Arcus, a decentralized exchange developed by the team behind dYdX and operating in partnership with Robinhood Crypto, has launched pTokens on Robinhood Chain. The new protocol converts managed perpetual futures accounts into transferable ERC-20 tokens, enabling users to hold and trade leveraged exposure as standard onchain assets.

Each pToken represents a proportional ownership stake in an underlying Arcus perpetuals account tied to a specific market and fixed leverage level. Holders gain long or short leveraged positions without directly managing margins, collateral, or individual perpetual contracts. The tokens can move across lending platforms and other decentralized finance protocols.

Initial Product Lineup and Features

The launch covers major cryptocurrencies including Bitcoin, Solana, and Hyperliquid. Offerings include pBTC and pBTC3x, which provide one-times and three-times long or short Bitcoin exposure. Leveraged stock products are also available, such as pHOOD3x for three-times long exposure to the tokenized Robinhood share.

In parallel, Arcus introduced multi-asset collateral support. Eligible tokenized stocks, including SPY, QQQ, and MAG7, can back perpetual positions at a 50 percent loan-to-value ratio. This allows traders to use equity tokens as collateral for leveraged trades without selling their holdings.

Zhang added that pTokens transform managed perpetuals accounts into transferable onchain assets, creating new ways for traders to access leveraged exposure while expanding possibilities for tokenized markets.

Growth on Robinhood Chain

Arcus reported more than $2 billion in total trading volume since beginning operations on Robinhood Chain, with average daily volume exceeding $100 million. Its perpetuals waitlist has grown beyond 85,000 users.

Robinhood Chain, an Ethereum Layer 2 built on Arbitrum technology, launched its public mainnet on July 1. The network supports tokenized stocks, decentralized lending, and perpetual futures. It has accumulated approximately $596 million in total value locked, placing it among the top 15 chains by DeFi TVL.

The pToken release builds on Arcus’s existing suite of 24/7 trading for stock tokens and perpetuals. The platform combines these markets in a single self-custodied account, aiming to deliver continuous access to both crypto and traditional asset exposures.

Leverage carries inherent risks, particularly during sharp market moves, and users retain exposure to potential losses associated with the underlying positions.