xSoulAstro ❎🔟

crytoo

[Extended @extendedapp]

https://t.co/1FP73CE6Ce

[Tony @T0nyCrypt0]

https://t.co/xovtTBi1pn

[xSoulAstro ❎🔟 @xSoulAstro]

@YieldMaxing @extendedapp Expecting more

[Max Long @YieldMaxing]

JUST IN: @extendedapp has just launched Spot Trading.

[xSoulAstro ❎🔟 @xSoulAstro]

@atoma_fi Gogo soon whales will come

[ATOMA.fi @atoma_fi]

https://t.co/oLZfFsRBA1

[xSoulAstro ❎🔟 @xSoulAstro]

@T0nyCrypt0 @nadoHQ @krakenfx @extendedapp New meta gg great project , best APR on stable without directional exposure

[Tony @T0nyCrypt0]

Perp DEX meta farming is dead?
Not if you do it right.

> Never farm at a loss - cost per million is irrelevant while you're net-positive
> Stick to trusted venues - Nado @nadoHQ (backed by Kraken @krakenfx ) and @extendedapp
> Spend less time, carry less stress

Here is how @atoma_fi do it at 36% APY on @nadoHQ and @extendedapp from a single deposit

> Cross-exchange funding keeps the trade net-positive
> Open interest generates points every week
> Deposit and forget - points and profit stack weekly

This is why ATOMA is the best place to farm Extended + Nado right now.

Deposit once. Points and yield compound every week you're in.

[ATOMA.fi @atoma_fi]

ATOMA vault is live.

A delta-neutral vault earning funding-rate yield on stablecoins. Market-neutral, no bet on price direction.

> ~33% APY: 21% funding + 12% points
> Weekly points distribution
> Long/short across @NadoHQ + @extendedapp
> Deposit USDC, withdraw anytime
> Built on @arbitrum at Open House London

Round 1 cap: $100k - earliest in = lowest TVL = best points-per-dollar.

[rf.extended @rf_extended]

6 months of building. what's next?

TLDR: We focused on putting in place the product, partnership and governance foundations for the next phase of Extended. TradFi partnership, hundreds of new crypto and RWA markets, spot trading and further decentralisation are coming. Our approach to growth remains unchanged: no KOL round, no paid promotions, no paid PR, no podcast sponsorships and no paid market-making arrangements.

Over the past 6 months, the team at @extendedapp has been focused on a fairly simple objective: building the product, infrastructure and partnerships required to support the next stage of growth.

A lot of the work happened behind the scenes but we are now getting to the point where the pieces are starting to come together.

Product

Some of the key items are already live:

- Multi-asset collateral, allowing users to post wBTC, ETH and USDT alongside USDC. Besides expanding the collateral universe, it also unlocks simple cash-and-carry strategies directly on the platform.
- Full email onboarding, including gasless deposits and withdrawals. While not particularly exciting on its own, it unlocks fiat on/off-ramp integrations that are required to onboard non-native users.
- Significant improvements to UI stability, responsiveness and overall user experience, driven largely by user feedback collected over the past months.

Several important pieces are coming next:

- Spot trading, which we view as a table-stakes component of a complete exchange experience and an important UX improvement to multi-asset collateral.
- Opening up our lending infrastructure beyond the exchange itself, allowing users to deposit wBTC, ETH and USDT, borrow USDC and deploy capital elsewhere.
- New trading infrastructure that will unlock hundreds of additional crypto and RWA markets. Internally, this is the product initiative we are most excited about.

Growth

Over the same period, we have spent a lot of time thinking about how Extended should grow.

One principle remains unchanged: we do not pay for KOL promotions, PR, podcast sponsorships or market-making arrangements. This applies equally to cash, tokens and points.

Its a slower path and not the easiest one but over time we have become increasingly convinced that sustainable growth is built on product quality, distribution and community rather than financial incentives.

We have also completed a number of less visible but equally important initiatives:

- Finalised the legal and commercial framework for our first tradfi partnership, which unlocks some of the product initiatives mentioned above and establishes a foundation for future institutional integrations.
- Secured the majority of the long-term partners who will help operate, secure and govern Extended. We are proud of the quality of the organisations that chose to support the vision and will be sharing more details separately.
- Spent considerable time with our largest users and major ecosystem participants to gather feedback and ensure alignment around the long-term direction of the protocol.
- Remained committed to our original targets for early community rewards, despite certain things taking longer than anticipated.

This month is an important one for Extended. It will conclude the team's efforts over the past 6 months and mark the beginning of the next phase: further decentralisation, ecosystem expansion and the transition to a community-owned protocol.

[xSoulAstro ❎🔟 @xSoulAstro]

@monetrix_xyz let's goo

[Monetrix @monetrix_xyz]

Welcome to the era of YieldMaxxing on Hyperliquid.

The first signal is now live.

https://t.co/7JRG67qb5J

[rf.extended @rf_extended]

What multi-asset collateral unlocks for @extendedapp's roadmap:
- Alongside multi-asset collateral, we have built spot trading infrastructure (all non-USDC liquidations already route through the native spot market), leveraged spot and a lending protocol.
- As the next step, we will open spot trading to users and expand lending beyond the Extended ecosystem to support broader DeFi use cases.
- Reasonably soon, we will multiply the number of crypto and TradFi markets available on Extended, while keeping liquidity and execution quality as top priorities and upgrading spot trading to support leverage.

While multi-asset collateral is only one part of the broader vision, it is foundational to Extended’s goal of building one margin account across all markets: hundreds of crypto and TradFi perpetual markets, leveraged spot, an open lending protocol, yield products (XVS), and other trading products.

[rf.extended @rf_extended]

Extended end of Q1 update

[TLDR]

- Multi-asset collateral launching soon
- TradFi expansion accelerating (>25 markets live, partnership coming, focused on distribution via TradFi brokers)
- Becoming more institutional-ready (pricing methodology, trading workflows)
- Building decentralised, high-throughput sequencing

[Product]

The team has completed development of multi-asset collateral margin. It is now in the testing phase on testnet and undergoing smart contract audits. We expect to launch at the end of April or early May, with support for wBTC, ETH, USDT and potentially EURC as collateral, subject to underlying liquidity.

In Q1, we also doubled down on our TradFi offering, expanding to 25+ equities, indices, FX markets and commodities with competitive liquidity. We are currently finalising an agreement with a major TradFi broker, which will both broaden our offering and help bring in flow.

The other priority for the team is making Extended more institutional-friendly across both product and trading:
- Improving the definition and transparency of fair reference pricing for TradFi markets, with a consistent and clear methodology: spot-based references for equities and FX, and futures-derived pricing for commodities and energy
- Introducing and better communicating institutional-grade features such as MPC wallet workflows, API key-only trading, and our sub-account architecture

In addition:
- With multi-asset collateral, we have built native spot markets (required to process liquidations of non-USDC balances). These will be released shortly after the cross-asset rollout.
- The team is progressing towards decentralising sequencing via an application-specific chain built on a high-throughput implementation of full BFT consensus (targeting ~50ms block times and hundreds of thousands of transactions per second).

This architecture introduces an app-chain layered on top of our existing zk-enabled stack, enabling decentralised matching and related services while preserving existing security guarantees. More details and timelines will be shared soon. Importantly, this design enables Extended tokenomics and revenue accrual to the token.

[Growth and community]

Our strategy remains consistent:
- Stay open to feedback
- Continuously iterate on the product
- Encourage organic usage
- Do not do paid marketing or paid deals
- Focus on long-term sustainability and value creation

Over the past quarter, we have gained stronger conviction that demand for perpetuals is increasing among traditional players, driven by 24/7 trading, higher leverage and deeper liquidity. As a result, we are doubling down on business development with TradFi brokers (fintechs and trading platforms). This is a long-term effort, but we believe it will be a key driver of sustainable growth.

We also have several important integrations with trading terminals coming up, both retail and institutional.

[Team]

Over the past quarter, we hired 3 new team members and are now a team of 14. As we move towards decentralising sequencing, we expect to grow to 18-20 people in the coming months.

[Market and exchange metrics]

Nothing unexpected: January saw all-time highs across key metrics, followed by a broader market slowdown in February and March. All Extended metrics are public: https://t.co/ApTdGaTEOM

From our perspective, short-term market conditions are less important than long-term trends. What matters is that the market we are building in continues to grow and there is room for new players. We strongly believe this is the case:
- price discovery for TradFi assets is likely to increasingly shift towards perpetuals. More on this here: https://t.co/PyefvylBIJ
- DeFi continues to gain share versus CeFi
- Regulatory clarity is improving across both the US and Europe

[rf.extended @rf_extended]

Perpetual futures will become a primary venue for price discovery in TradFi markets, but they will not replace dated futures and options.

Today, price discovery happens across different instruments. Equities and FX primarily trade on spot markets, while commodities and energy rely on dated futures.

USDC-settled perpetuals offer structural advantages that make them a strong alternative for trading and liquidity concentration:
1. They trade 24/7
2. They aggregate liquidity into a single order book and are structurally standardized
3. They enable higher capital efficiency through continuous margining

Importantly, many of these advantages are structural. Traditional financial markets are not 24/7 not only due to historical inertia, but because risk management and settlement operate in discrete cycles. Margining is not continuous, and collateral transfers and custody updates occur in batches, requiring system-wide coordination.

At the same time, traditional derivatives markets fragment liquidity. Dated futures split liquidity across expiries, while options spread it further across expiries and strikes. As a result, liquidity is distributed across many instruments.

Perpetuals reverse this dynamic by consolidating liquidity into a single instrument per asset and providing a standardized structure across markets, with no rolling and simpler basis management. This makes them easier to hedge and trade.

Perpetuals also allow for more capital-efficient use of margin through continuous risk management and liquidation mechanisms, although this comes with different risk trade-offs compared to the more conservative, discrete systems used in TradFi.

Given these dynamics, USDC-settled perpetuals will become a primary venue for trading and price discovery in TradFi assets over time. However, several challenges remain:
1. Trust and inertia: Institutions will need time to build confidence in crypto-native infrastructure and adapt their internal processes and risk frameworks, for example moving from futures term structure to perp funding dynamics.
2. Index definition: Perpetual markets depend on a clear and reliable reference price. For TradFi assets, this requires consistent and widely accepted methodologies. This means spot-based references for equities and FX, and derived spot prices from futures for commodities and energy. In practice, areas like futures roll and non-trading hours are not yet fully standardised across the industry. We also recognise that the current approach used by Extended is not yet ideal, and we are actively working to improve the definition of a fair and robust reference price.

Even if perps become dominant for trading, they will not replace dated futures and options, as these serve different purposes:
1. Dated futures provide time-specific hedging and a strong link to the real economy through physical delivery and convergence to spot at expiry.
2. Options provide convex payoffs and enable trading and hedging of volatility.

In summary, perpetuals are structurally better suited for liquidity aggregation and continuous trading, and will play a leading role in price discovery. However, they will coexist with dated futures and options, which remain essential for time-specific hedging and non-linear risk management.

Bridging perps and TradFi represents one of the largest and most durable opportunities in financial markets and is a core focus for Extended.

[Little Anna @lttlanna]

why Extended won’t cut deals

every week I get proposals for “special arrangements”.

extra points pools, special trading budgets, requests to be placed in the highest league without trading. sometimes the numbers are big enough that saying no in the moment feels painful, especially when you’re responsible for growth and naturally think about how much faster things could move if you just agreed.

but over time I've only become more convinced that saying no is the only correct decision.

the first problem with deals like this is ethical. if a project publicly claims fairness while quietly making exceptions behind the scenes, it will eventually come out. it always does. when that happens, the reputational damage is much larger than whatever benefit the deal produced.

the second problem is economic. most deals look attractive in isolation but stop making sense once you consider the system as a whole.

take special points allocations. if you give someone an additional points pool, they are probably not the only one receiving it. a few more people get similar arrangements and suddenly no one is actually privileged - everyone just dilutes the overall distribution without even realizing it.

or traders asking for budgets. when someone says: “give me $100k to trade or I won’t trade on your exchange.” my answer is usually simple: thank you for your time. a few days later I will probably see them trading on a competitor. that doesn’t make me sad that we lost them - it makes me sad that another exchange accepted the deal. traders who only show up because they are being paid to do so don’t care about your product, your token, or the long-term success of what you’re building. once the incentives disappear, they disappear too.

another common request is to change the rules of the system. for example, people asking to be placed in the highest league to earn the extra APR without actually trading. besides being unfair, it breaks the economics. league rewards exist because active traders generate fees on the platform. if the people receiving that yield are not trading, there is no source of yield in the first place.

the main cost of refusing deals is slower growth. it would definitely be easier to inflate metrics in the short term by making exceptions and distributing budgets. but if the goal is to build something that lasts, the rules have to be the same for everyone.

Extended is not trying to grow as fast as possible. we are trying to build an exchange that traders continue using once incentives disappear, and that only happens if the system is fair and the economics actually make sense.

[rf.extended @rf_extended]

https://t.co/8YD2fH7Nl5

[Leo.hl @leo_build_hl]

https://t.co/DArqnemeZd

[Dark Web Informer @DarkWebInformer]

‼️🇦🇺 A data set tied to Ledger users is being sold on a cybercrime forum, with the seller claiming 3,000 records.

Sample entries shared in the thread list Australia as the country.

The leak is being presented as newly exposed Ledger customer information.

[Points Goblin @PointsGoblin]

probably my 2nd greatest post after the extended one

a lot of this is directionally known, but having data to back it up makes a huge difference

this is based on a cleaned dataset across multiple variational periods. patterns are consistent enough to be worth paying attention to

volume (again) does not scale with points

looks like variational behaves the same way as extended here. not fully sure yet whether this is causal or a side-effect of something else, but the decay is very clear:

median PPM by volume:
• < $100k → ~141 PPM
• $100–500k → ~44
• $500k–1M → ~36
• $1–3M → ~16
• > $3M → ~11

trade count hurts PPM

the more trades you place, the worse your PPM gets

this has a moderate negative correlation, so some due diligence is still needed, but the signal is hard to ignore

median PPM by trades:
• 1–5 trades → ~121
• 6–15 → ~118
• 36–75 → ~44
• >150 → ~17

pure churn gets punished

holding time actually matters (a lot)

this is the clearest positive driver in the dataset

median PPM by holding time:
• <15 min → ~13
• 4–8h → ~63
• 12–24h → ~109
• 1–2 days → ~120
• 2–4 days → ~145

variational strongly rewards staying in positions as we already knew

pnl & win rate (data only)

i initially assumed positive pnl and higher win rates would translate into better points. the data doesn’t cleanly support that, so i’ll just share the numbers and let people draw their own conclusions

win rate → median PPM
• 0–25% → ~104.6
• 25–40% → ~30.8
• 40–50% → ~31.7
• 50–60% → ~38.1
• 60–75% → ~40.0
• 75–100% → ~121.2

realized pnl → median PPM
• < -$500 → ~65.2
• -$500 to -$100 → ~37.7
• -$100 to $0 → ~30.7
• $0 to $100 → ~50.3
• $100 to $500 → ~47.3
• > $500 → ~49.5

this was more confusing than i expected. sharing it as is

pair selection

instead of focusing on individual tokens, it’s more useful to compare high volume majors vs everything else

pairs with very large volume and large sample sizes all cluster tightly:

median PPM (large n):
• BTC → ~29
• ETH → ~31
• SOL → ~38
• XRP → ~38

other consistently high-volume pairs (BNB, DOGE, LINK, AAVE) sit in the same ~40–50 PPM range

by contrast, lower open interest pairs consistently show meaningfully higher ppm

quick disclaimer

this isn’t clean science. the data isn’t perfect, and i’m not claiming this explains everything. that said, with a limited but growing dataset, the same patterns keep showing up

TL;DR

• volume has strong diminishing returns
• more trades = worse PPM
• longer holds win
• pnl and win rate aren’t reliable predictors
• low-OI coins matter

i’m working on displaying this data directly on my site so each week you can see what the current best setup looks like and how the meta is evolving

more to come