A warm cord is a warning sign.
It means you’re pulling too much current for that cord’s gauge, or the cord is damaged. Either way, the insulation is degrading and a fire starts somewhere between “annoying” and “soon.”
Extension cords are not supposed to get warm. If it feels above room temperature when in use, you have a problem. The heat comes from electrical resistance — either because the wire is too thin for the load, the connections are loose, or the cord has internal damage. That heat cooks the insulation, which can melt, short, and ignite nearby materials.
Don’t keep using it hoping it’ll be fine. Unplug it and swap for a heavier gauge cord (lower AWG number) or reduce the load. If it’s still warm with a lighter load, the cord itself is faulty — replace it.
This is not the place to gamble. A thirty-dollar cord is cheaper than a house fire.