Perpetual futures, once a niche crypto product, have become one of the industry’s fastest-growing markets. Alongside cryptocurrencies like bitcoin, trading platforms are increasingly listing contracts tied to equities, commodities and other real-world assets, blurring the line between crypto-native and traditional financial markets.
Led by former Revolut crypto head Ruslan Fakhrutdinov, Extended had processed more than $245 billion in trading volume as of June and supports more than 100 perpetual markets, according to the company.
The firm said it plans to expand into spot trading, tokenized real-world assets and multi-asset collateral.
“The first phase was building for DeFi natives,” Fakhrutdinov said in a statement. “The next is expanding the infrastructure and partnerships needed to support the next stage of onchain derivatives.”
The investment points to a broader race to become what is best described as the “everything exchange” or “everything app” for financial markets. Coinbase (COIN) has expanded into perpetual futures, Robinhood is pairing tokenized stocks with event contracts and commodity perps, and prediction market operator Kalshi recently entered the perpetual futures business.
As trading increasingly moves onto a blockchain environment, the lines separating brokerages, crypto exchanges and prediction markets are becoming harder to distinguish.
“Capital markets are increasingly converging with digital asset infrastructure,” Zengo managing director Ouriel Ohayon, said in a statement. “eToro’s investment in Extended reflects a mutual conviction that the future of trading will be digital, accessible and can operate 24/7, beyond the traditional trading week.”