Ruslan Fakhrutdinov – Extended Exchange and Vault Tokenization (S7E27)

Today, I’m speaking with Ruslan Fakhrutdinov, the founder of Extended, a decentralized perpetual futures exchange. Ruslan is the fifth perpetual futures exchange founder I’ve had on the podcast, and that’s very intentional. Flow continues to move toward these platforms, and while trading perps can feel familiar to anyone coming from centralized or traditional exchanges, the way risk is absorbed and resolved under the hood for decentralized exchanges can be very different. In this episode, we go deep on the design of perp DEX vaults and the role they play as a liquidity and risk backstop for the entire exchange. Ruslan walks through how platforms choose between protecting system solvency, safeguarding vault depositor capital, and managing trader losses, particularly during stress events. We also discuss how settlement finality, governance intervention, and liquidation design determine where losses ultimately land. We spend time on Extended’s introduction of vault shares as collateral, why that design can be powerful, and the new risks it introduces if boundaries aren’t explicit. Ruslan lays out the risk-management waterfall: when the vault steps in as a counterparty, when it refuses additional exposure, and when traders are pushed into forced deleveraging or auto-deleveraging instead. We close by connecting this framework to Extended’s next phase, expanding cross-asset margin, and what it takes to design a system that still behaves predictably when markets break. Please enjoy my conversation with Ruslan Fakhrutdinov. 0:00 Introduction by Corey Hoffstein 0:46 Guest introduction and episode overview 1:22 Deep dive into perpetual futures and risk management 3:11 Significance of settlement independence in decentralized platforms 6:27 Allocation of losses and exchange responsibilities 10:26 Market making vaults: Role, function, and stress behavior 16:41 Vault intervention and risk limits in liquidations 23:51 Introduction and risks of extended vault shares (XVS) 30:18 Mark price significance and collateral haircut in force close operations 33:14 System stability and depositor protection in extreme stress scenarios 37:14 Stress testing and expanding collateral options 43:30 Operational logic and interest rates for borrowing against spot assets 49:37 Liquidation process for various collateral types 54:35 Auto deleveraging mechanics and decentralized exchange design 56:37 Future of decentralized financial markets 57:19 Host's final question and guest's personal obsessions 57:30 Closing remarks and thanks to guest

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