TheBlock
Arcus, the perpetuals DEX built by the team behind dYdX in partnership with Robinhood Crypto, has launched pTokens on Robinhood Chain, a protocol that converts managed perpetual accounts into ERC-20 tokens tradeable across onchain venues. Each pToken represents a pro-rata claim on an Arcus perpetuals account at a fixed market and leverage level, letting traders buy and sell leveraged BTC, SOL, and HYPE exposure like a spot token. The launch lineup includes pBTC and pBTC3x for 1x and 3x long and short BTC, plus leveraged Stock Tokens like pHOOD3x for 3x long HOOD exposure. Arcus has crossed $2 billion in cumulative trading volume with average daily volume above $100 million, alongside an 85,000-strong waitlist for its perpetuals product.
Why it matters
The pToken framing copies the leveraged-ETF structure that has anchored TradFi flows for decades, then ports it onto rails where the resulting token can move. A leveraged long-BTC position stops being locked to a single venue; it can become collateral in a lending market, route through a DEX, or sit in a portfolio alongside spot holdings. Arcus founder and CEO Eddie Zhang drew the line directly: "Traditional markets have spent decades making sophisticated investment strategies easier to access through products like leveraged ETFs. We believe the next step is making those strategies native to blockchain infrastructure." The dYdX alumni shipping this on a Robinhood-distributed L2 also points to where the project's institutional ambitions are heading.
Market impact
Robinhood Chain, the Ethereum Layer 2 built on Arbitrum's stack that went live on July 1, has crossed $600 million in TVL and more than $26 billion in cumulative DEX volume, per The Block's data dashboard. Arcus's contribution, $2 billion in volume layered on top of that $26 billion, makes it one of the more active perps venues of the recent cycle. The inclusion of leveraged Stock Tokens like pHOOD3x also pushes tokenized equities toward a leverage primitive rather than just a spot wrapper, a direction Robinhood has telegraphed for months.
Frequently asked questions
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What are Arcus pTokens?
pTokens are ERC-20 tokens that represent a pro-rata ownership stake in an Arcus perpetuals account at a fixed market and leverage level. They let traders buy and sell leveraged crypto exposure like a spot token, without managing collateral or margin directly.
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Which assets does the pToken launch support?
The launch lineup includes pBTC and pBTC3x for 1x and 3x long and short BTC, plus leveraged Stock Tokens like pHOOD3x for 3x long HOOD exposure. Arcus said the protocol also expands access to digital assets including BTC, SOL, and HYPE.
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How does a pToken differ from running a normal perpetuals position?
Standard perps positions live on the exchange that minted them. A pToken converts that exposure into an ERC-20 that can move across onchain venues, including lending markets and other protocols, turning a leveraged position into a transferable, composable asset.
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How active is Arcus and what chain does it run on?
Arcus runs on Robinhood Chain, an Ethereum Layer 2 built on Arbitrum's stack that went live on July 1. Arcus has crossed $2 billion in cumulative trading volume with average daily volume above $100 million and reports an 85,000-strong waitlist.
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What is the broader market read on this launch?
Robinhood Chain has crossed $600 million in TVL and more than $26 billion in cumulative DEX volume, with Arcus contributing $2 billion of that flow. The structural question is whether pTokens can hold secondary-market liquidity and integrate with lending protocols without the basis drag that typically weighs on…
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