Perpetual futures, once a niche crypto product, has become one of the industry’s fastest growing markets. Alongside cryptocurrencies like bitcoin, trading platforms are increasingly listing contracts tied to stocks, commodities and other real-world assets, blurring the line between crypto-native and traditional financial markets.
Led by former Revolut crypto chief 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 to build for defi-natives,” Fakhrutdinov said in a statement. “Next is to expand the infrastructure and partnerships needed to support the next phase 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 breakers, and prediction market operator Kalshi recently entered the perpetuity business.
As trading increasingly moves into 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 CEO Ouriel Ohayon said in a statement. “eToro’s investment in Extended reflects a mutual belief that the future of trading will be digital, accessible and able to operate 24/7, beyond the traditional trading week.”
