pTokens went live Tuesday.
Arcus, a decentralized exchange on Robinhood Chain, rolled out ERC-20 tokens that represent pro-rata ownership in a managed perpetual futures position. Traders can transfer them. Lend them. Trade the leveraged exposure without closing it.
Each pToken corresponds to an underlying Arcus perpetuals account. Fixed market. Fixed leverage. The whole position becomes a transferable on-chain asset. Think of it this way: a holder with 3x long bitcoin exposure can move that token into a lending market as collateral. The trade stays open.
The initial product set is pBTC and pBTC3x, offering 1x and 3x long and short exposure to bitcoin (BTC). There is also pHOOD3x for 3x exposure to Robinhood’s tokenized stock. Arcus describes the contracts as leveraged, ETF-style products. SOL and HYPE are in the supported markets too, The Block reported.
“Traditional markets have spent decades making sophisticated investment strategies easier to access through products like leveraged ETFs,” Eddie Zhang, founder and CEO of Arcus, said in a statement. “We believe the next step is making those strategies native to blockchain infrastructure.”
Zhang added that pTokens transform managed perpetuals accounts into transferable on-chain assets, creating a new way to access leveraged exposure. The statement was shared with The Block and Cointelegraph.
The volume numbers are substantial. Arcus has processed more than $2 billion since launching on Robinhood Chain. Average daily volume surpasses $100 million, according to both outlets. The perpetuals waitlist has topped 85,000 users.
Robinhood Chain is the substrate. An Ethereum Layer 2 built on Arbitrum’s technology stack, it went live on public mainnet July 1. Tokenized stocks. Decentralized lending. Perpetual futures. Cumulative DEX volume has crossed $26 billion, according to The Block.
Total value locked sits above $600 million. That is The Block’s data dashboard. Cointelegraph, citing DeFiLlama, reported $596 million. Different sources, different figures.
Cointelegraph flagged a use case worth noting. Tokenized stocks on the chain can serve as collateral for leveraged trades without requiring holders to sell. pTokens extend the idea by making the leveraged position itself transferable.
Here is what the launch does not specify. How does liquidation and margin risk transfer when a pToken changes hands? The statements do not detail liquidation thresholds for tokenized positions. They do not address whether the fixed leverage level adjusts if the underlying account’s collateral ratio deteriorates. The full list of planned markets beyond BTC, SOL, HYPE, and HOOD also remains unannounced.
