A decentralized exchange developed by the team behind dYdX has introduced a protocol on Robinhood Chain that converts perpetual futures positions into transferable ERC-20 tokens and enables tokenized stocks to serve as collateral for leveraged trading.
The launch includes products such as pBTC3x and pHOOD3x, which provide 3x exposure to Bitcoin and Robinhood’s HOOD stock token, respectively. The multi-collateral feature initially supports tokenized equities including SPY, QQQ and MAG7, each with a 50% loan-to-value ratio, allowing users to pledge tokenized shares as collateral for perpetual positions.
Arcus said the protocol has processed over $250 million in trading volume since its deployment on Robinhood Chain, with average daily volume exceeding $33 million. Robinhood Chain has accumulated $596 million in total value locked since its July 1 launch, placing it among the top 15 chains by decentralized finance total value locked, according to DeFiLlama data.
Arcus CEO Eddie Zhang said the initiative aims to replicate the accessibility of traditional leveraged investment products within blockchain infrastructure. Traditional markets have spent decades simplifying sophisticated strategies through instruments such as leveraged ETFs, he noted, adding that the next evolution involves embedding those strategies natively into blockchain networks.
The protocol’s launch follows Robinhood Chain’s emergence as a dedicated blockchain for decentralized finance applications, expanding the ecosystem’s toolset for leveraged trading and collateralized derivatives.
