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Extended uses USDC as the base collateral and introduces Extended Vault Shares (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.
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 went live recently. This allows 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 can use assets such as wBTC, ETH, USDT, and XVS as collateral to trade USDC-settled crypto markets, equities or commodities.
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.
To date, Extended has processed over $230B in trading volume, generated $25M+ in trading fees, and has more than $140M in total value locked (TVL). Extended now has over 15,000 daily active users.
Extended delivers competitive performance, with end-to-end latency below 5 ms and throughput comparable to leading trading venues. This enables reliable execution even during periods of elevated market activity.
For most supported assets, Extended relies on Mark Prices and Index Prices obtained from five Stork nodes.
Utilizing independent oracle providers like Stork helps prevent potential price manipulation and ensures a fair and accurate reflection of asset values within the Extended ecosystem.
From the early stages of development through mainnet launch and subsequent scaling, Stork has provided the pricing infrastructure required for reliable derivatives trading.
For a perpetual exchange, the oracle is not a peripheral service - it is core trading infrastructure.
Extended selected Stork because its architecture aligns with the operational requirements of a production-grade derivatives venue.
Stork delivers 99.999% uptime, providing the reliability required for a protocol where markets never close and risk engines must function without interruption. This reliability has allowed Extended to scale trading activity without introducing systemic instability.
Stork delivers <1ms latency, helping Extended achieve end-to-end latency below 5 ms. Extended is innovating and leading in trade execution speed; it needs an oracle that won’t slow it down.
Another critical operational advantage of Stork is the ability to add new markets quickly. As Extended expands its asset coverage, rapid feed availability reduces listing friction and enables faster response to user demand.
The next phase of Extended’s growth is defined by broader asset coverage and deeper integration with traditional financial markets. Stork supports this expansion with access to the full range of possible equities, commodities, indexes, and FX price fees.
The trajectory of the protocol mirrors a larger trend across decentralized derivatives: the convergence of crypto-native infrastructure with global financial assets.
Over the past year, crypto-native traders have increasingly recognized the value of trading commodities and traditional financial assets, particularly during periods of macroeconomic volatility. However, access to these markets through crypto infrastructure has historically remained limited.
Extended has already moved beyond crypto markets into equity perpetuals, indices, and commodities, with gold emerging as one of the top five most-traded markets on the exchange as of summer 2026.
Traditional financial markets operate on limited schedules. Decentralized markets do not.
This creates a fundamental opportunity: Assets continue to move outside exchange hours, but traditional trading infrastructure does not. Perpetual markets solve that mismatch by enabling continuous price discovery and risk management.
With Stork now powering not only crypto price feeds but also equity market data, Extended has established the technical foundation required to support continuous trading across asset classes.
Extended is adding new RWA markets through a strategic partnership with a major TradFi broker with deep experience across global financial markets.
The collaboration will roll out a wide range of new RWA markets, broadening access to assets that have traditionally been out of reach for crypto-native traders. As this expansion unfolds, oracle requirements become more demanding: Stork's architecture is built precisely for this environment and will serve as the price feed provider for these new markets.
