Arcus — a decentralized exchange (DEX) built by the development team behind dYdX — has launched a protocol on Robinhood Chain that converts perpetual futures positions into transferable ERC-20 tokens and allows tokenized stocks to be used as collateral for margin trading.
The products include pBTC3x and pHOOD3x, which provide 3x exposure to Bitcoin and Robinhood's HOOD stock token respectively, the DEX said in a press release on Tuesday, shared with Cointelegraph.
The multi-collateral mechanism initially supports stock tokens SPY, QQQ, and MAG7 — each with a loan-to-value ratio of 50%. Users can use tokenized stocks as collateral for perpetual positions.
"Traditional markets have simplified access to complex investment strategies for decades through products like leveraged ETFs. We believe the next step is to bring these strategies directly into blockchain infrastructure," said Arcus CEO Eddie Zhang.
Arcus reported that since its launch on Robinhood Chain, trading volume has exceeded $250 million, with a daily average volume of over $33 million.
Total Value Locked (TVL) on Robinhood Chain has grown to $596 million since its July 1 launch, placing the network among the top 15 TVL networks in DeFi, according to DeFiLlama data.
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