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The new tokens wrap perpetual positions into transferable ERC-20s, giving holders fixed-leverage exposure to assets like bitcoin and Robinhood stock without managing a position.Arcus, the decentralized exchange built by dYdX Labs, launches
Posted August 25, 2026 at 11:54 am EST.
Arcus, the decentralized exchange built by dYdX Labs, has launched leveraged and inverse tokens on Robinhood Chain that turn a managed perpetual account into a single ERC-20 token, which it calls a pToken, carrying fixed-leverage exposure to one market. Arcus also lets traders use eligible tokenized stocks as collateral to back leveraged positions.
The tokens span assets including bitcoin, solana, and HYPE at fixed leverage levels, in 1x and 3x long and short versions. Examples include pBTC3x, for 3x long bitcoin exposure, and pHOOD3x, for 3x long exposure to Robinhood’s HOOD stock token. Because each is an ERC-20 token, it can be held, transferred, or traded like any other token while carrying its leverage inside the wrapper.
“Traditional markets have spent decades making sophisticated investment strategies easier to access through products like leveraged ETFs,” Arcus CEO Eddie Zhang said in a statement announcing the launch. “We believe the next step is making those strategies native to blockchain infrastructure.”
How the Tokens Work Leveraged and inverse ETFs hold roughly $200 billion in assets in traditional finance, and Arcus is trying to bring that structure onchain. Each pToken represents a pro-rata stake in an underlying Arcus perpetual futures account at a fixed market and leverage level, settled in USDG, the Paxos-issued stablecoin that serves as the platform’s primary collateral. On the spot side, Arcus recently doubled its catalogue to about 200 tokenized stock markets, while its perpetual contracts run with leverage of up to 50x.
Backed by dYdX and Robinhood dYdX Labs is the team behind the decentralized perpetuals exchange dYdX, whose founder Antonio Juliano is joining the Arcus board, while Robinhood Crypto invested as a strategic backer and supplies distribution to Robinhood’s users. Arcus is a separate product from the independent dYdX Chain, which keeps operating on its own with existing funds and positions unaffected. Arcus runs on Robinhood Chain, the EVM-compatible network that Robinhood opened to the public on July 1.
Arcus said it has processed more than $2 billion in trading volume since launch, with average daily volume above $100 million. The company said its tokenized stock products are not available in the United States, the United Kingdom, Canada, and other restricted jurisdictions, reflecting the uneven regulatory treatment of tokenized securities across markets.
As tokenized stocks move from buy-and-hold positions toward collateral for active trading, Arcus is betting that leveraged exposure packaged as a single token finds an audience onchain.
Related Listen: Why Robinhood Chain Saw Memecoins Take Off Before Real World Assets
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.