🚨 OVER $1 IN THE WRONG ASSET? YOUR TRADING POSITIONS COULD BE FORCE-CLOSED! 👀
And the deadline is TODAY.
Extended, the perpetual trading platform, is moving settlement from Starknet to Circle's Arc blockchain.
But there's a critical detail traders shouldn't overlook.
⚠️ THE $1 RULE
If you hold more than $1 worth of $USDT or $WBTC in ANY Extended sub-account, you must take action before:
⏰ October 21 — 12:00 UTC
These assets won't be supported on Arc.
💥 WHAT HAPPENS IF YOU IGNORE IT?
According to Extended:
🔴 Your entire account may be temporarily restricted.
🔴 Open orders in affected sub-accounts will be cancelled.
🔴 Positions in those sub-accounts will be closed at mark price.
🔴 During restrictions, you may be unable to add margin or close positions.
And normal liquidation rules still apply!
✅ HOW TO AVOID IT
Before the deadline:
• Authorize USDT → USDC and wBTC → cirBTC conversion in-app.
• Or withdraw the affected assets.
Extended offers a 1:1 conversion, no swap fees, and a 0.5% premium credited after migration.
📅 Settlement migration: October 22, 13:00 UTC.
Trading is expected to continue, although deposits and withdrawals may pause temporarily.
💭 PANBAS TAKE:
The migration itself isn't the danger.
It's overlooking a collateral balance that could trigger restrictions and forced position closures.
One missed deadline can matter more than your next perfect entry.
👀 Are traders paying enough attention to exchange migration rules?
#TradingRisk #defi
And the deadline is TODAY.
Extended, the perpetual trading platform, is moving settlement from Starknet to Circle's Arc blockchain.
But there's a critical detail traders shouldn't overlook.
⚠️ THE $1 RULE
If you hold more than $1 worth of $USDT or $WBTC in ANY Extended sub-account, you must take action before:
⏰ October 21 — 12:00 UTC
These assets won't be supported on Arc.
💥 WHAT HAPPENS IF YOU IGNORE IT?
According to Extended:
🔴 Your entire account may be temporarily restricted.
🔴 Open orders in affected sub-accounts will be cancelled.
🔴 Positions in those sub-accounts will be closed at mark price.
🔴 During restrictions, you may be unable to add margin or close positions.
And normal liquidation rules still apply!
✅ HOW TO AVOID IT
Before the deadline:
• Authorize USDT → USDC and wBTC → cirBTC conversion in-app.
• Or withdraw the affected assets.
Extended offers a 1:1 conversion, no swap fees, and a 0.5% premium credited after migration.
📅 Settlement migration: October 22, 13:00 UTC.
Trading is expected to continue, although deposits and withdrawals may pause temporarily.
💭 PANBAS TAKE:
The migration itself isn't the danger.
It's overlooking a collateral balance that could trigger restrictions and forced position closures.
One missed deadline can matter more than your next perfect entry.
👀 Are traders paying enough attention to exchange migration rules?
#TradingRisk #defi