3. Pre-Launch Token Trading

Extended frequently lists tokens before TGE:

• Trade anticipated launches early
• Recent examples: MON, LINEA
• Higher volatility = higher funding rate opportunities
• First-mover advantage for traders

4. Cross-Margin and Sub-Accounts

Flexible account structure:

• Cross-margin default - All positions share collateral
• Up to 10 isolated sub-accounts - Segregate risk per strategy
• Easy switching - Move between account types

For delta-neutral arbitrage, isolated sub-accounts help manage risk independently.

Extended Vault: Passive Liquidity Provision

The Extended Vault offers passive income opportunities for non-traders.

Vault Mechanics

How the Vault Works

1. Deposit USDC to the vault
2. Vault quotes markets across all Extended pairs
3. Earns trading fees minus rebates
4. Handles liquidations for additional income
5. Points accumulation for depositors

Vault Risk Considerations

The vault is not risk-free:

• Exposed to market-making losses
• Potential losses during extreme volatility
• Liquidation exposure (mitigated by ADL safeguards)
• Returns are projections, not guarantees

Vault Protections

Extended implements several safeguards:

• Global leverage cap: 0.2x
• Per-market exposure limits
• Adaptive spread quoting
• Auto-deleveraging (ADL) in extreme scenarios
• TVL caps to manage risk

Best for: Users wanting passive exposure to Extended's growth while earning points for potential airdrop.

Deposits and Withdrawals

Supported Networks

Deposit Process

1. Connect wallet (MetaMask, WalletConnect, etc.)
2. Select network (Ethereum or Arbitrum)
3. Enter USDC amount
4. Confirm transaction in wallet
5. Processing time:
   • Ethereum: ~2 minutes (10 blocks)
   • Arbitrum: Less than 30 seconds

Withdrawal Options

Fast Withdrawals:

• Processing: 15 minutes to 1.5 hours
• Limit: 50,000 USD per 12 hours combined
• Fee: Gas only (1.1x multiplier for volatility)

Slow Withdrawals:

• Network: Ethereum only
• Limit: Unlimited
• Processing: Up to 12 hours
• Requires claiming on Ethereum (gas fee)

The Unified Margin Vision

Extended's long-term roadmap extends far beyond perpetual trading.

Phase 1: Core Perp DEX (Current)

• Perpetual contracts with unified margin logic
• Multi-asset collateral (yield-bearing tokens planned)
• Integrated lending layer foundation

Phase 2: Native Lending and Spot

• Lending and borrowing markets
• Use wstETH as collateral while trading USDC perps
• Spot market integration
• Complete multi-asset trading environment

Phase 3: Network Expansion

• EVM-compatible network on Starknet
• Unified margin embedded at protocol level
• Global liquidity sharing across all dApps
• Single account across multiple applications
• Sub-100ms latency with full decentralization

This vision positions Extended as infrastructure for open finance, not just a trading venue.

Security and Risk Considerations

Security Architecture

Risk Factors

1. Smart Contract Risk - Inherent to all DeFi protocols
2. Oracle Risk - Potential manipulation (mitigated by multi-source)
3. Liquidation Risk - High leverage trading
4. Starknet Risk - L2 network dependencies
5. Regulatory Risk - Evolving crypto regulations

Incident Response

Extended has demonstrated responsible incident handling:

• October 2025 downtime: 500,000 USD direct reimbursements
• 300,000 bonus points compensation
• Transparent communication via official channels

How to Get Started with Extended

Step 1: Prepare Your Wallet

Extended supports multiple wallet options:

• MetaMask
• Argent (Starknet native)
• Braavos (Starknet native)
• WalletConnect compatible wallets

Step 2: Get USDC

You need USDC on Ethereum or Arbitrum:

• Bridge from other networks
• Buy on DEXs or CEXs
• Withdraw from centralized exchange

Step 3: Connect and Deposit

1. Visit Extended (use referral for benefits)
2. Connect your wallet
3. Go to "Portfolio" tab
4. Click "Deposit"
5. Select network and amount
6. Confirm transaction

Step 4: Start Trading

1. Navigate to "Trade" tab
2. Select trading pair
3. Choose order type (limit for zero fees)
4. Set position size and leverage
5. Add TP/SL if desired
6. Execute trade

Step 5: Track Performance

• Monitor positions in the trading interface
• Check portfolio PnL and volume stats
• Track points in official dashboards
• Use FundingView for rate monitoring

Extended vs Competitors

Extended vs Hyperliquid

Verdict: Extended for fees and airdrop, Hyperliquid for liquidity.

Extended vs Paradex

Verdict: Paradex for pure zero fees, Extended for TradFi and vault.

Extended vs CEXs

Verdict: Extended for self-custody and rewards, CEXs for maximum liquidity.

Frequently Asked Questions

Is Extended safe to use?

Extended uses self-custody architecture with Starknet ZK proof settlement. Your funds remain in your control. Main risks are smart contract vulnerabilities and trading losses. The team has demonstrated responsible incident handling with user reimbursements.

What is the minimum deposit on Extended?

There is no minimum deposit for trading. The vault has a 5 USD minimum. We recommend at least 500-1,000 USD for effective funding rate arbitrage.

How do I earn Extended points?

Points are earned through:

1. Trading volume (primary driver)
2. Vault deposits
3. Referrals (requires 10,000 USD volume first)

Points distribute weekly on Tuesdays.

Will Extended have a token airdrop?

While not officially confirmed, the points program structure and VC backing strongly suggest a token launch with points-based allocation. Early participation is recommended.

What makes Extended different from other perp DEXs?

Key differentiators:

• Zero maker fees
• TradFi asset trading
• Ex-Revolut professional team
• Active points/airdrop program
• Unified margin roadmap

How do Extended fees compare for arbitrage?

Extended's 0% maker fee is excellent for limit order arbitrage strategies. Combined with the points program, effective costs can be negative (you earn while trading).

Conclusion: Is Extended Worth Using?

Yes, Extended is a strong choice for traders seeking zero maker fees and airdrop potential.

Strengths:

• Zero maker fees for cost-effective trading
• Active points program with airdrop potential
• TradFi assets for unique opportunities
• Professional ex-Revolut team
• Self-custody security
• Growing liquidity and ecosystem

Weaknesses:

• Lower liquidity than Hyperliquid
• Starknet ecosystem still developing
• Taker fees exist (0.025%)

For funding rate arbitrage, Extended works excellently paired with zero-fee Paradex or high-liquidity Hyperliquid. The points program provides additional upside beyond trading profits.

Get started: Open Extended Account

Track rates: FundingView Dashboard

Related Articles

Exchange Reviews

• Hyperliquid Review 2025
• Paradex Review 2025 - Zero Fee Trading
• Perpetual DEX Offers and Bonuses

Funding Rate Education

• What Are Funding Rates? Complete Guide
• How to Calculate Funding Rate APR
• Crypto Funding Rate Glossary

Strategy Guides

• Earn Your First 100 USD with Funding Arbitrage
• Best Crypto Passive Income Strategies 2025
• Spot and Perp Arbitrage Strategy
• Durable Strategies for XP and Airdrops

Risk Management

• Is Funding Arbitrage Safe?

Tools

• FundingView Dashboard - Real-time funding rates
• Strategy Page - Ranked opportunities
• History Explorer - Historical analysis
• What is FundingView?