TLDR
- Arcus, built by the dYdX team, has launched pTokens on Robinhood Chain, turning perpetual futures positions into transferable ERC-20 tokens
- Products include pBTC3x and pHOOD3x, offering 3x leveraged exposure to Bitcoin and Robinhood stock
- Tokenized stocks can now be used as collateral for leveraged trades without selling holdings
- Arcus has recorded over $2 billion in trading volume with average daily volume above $100 million
- Robinhood Chain has surpassed $600 million in total value locked since its July 1 launch
Arcus, a decentralized exchange built by the team behind dYdX, has launched a new protocol on Robinhood Chain. The protocol converts perpetual futures positions into transferable ERC-20 tokens called pTokens.
LATEST: ⚡️ Arcus, built by dYdX Labs and Robinhood Crypto, launched pTokens on Robinhood Chain, turning leveraged perp accounts into transferable ERC-20s usable across DeFi. pic.twitter.com/L8i7yfNOx8
— CoinMarketCap (@CoinMarketCap) August 26, 2026
Each pToken represents a pro-rata ownership stake in an underlying Arcus perpetuals account at a fixed market and leverage level. Traders can buy and sell them like regular spot assets without managing margin or collateral directly.
The launch includes products such as pBTC and pBTC3x, giving traders 1x and 3x long and short exposure to Bitcoin. There is also pHOOD3x, which offers 3x long exposure to Robinhood stock.
Tokenized stocks can now be used as collateral for leveraged trades. This means investors do not have to sell their holdings to access leverage.
Arcus CEO Eddie Zhang said the goal is to bring strategies like leveraged ETFs onto blockchain infrastructure. He described pTokens as a way to make managed perpetuals accounts into transferable on-chain assets.
How pTokens Work
PTokens are ERC-20 tokens that can move across lending markets and other on-chain protocols. They convert leveraged perpetual exposure into a simple, portable asset.
Traders access leveraged exposure to assets including Bitcoin, Solana, and HYPE through the pToken format. The tokens function similarly to leveraged ETFs in traditional markets.
Arcus was built in partnership with Robinhood Crypto. The exchange has processed over $2 billion in total trading volume since launching on Robinhood Chain, with average daily volume exceeding $100 million.
More than 85,000 users have joined the Arcus perpetuals waitlist. That number points to growing interest in on-chain leveraged products.
Robinhood Chain Growth
Robinhood Chain is an Ethereum Layer 2 network built using Arbitrum’s technology stack. It went live on public mainnet on July 1, with support for tokenized stocks, decentralized lending, and perpetual futures.
The chain has grown to over $600 million in total value locked. It has also generated more than $26 billion in cumulative DEX volume since launch.
Robinhood Chain ranks among the top 15 chains by DeFi total value locked, according to DeFiLlama data. That places it alongside established networks despite launching just weeks ago.
The Arcus pToken launch adds another layer of financial products to the chain. Investors can now access leveraged stock and crypto exposure through a single transferable token format.
The chain continues to attract users and volume as more protocols build on its infrastructure.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
