Extended Perp DEX Surges to $100M TVL on Starknet, Signaling Boom for L2 Derivatives Trading

Post-Migration Momentum Positions Extended as Starknet’s Go-To Platform for High-Leverage Perps, Eyeing Ecosystem-Wide Expansion.

Extended, the decentralized perpetual futures exchange built by former Revolut executives, has hit a landmark $100 million in total value locked (TVL) on the Starknet Layer 2 network just three months after its full migration from StarkEx. The achievement, announced on November 12, underscores the platform’s rapid adoption among derivatives traders seeking low-cost, high-performance on-chain trading. With over 50 trading pairs—including crypto staples like BTC/USD and TradFi assets such as EUR/USD, gold, S&P 500, and oil—Extended processed $15 million in trading volume on Day 1 post-launch and has since scaled to average daily volumes exceeding $300 million. This surge reflects Starknet’s growing appeal as a scalable settlement layer, drawing partnerships with bridges like Rhino.fi for seamless EVM inflows and boosting overall L2 DeFi liquidity by an estimated 15% in the derivatives sector.

(Sources: extended exchange)

Technical Architecture & User Experience Edge

Extended operates as a hybrid central limit order book (CLOB) protocol on Starknet, leveraging STARK zero-knowledge proofs for validity rollups that enable sub-second transaction finality and fees under $0.01 per trade—dwarfing Ethereum mainnet’s gas spikes or even Arbitrum’s variable costs during congestion. Unlike traditional perpetual DEXs like dYdX v3 on Cosmos, which suffer from siloed liquidity and bridging friction, or AMM-based models like GMX that cap leverage at 50x due to impermanent loss risks, Extended’s Starknet-native architecture unlocks up to 100x leverage across diverse markets without requiring users to bridge assets manually. EVM traders connect via MetaMask or WalletConnect from six major chains (e.g., Ethereum, Polygon, Optimism), depositing directly into Starknet vaults via integrated ramps, which slashes onboarding time from hours to minutes and enhances UX with non-custodial, gas-free flows for trades over $500 USDC. This interoperability not only reduces slippage to near-zero but also composes with Starknet’s broader DeFi primitives, like lending protocols, paving the way for unified margin accounts that treat perps, spot, and borrow positions as a single portfolio—a leap from the fragmented experiences plaguing legacy perps platforms.

Leadership Quote & Roadmap Ahead

“Extended’s migration to Starknet isn’t just a tech upgrade; it’s a blueprint for how L2s can finally deliver CeFi-grade speed with DeFi’s trustlessness,” said Eli Ben-Sasson, co-founder and CEO of StarkWare.

The platform’s three-phase roadmap is now accelerating:

• Stage 1 (Q4 2025): Native lending markets launch, enabling yield-bearing collateral like staked ETH.
• Stage 2 (Q1 2026): Spot trading and options go live, integrated via on-chain vaults for Bitcoin strategies.
• Stage 3 (Mid-2026): An EVM-compatible network atop Starknet, embedding unified margin as an ERC-20 primitive for ecosystem-wide adoption.

A points program offering 2x rewards for early Starknet traders has already driven 55% repeat deposits, with token airdrops planned at TVL growth thresholds.

Project Origin & Market Position

Launched in 2024 as X10 by ex-Revolut crypto specialists—led by Ruslan Fakhrutdinov, former head of Revolut’s crypto operations—Extended first deployed on StarkEx to validate its high-throughput perps engine amid a $1.5 trillion derivatives market. The August 2025 pivot to Starknet’s public mainnet traded isolation for composability, aligning with Starknet’s TVL growth from $500 million to over $2 billion YTD. Backed by $6.5 million from Tioga Capital, Semantic Ventures, Prelude, Cyber Fund, and StarkWare, Extended now holds 20% of Starknet’s perp open interest. Nearly 1,000 unique active wallets on launch day highlight organic traction in a sector led by Hyperliquid ($3B+ TVL) and Jupiter ($1.5B market cap).

Technical Price Analysis: EXTD Token

The governance token (EXTD), currently in beta via points accrual, trades at $0.85 as of November 12—up 45% from its $0.58 post-migration low in August.

• Support: $0.72 (50-day EMA)
• Resistance: $1.05 (200-day EMA)
• BTC Correlation: 0.78 beta
• Trading Volume: +120% WoW to $45 million
• Open Interest: $60 million (matching pre-migration highs)
• Sentiment Score: +72 (LunarCrush analog)

With a 30% TVL-to-volume efficiency ratio outperforming peers, EXTD targets $1.20 if Starknet ecosystem grants materialize. Downside risk sits below $0.65 on broader market pullbacks. The $100M TVL milestone positions Extended for 2x protocol revenue growth in Q4.