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Level 38 - DERAELX
The answer to this puzzle is:
Words: EXEDRA, ALDER, LAXER, AXLED, EARED, LAREE, LADER, RAXED, LEAR, READ, ALEE, EXED, DERE, DEAL, DEER, AXED, REEL, REED, REDE, LEER, LEAD, DREE, AXEL, LARD, LADE, AXLE, DALE, DELE, EARL, LED, EAR, ARE, DEL, EEL, LEA, ELD, ERE, LAD, LAX, RAD, LEX, LEE
Bonus words:
EXEDRA, ALDER, LAXER, AXLED, EARED, LAREE, LADER, RAXED, LEAR, READ, ALEE, EXED, DERE, DEAL, DEER, AXED, REEL, REED, REDE, LEER, LEAD, DREE, AXEL, LARD, LADE, AXLE, DALE, DELE, EARL, LED, EAR, ARE, DEL, EEL, LEA, ELD, ERE, LAD, LAX, RAD, LEX, LEE