The spin angular momentum $S$ of an isolated Kerr black hole is bounded by the surface area $A$ of its apparent horizon: $8pi S le A$, with equality for extremal black holes. In this paper, we explore the extremality of individual and common apparent horizons for merging, rapidly spinning binary black holes. We consider simulations of merging black holes with equal masses $M$ and initial spin angular momenta aligned with the orbital angular momentum, including new simulations with spin magnitudes up to $S/M^2 = 0.994$. We measure the area and (using approximate Killing vectors) the spin on the individual and common apparent horizons, finding that the inequality $8pi S < A$ is satisfied in all cases but is very close to equality on the common apparent horizon at the instant it first appears. We also introduce a gauge-invariant lower bound on the extremality by computing the smallest value that Booth and Fairhursts extremality parameter can take for any scaling. Using this lower bound, we conclude that the common horizons are at least moderately close to extremal just after they appear. Finally, following Lovelace et al. (2008), we construct quasiequilibrium binary-black-hole initial data with overspun marginally trapped surfaces with $8pi S > A$ and for which our lower bound on their Booth-Fairhurst extremality exceeds unity. These superextremal surfaces are always surrounded by marginally outer trapped surfaces (i.e., by apparent horizons) with $8pi S<A$. The extremality lower bound on the enclosing apparent horizon is always less than unity but can exceed the value for an extremal Kerr black hole. (Abstract abbreviated.)
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