Arcus, built by the original dYdX team with founder Eddie Zhang as chief executive officer and Robinhood Crypto as a strategic investor, has officially launched on Robinhood Chain with 24/7 zero-fee trading in more than 95 stock tokens and a USDG-collateralized perpetual futures test market covering equities, ETFs, commodities, indices and crypto. The perpetuals waitlist exceeds 85,000, with products including SPY, QQQ, GLD, USO, bitcoin, ether, Solana and XRP. The platform unifies stock tokens and perpetuals in a single self-custodial cross-margin account, integrates Paxos Labs' USDG and Privy embedded wallets, and on August 25 launched the pToken protocol that converts fixed-leverage perpetual account shares into transferable ERC-20 tokens usable across wallets and DeFi. Multi-asset collateral allows eligible SPY, QQQ and MAG7 tokens to back futures margin at a 50% initial loan-to-value ratio without selling the underlying assets, while leverage reaches up to 50x. Arcus has reported more than $250 million in volume since its Robinhood Chain launch, with average daily volume above $33 million and about $18 million in TVL. Robinhood Chain, an Arbitrum-based Ethereum layer 2 whose public mainnet launched July 1, has surpassed $600 million in TVL and more than $26 billion in cumulative DEX volume, after handling roughly $3.1 billion in DEX volume in its first mainnet week according to Bernstein.