What if I told you that you could go back in time before the launch of $HYPE and participate in the airdrop campaign that gave away billions of dollars ? It would be exciting, right ? Well, you can almost do that with Extended, a Perp DEX protocol that just launched its points program, similar to what Hyperliquid did two years ago. And we all know where that led !
What Is Extended ?
To explain it simply, Extended is a hybrid DEX where you can trade various assets with high leverage (up to 100x), including crypto, TradeFi instruments like stocks (SPX), gold, and even forex ; all with a trading experience that rivals centralized exchanges like Binance. And the best part ? No KYC required !
It’s often compared to the now-famous Hyperliquid, but there are some important differences that I’ll discuss later in this article.
For those who think that Extended just copied Hyperliquid to ride the hype around the Perp DEX narrative, I can tell you that’s not the case. The project started in 2023, raising $6.5 million in fundin, long before Hyperliquid’s massive success.
Since then, the team has made significant progress, launching a testnet and going live with the mainnet in December 2025.
The Team
This project was built by ex-members of Revolut, especially those from the crypto department, along with several other notable figures in the crypto space.
The idea was inspired by the need for a decentralized solution for investors especially after witnessing the collapse of FTX, which impacted millions of retail investors and experienced traders alike.
Points Campaign
Season 1 of the Points Program launched on April 29, 2025, with 1.2 million points available for weekly distribution every Tuesday at 00:00 UTC.
The system closely resembles what Hyperliquid did during their two seasons before their Token Generation Event (TGE), which led to a massive airdrop worth billions of dollars. For each point you earned, you received a portion of $HYPE.
While there’s no official info yet on how the airdrop will be structured for Extended, it’s very likely they’ll take a similar route given how successful that formula proved to be.
There are three main ways to earn points :
- Trading activity
- Depositing in the Vault
- Referring people
Trading activity : While the exact criteria are not public for obvious reasons, any organic activity (not just opening and immediately closing a short position) will be rewarded, regardless of position size.
Vault deposits : This works similarly to Hyperliquid’s Vault (HLP). In simple terms, the Extended Vault generates revenue by :
- Market-making across multiple markets
- Handling liquidations for a 1% fee
- Receiving 50% of the exchange’s net trading fees
- Managing risk via strict exposure and leverage limits
This has allowed for an APR of 27% over the last 30 days, though it is subject to volatility. Currently, the vault is capped (to maintain high APR), so deposits are temporarily paused — but caps are frequently increased. Announcements are made in the Discord.
Referrals :
To activate your referral link, you need to hit $10K in trading volume. Once that’s done, you can create a personalized invite link and code. Invited users get a 10% fee discount on their first $50M in total trading volume.
There’s also a special ambassador program for :
- Users with 4,000+ social media followers, or
- Users who’ve referred $10M+ in trading volume over the last 30 days
More info is available on their official documentation here and Discord.
How to Start
The trading interface is intuitive. You’ll need a wallet (Rabby, MetaMask, etc.) to deposit USDC on either Ethereum or Arbitrum (lower fees). Then you’re ready to start trading !
⚠️ Important : Many people lose money trading, especially with high leverage. If you’re just here to farm the airdrop with lower risk, I recommend hedging your trades (e.g., buying $100 while selling $100 of the same token), either on Extended with a sub-account or on another platform.
My Opinion
Let’s break down the pros and cons of Extended and its potential airdrop.
Pros :
- Very early stage (~1K users) : easier to farm points, just like early Hyperliquid
- High leverage (up to 100x) : ideal for small-cap traders and experienced users
- Wide range of assets : from crypto to traditional markets like stocks and forex (though more pairs are being added weekly)
- Future features ; ) including spot markets and unified margin (all assets like BTC, ETH used as shared collateral), which is groundbreaking for a non-KYC platform
- Low trading fees : among the most competitive in the Perp DEX space
Source : https://www.perpetualpulse.xyz/
Cons :
- Early-stage UX : still being polished; your feedback is valuable
- Limited pairs (for now) : only core markets available, but suggestions are welcomed via Discord
- Airdrop uncertainty : while it’s likely, there’s no confirmed tokenomics or TGE info yet. Trading just for speculative airdrops is risky.
Conclusion
I believe Extended has huge potential. The team is experienced, the roadmap is promising, and the community from my time in the Discord is responsive and helpful.
If you’re planning to farm the airdrop, I recommend using only a small portion of your portfolio. Trading always involves risk, especially with high leverage and early-stage platforms.
But if the project delivers on its promises ?
It could be very worth it.
Extended (10% reduction fees for 50M first volume) :
https://app.extended.exchange/join/ASTROBOY13
Website : https://extended.exchange/
Extended Twitter (X) : https://x.com/extendedapp
Extended Discord : https://discord.gg/bNX9FdtGaG
Docs : https://docs.extended.exchange/
As always, thank you for reading !
Hyperliquid (4% fees discount) : https://app.hyperliquid.xyz/join/ASTROBOY13
My favorite Crypto Faucet: Cointiply (referral)
Read exclusive articles on publish0x, and if you want to support me for free, you can sign in with this link
Disclaimer: This is not financial advice, you need to do your own research !
