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Arcus launches pTokens on Robinhood Chain to tokenize leveraged perps

pTokens are ERC-20 tokens that represent a pro-rata stake in underlying Arcus perpetuals accounts with fixed market and leverage levels, letting traders transfer exposure without managing margin directly.

Reported · Written up by our desk · Market Structure

Arcus, the decentralized exchange built by the team behind dYdX in partnership with Robinhood Crypto, has launched pTokens on Robinhood Chain. According to The Block, the protocol turns leveraged perpetuals exposure into transferable ERC-20 tokens.

Each pToken represents a pro-rata ownership stake in an underlying Arcus perpetuals account set at a fixed market and leverage level. The design lets traders buy and sell pTokens like spot assets while accessing leveraged exposure without directly managing a perpetuals account, collateral, or margin, The Block reported.

Arcus said the launch expands access to digital asset exposure including BTC, SOL, and HYPE. The Block noted examples such as pBTC and pBTC3x for 1x and 3x long and short BTC exposure, plus leveraged Stock Tokens like pHOOD3x for 3x long HOOD exposure.

Arcus positioned the launch as making familiar “leveraged ETF-style” strategies more accessible on chain. In remarks shared with The Block, Arcus founder and CEO Eddie Zhang said pTokens are intended to make managed perpetuals accounts native to blockchain infrastructure by transforming them into transferable onchain assets.

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