Arcus, built by the original dYdX team with Eddie Zhang as chief executive officer and Robinhood Crypto as a strategic investor, launched on Robinhood Chain with 24/7 zero-fee trading in more than 95 tokenized U.S. equities and a USDG-collateralized perpetual-futures test market covering equities, ETFs, commodities, indices and crypto. On August 25 it introduced pTokens, transferable ERC-20 representations of fixed-leverage perpetual account shares that package derivatives exposure in a leveraged-ETF-style wrapper; initial products include pBTC and pBTC3x for 1x and 3x long and short bitcoin exposure and pHOOD3x for 3x long Robinhood exposure. Eligible SPY, QQQ and MAG7 tokens can back futures margin at a 50% initial loan-to-value ratio, with leverage of up to 50x in a self-custodial cross-margin setup integrated with Paxos Labs’ USDG and Privy wallets. Arcus said it has generated more than $2 billion in trading volume since launching on Robinhood Chain on July 1, with average daily volume above $100 million, up from earlier figures of more than $250 million cumulative volume and average daily volume above $33 million. Robinhood Chain, an Arbitrum-based Ethereum Layer 2 whose public mainnet launched July 1, 2026, has been reported with sharply different TVL and volume measures depending on date and definition, while its Stock Tokens remain debt securities unavailable to U.S. persons.