New pToken standard turns open perp accounts into transferable ERC-20 tokens
Arcus has rolled out tokenized perpetual futures positions on Robinhood Chain, according to Cointelegraph. The move introduces a mechanism the company calls pTokens, which convert an open perpetual futures account into a standard ERC-20 token, CryptoBriefing reported.
Perpetual futures, or perps, are derivative contracts that let traders bet on an asset’s price without an expiration date. They are among the most heavily traded instruments in crypto markets. Until now, perp positions have typically lived inside a specific exchange’s internal ledger, tied to a single account and platform.
By wrapping a perp position as an ERC-20 token, Arcus aims to make that position portable. ERC-20 is the widely used Ethereum token standard that underpins most fungible tokens in decentralized finance. Turning a derivatives position into that format means it could, in principle, be transferred, held in a wallet, or plugged into other applications built on the same standard.
Robinhood Chain is the blockchain infrastructure tied to Robinhood, the trading platform known for bringing retail investors into stocks, options, and crypto. Its emergence as a settlement layer for tokenized products reflects a broader push by trading platforms to build their own blockchain rails rather than rely solely on third-party networks.
The pToken model sits inside a larger trend of tokenizing traditional and crypto-native financial instruments. Tokenization has already extended to money market funds, government bonds, and real estate claims. Extending that logic to derivatives positions is a newer step, since perps carry leverage, funding rates, and liquidation risk that must be tracked accurately once represented on-chain.
Details on how Arcus manages collateral, liquidation triggers, or custody once a position becomes a token have not been specified in available reporting. Neither report detailed trading volumes, user numbers, or a timeline for broader availability. The scope of the launch, including whether it is limited to specific markets or user groups, was not outlined in the coverage reviewed for this article.
What is clear from the reporting is the core structural change: a perp position that once existed only within an exchange’s internal system can now be expressed as a transferable token. That shift could matter for composability, the ability of one crypto application to plug directly into another, a property that has driven much of decentralized finance’s growth.
Sources disagree on this story
This article was published before the reports below were compared. The reporting above stands; what follows is where the published accounts do not agree.
Cointelegraph and Unchained report starkly different trading volume totals for Arcus's pToken launch on Robinhood Chain.
What all sources agree on
- Arcus, built by the dYdX team, has launched a protocol on Robinhood Chain that converts perpetual futures positions into transferable ERC-20 tokens.
- Products include pBTC3x and pHOOD3x, offering 3x exposure to Bitcoin and Robinhood's HOOD stock token, respectively.
- Tokenized stocks can be used as collateral for leveraged positions.
- Arcus CEO Eddie Zhang said: "Traditional markets have spent decades making sophisticated investment strategies easier to access through products like leveraged ETFs. We believe the next step is making those strategies native to blockchain infrastructure."
- Robinhood Chain, an EVM-compatible network, opened to the public on July 1, 2026.
- Robinhood Crypto is a strategic backer of Arcus.
Where the reports disagree
1Total and average daily trading volume for Arcus since launch
Arcus said it has recorded more than $250 million in trading volume since launching on Robinhood Chain, with average daily volume exceeding $33 million.
Arcus said it has processed more than $2 billion in trading volume since launch, with average daily volume above $100 million.
What would settle it: Arcus's own on-chain volume data or a company statement clarifying the reporting period and methodology behind the cited figures.
What to make of it
Treat the existence and mechanics of the Arcus pToken launch on Robinhood Chain as established, but do not cite either the $250 million/$33 million or $2 billion/$100 million volume figures as settled until Arcus or an on-chain data source clarifies which is accurate.
Market Impact
Tokenizing derivatives positions could expand how perpetual futures exposure is used across decentralized finance, letting a position potentially serve as collateral or be traded outside its originating platform. This kind of composability has historically increased liquidity and use cases for other tokenized assets, though it also introduces new smart contract and settlement risks that markets will need to price in.
Robinhood Chain's involvement signals continued interest from established trading platforms in building tokenization infrastructure rather than leaving it to standalone crypto-native protocols. If pTokens gain adoption, other exchanges may explore similar wrapping mechanisms for their own derivatives products, though the pace and scale of any such shift remain unclear from current reporting.
The launch marks an early step toward representing leveraged derivatives positions as portable, on-chain tokens, though key operational details remain undisclosed pending further reporting.
Frequently Asked Questions
What is a pToken?
A pToken is Arcus's format for converting an open perpetual futures position into a standard ERC-20 token, according to CryptoBriefing.
What is Robinhood Chain?
Robinhood Chain is blockchain infrastructure associated with Robinhood, now reported to host Arcus's tokenized perpetual futures positions.
Why does tokenizing a perp position matter?
Converting a position into an ERC-20 token could make it transferable and usable across other blockchain applications, unlike positions locked inside a single exchange's system.
Are risk details like liquidation and collateral handling known?
Available reporting from Cointelegraph and CryptoBriefing did not specify how collateral, liquidation, or custody are managed for tokenized positions.
