Extended Sets Oct. 21 Asset-Conversion Deadline Ahead of Arc Migration

Extended will migrate settlement for its perpetual decentralized exchange to Circle’s Arc Layer 1 blockchain during the week of Oct. 19, requiring some users to convert their collateral before an Oct. 21 deadline.

Users holding more than $1 of Tether (USDT) or Wrapped Bitcoin (wBTC) in any sub-account must convert those assets to USD Coin (USDC) or cirBTC by 8 a.m. ET (12:00 UTC) on Oct. 21. USDT and wBTC will not be supported on Arc.

The conversion will use a 1:1 rate and include a 0.50% premium paid by Extended. No swap fees will apply, and the premium will be credited within eight hours after the migration. A single approval will cover both assets and all sub-accounts.

Extended disabled USDT and wBTC deposits on Oct. 8 at noon ET (16:00 UTC). Ether (ETH) balances will automatically convert to wrapped Ether (wETH) on Arc at a 1:1 ratio, while USDC will migrate as native USDC. Vault and XVS balances, along with withdrawal rights, will remain unchanged.

Deposits and withdrawals will pause for about two hours during the transition. Trading and transfers between sub-accounts will continue, although the precise migration timing has not yet been provided. Users with open positions must maintain sufficient margin during the process.

Accounts that miss the conversion deadline will face restrictions. Affected users will not be able to add margin or close positions. Positions in affected sub-accounts will close at the mark price without a fee, open orders will be canceled, and the assets will be returned to the login wallet on Starknet or Ethereum. Extended will cover network fees.

Extended offers perpetual contracts tied to stocks, commodities, indices and crypto assets. Arc’s mainnet launched Sept. 16 with deterministic sub-second finality, USDC-denominated transaction fees, Ethereum Virtual Machine compatibility and an institutional validator set.

The migration comes as decentralized exchanges handle substantial activity in real-world-asset perpetual markets. Trading volume in those markets totaled $365 billion in the third quarter, including about $175 billion from public-equity contracts. Extended’s settlement migration is scheduled for the week of Oct. 19, with the asset-conversion deadline set for Oct. 21.