Arcus, a decentralized exchange built by the team behind dYdX in partnership with Robinhood Crypto, has launched the pToken protocol on Robinhood Chain, enabling traders to tokenize managed perpetual accounts into ERC-20 tokens that can move across lending markets and other onchain protocols.
In a statement shared with The Block, Arcus said the leveraged, exchange-traded fund-style contracts allow investors to amplify their exposure as institutions increasingly look to make tokenized assets productive.
Each pToken represents a pro-rata ownership stake in an underlying Arcus perpetuals account at a fixed market and leverage level, converting the exposure into a simple, transferable ERC-20 asset, the team explained.
Traders can buy and sell pTokens like other spot assets while accessing leveraged exposure without directly managing a perpetuals account, collateral, or margin.
Arcus said the launch expands access to digital assets including BTC, SOL, and HYPE, such as pBTC and pBTC3x, offering 1x and 3x long and short BTC exposure.
