Founded by former Revolut employees, the perp DEX Extended has distinguished itself thanks to a new infrastructure and a wide variety of products. With over $6 million raised in 2024 and more than 30% of the total token supply allocated to the community at launch, Extended is clearly positioned to be one of the major airdrops of 2026. Discover the steps to follow to become eligible for a potential Extended airdrop.
What is Extended and its innovative architecture
Extended is a decentralized trading platform (perp DEX) built on Starknet, positioning itself as one of the top-performing platforms in DeFi. The platform is actively developing an ambitious vision centered on “unified margin,” which will allow any supported asset (including yield-generating assets like wstETH) to be used as a single collateral for all types of trading. The goal is to create a comprehensive platform combining perpetuals, spot, and integrated lending/borrowing markets, all under a single margin system.
Unified Margin
This concept, which sets Extended apart from more traditional margin trading, allows any asset traded and supported by the platform to be “converted” into a single token (e.g., USDC). This enables better loss absorption in the event of a loss, for both the investor and the platform.
For example, if a user deposits wstETH as collateral and incurs a loss while trading USDC-settled perpetuals, this is effectively equivalent to borrowing USDC, with interest paid to USDC lenders. Put simply: if a user deposits wstETH as collateral and loses money trading USDC-settled perpetual contracts, this amounts to using borrowed USDC, for which they pay interest to USDC providers.
Extended distinguishes itself from other perpetual DEX platforms through a so-called hybrid architecture. Rather than adopting a purely on-chain model or a fully centralized infrastructure, Extended relies on a Central Limit Order Book (CLOB) processed off-chain, while ensuring the validation and settlement of transactions on-chain via Starknet.
CLOB
A CLOB is a centralized order book where all buy and sell orders are listed and executed according to a price-time priority, which means prices are directly dictated by traders. An AMM, on the other hand, sets the price via a formula applied to a liquidity pool (LP).
In practical terms, this means that:
- Order processing, matching, and risk assessment are handled by an off-chain engine that is very fast and efficient, capable of achieving performance levels comparable to those of centralized platforms;
- Final transaction validation, settlements, and fund custody are handled by smart contracts on Starknet, ensuring that every state change complies with the protocol’s rules and that no manipulation is possible.
This hybrid approach addresses a central challenge: how to offer a smooth, fast, and liquid trading experience while maintaining users’ sovereignty over their funds and the security of their positions? Extended does this by separating tasks that require speed (order matching) from those that require trust (validation and settlement).
Unlike the liquidity pool model used by some perpetual DEXs, where liquidity providers act directly as counterparties to traders (which can lead to deteriorating liquidity and low returns for LPs), or a virtual automated market maker (vAMM) model, limited by imbalances between long and short positions, Extended’s CLOB model offers more precise execution and a natural balancing of traders’ interests.
vAMM
A vAMM functions like a classic AMM with the x×y=k formula, but instead of trading real assets, the trade is a leveraged virtual exposure against a virtual pool. Example: When opening an ETH-USD long position, the vAMM curve raises the pool price if more longs accumulate, unlike CLOBs where the long/short ratio always balances out. Unlike AMMs (such as Uniswap), there are no physical assets in the pool: only a global vault manages the collateral (e.g., USDC).
This hybrid model allows Extended to offer a trading experience that closely resembles that of centralized platforms in terms of performance, without compromising the fundamental principles of decentralized finance, such as non-custodial funds and transparency.
How to farm the Extended airdrop?
Connect and configure your wallet
Visit the Extended website via this link (affiliate link) and enjoy a 10% discount on all your fees. Then connect your wallet to Extended and sign the transaction to choose which blockchain you want to use for your deposit; Arbitrum is the recommended choice due to its speed and low cost.
Wallet display and setup on Extended
Once this is done, you can officially start farming and earning points on Extended! Here are the steps you can follow
Trade
The main way to earn points on Extended is through trading activity. The higher the trading volume, the more points you earn.
The platform offers a wide range of pairs: you’ll have a choice based on your preferences, including major cryptocurrencies, as well as more specific assets like indices or commodities such as gold or silver, available in the “TradFi” tab. For farming strategies, the most liquid markets often offer the best balance between low fees and ease of execution.
You can open long or short positions, with leverage, depending on market expectations. Each time a position is opened or closed, it contributes to the total volume and thus to the accumulation of points, but these transactions incur significant fees, as the position must be kept open.
The platform offers a very classic interface, reminiscent of what is already available on the current market. The goal is to avoid confusing users in order to facilitate the trading experience and attract even more traders.
Trading interface on Extended
Warning
However, it is important to remember that trading derivatives involves high risks, particularly in times of high volatility. A prudent strategy involves using moderate position sizes and avoiding excessive leverage, especially when the primary goal is to earn points rather than pursue speculative gains.
Leaderboard, Points, and Referrals
Extended’s points program is based on a leaderboard updated every six days. Users can thus track their relative position and adjust their activity based on how the competition evolves. Points are awarded primarily based on trading volume, participation in vaults, and referral links.
Indeed, the referral system allows users to earn bonus points. However, this feature is only available once a trading volume of 10k has been reached on the platform. Once this threshold is exceeded, the user can share an invitation link that offers benefits to both the referrer and new registrants. The referral system allows you to accumulate points without opening positions or depositing into vaults: it is a passive and risk-free way to accumulate points. However, it would be counterproductive to rely solely on this to establish a sound farming strategy.
Disclaimer
It is important to note that farming yields tend to decrease as new participants join. As the user base expands, the share of points awarded per unit of volume decreases, making consistency more important than one-off actions.
Vault
Beyond trading and, like many other DEX protocols, Extended offers vaults: liquidity pools designed to support the platform’s operations so as not to disrupt the trading experience. The deposited funds are used to absorb the gains and losses from positions opened by traders.
Where this becomes interesting for accumulating points is that, in exchange for depositing a portion of their capital, depositors receive a share of the fees generated by the platform. Over the past few weeks, some vaults have posted an annualized return of over 30%, mainly due to increased volumes and volatility.
Extended Vault APR Performance
In line with yield farming principles, this approach allows users to accumulate points from multiple sources: liquidity provision, trading activity, and participation in the protocol’s revenue. However, it is intended for investors willing to accept higher risk, as the chart shows that rates are quite volatile: after peaking at over 400% APR in October 2025, the APR dropped sharply to stabilize around 30%.
Understanding the opportunity behind Extended
The derivatives market now accounts for the majority of activity on crypto platforms. In DeFi, perp contracts have become one of the most dynamic segments, due to their liquidity and their ability to attract active traders. It is also important to remember that the platform originated from one of the largest neobanks in the world, which naturally gives it a trust advantage among users as well as investors.
With 30% of the allocation set aside for the community airdrop and over $6 million raised, many users are predicting prices ranging from $2 to $6 per token. Although these are unofficial figures not confirmed by the protocol itself, if they were to be confirmed, this would make Extended one of the largest airdrops of 2026.
Regarding the protocol itself, Extended is already showing significant economic metrics. According to DeFiLama data, the total value locked (TVL) on the platform exceeds $190 million, while monthly trading volume regularly surpasses $30 billion. Open interest—that is, the total value of open positions—stands at around $300 million.
Fees generated by the platform’s activity are also rising sharply. On an annualized basis, the protocol’s revenue now exceeds $50 million, placing Extended among the most profitable decentralized platforms—a factor that further reassures users regarding the size of their allocations.
Extended on-chain data on DeFiLama
Given that several competing platforms have already conducted significant airdrops, many users believe Extended could follow a similar path, especially since the project has confirmed that a significant portion of the token supply will be reserved for the community.
Extended follows in the footsteps of decentralized derivatives platforms that have seen rapid adoption and, in some cases, major airdrops. Its technical infrastructure, team with backgrounds in traditional finance, and solid economic metrics make it a project closely watched by the community.
The points program currently underway is a clear signal of a commitment to rewarding early users, even though no official announcement guarantees the exact form of a future token distribution.
In an environment where competition among decentralized platforms is intensifying, Extended has several strengths to support its continued growth in 2026. It remains to be seen whether this momentum will translate, as many anticipate, into a significant airdrop for the most engaged users.
