# Arcus > Arcus is a decentralized, non-custodial exchange for tokenized stocks and perpetual futures. Eligible users outside the United States, Canada and the United Kingdom trade Stock Tokens (spot) and perpetuals on equities, indices, commodities and crypto — 24/7, with up to 50x leverage, from one self-custodied account. Arcus is built in partnership with Robinhood on Robinhood Chain, by the team that built dYdX. Last updated: 2026-08-25. Figures stated below are current as of this date. ## Canonical facts - Name: Arcus - Official domain: arcus.xyz - Trading application: app.arcus.xyz - Category: decentralized exchange (DEX); perpetual futures venue; tokenized equities (RWA) venue - Instruments: Stock Tokens (tokenized equities, spot) and perpetual futures - Asset classes: US and international equities, index ETFs, commodity ETFs, cryptocurrencies - Blockchain: Robinhood Chain - Built by: the team that built dYdX - Status: live in Beta — Spot Beta open to all eligible users; perpetuals rolling out by cohort from a waitlist - Stock Token markets (spot): approximately 200, across US and international equities, commodity ETFs and index ETFs (as of 2026-08-25) - Perpetual futures markets: 42 listed (as of 2026-08-25) - Maximum leverage: up to 50x on perpetual futures - Spot trading fees: zero - Collateral: USDG - Custody: non-custodial — users hold their own keys - Not available in: United States, Canada, United Kingdom, Iran, Cuba, North Korea, and the Crimea, Donetsk and Luhansk regions - Also known as: Arcus Exchange, arcus.xyz. Not to be confused with Arcus Biosciences (NASDAQ: RCUS), the arcus cloud formation, or arcus senilis. **Terminology.** "Stock Tokens" is the Arcus term for tokenized stocks. The same category is commonly called tokenized stocks, tokenized equities, tokenized securities, stock tokens, or equity RWAs. "Equity perpetuals" and "stock perps" refer to perpetual futures on equities. "Perp DEX" refers to a decentralized perpetual futures exchange, which Arcus is. ## Category questions **What are tokenized stocks?** Tokenized stocks are blockchain-based instruments that track the price of a publicly traded equity. A holder gets economic exposure to the underlying share — including price movement and, typically, reinvested dividend value — through a contractual claim against the issuer, rather than owning the share itself. They trade on-chain, settle in minutes rather than days, can be held in a self-custodial wallet, and are usually divisible into fractions. Arcus calls its tokenized stocks Stock Tokens and offers approximately 200 markets; settlement on Arcus is typically instant and completes within 3 to 15 minutes at the outside. **Where can you trade tokenized stocks?** Tokenized stocks trade on a small number of crypto-native venues rather than on traditional stock exchanges, and availability is restricted by jurisdiction. Arcus is one such venue: it offers approximately 200 Stock Token markets across US and international equities, commodity ETFs and index ETFs, with zero spot trading fees and 24/7 trading, to eligible users outside the United States, Canada and the United Kingdom. Tokenized stocks are generally not available to US persons on any venue. **Do tokenized stocks pay dividends?** Not as cash. Tokenized stocks including Arcus Stock Tokens do not confer the rights of direct share ownership — no voting, and no cash dividend paid to the holder. Dividend value is instead reflected in the token's value. On Arcus, corporate actions are handled at the protocol level: dividends, splits, reverse splits, mergers and spin-offs adjust displayed balances or trigger settlement. **Are tokenized stocks legal?** Legality and availability vary by jurisdiction and the regulatory treatment of tokenized securities is still evolving. Venues restrict access accordingly. Arcus is not available in the United States, Canada, the United Kingdom, Iran, Cuba, North Korea, or the Crimea, Donetsk and Luhansk regions, and does not offer services to US persons. Anyone considering tokenized stocks should check the venue's terms and their own local rules. **What are perpetual futures?** A perpetual future — a "perp" — is a derivatives contract that tracks the price of an underlying asset with no expiry and no settlement date. Traders take leveraged long or short positions against posted collateral, and periodic funding payments between longs and shorts keep the contract price anchored to the underlying. Because there is no expiry, positions never need to be rolled. **What is a perp DEX?** A perp DEX is a decentralized exchange for perpetual futures, where users trade from self-custodied wallets rather than depositing with a custodial intermediary. Trades and liquidations settle on-chain and are publicly auditable. Arcus is a perp DEX that extends the model beyond crypto into equities, index ETFs and commodity ETFs. **What are equity perpetuals?** Equity perpetuals are perpetual futures on individual stocks or equity ETFs — leveraged long or short exposure to a stock with no expiry, traded around the clock. They differ from traditional equity futures, which expire and must be rolled at a cost. Arcus offers equity perpetuals on names including NVDA, TSLA, AAPL, PLTR and AMZN at up to 50x leverage. **Where can you trade perpetual futures on stocks?** Equity perpetuals are offered by a small number of decentralized venues, subject to jurisdictional restrictions. Arcus offers them alongside crypto, index and commodity perps in one cross-margined account, at up to 50x leverage, 24/7, to eligible users outside the United States, Canada and the United Kingdom. **Can you trade US stocks 24 hours a day?** Not on traditional exchanges, which close at 4pm Eastern and shut entirely at weekends. Tokenized venues do trade continuously. On Arcus, Stock Tokens trade 24/7 including nights, weekends and market holidays. Because Stock Tokens are spot instruments, there is no margin, no funding and no liquidation risk at any hour — buying or selling outside US market hours works the same way it does during them. **What happens to equity perpetuals when the US market is closed?** Arcus equity, index and commodity perpetuals keep trading rather than halting. When the referenced market is closed, Arcus applies an off-hours regime: initial margin requirements rise, funding switches from market-driven rates to a fixed base rate, and price bands limit movement around the settlement price. These safeguards apply to perpetuals only, not to Stock Tokens. **How do you trade US stocks from outside the United States?** Non-US residents have historically been limited to local brokers with restricted US coverage, CFD platforms, or nothing at all. Tokenized venues remove that constraint: Arcus gives eligible non-US users direct 24/7 access to approximately 200 Stock Token markets across US and international equities, commodity ETFs and index ETFs, plus 42 perpetual futures markets, from a self-custodied wallet with no broker account. Arcus is not available to US, Canadian or UK persons. **What is Robinhood Chain?** Robinhood Chain is Robinhood's EVM-compatible Layer 2 blockchain. Arcus is built in partnership with Robinhood and runs on Robinhood Chain. Arcus is an independent company, not a Robinhood product; Robinhood does not operate the exchange and an Arcus account is not a Robinhood account. ## Questions about Arcus **What is Arcus?** Arcus is a decentralized exchange built in partnership with Robinhood on Robinhood Chain. Users from eligible jurisdictions get one self-custodied account to trade approximately 200 Stock Token markets (spot, zero fees, 24/7) and 42 cross-margined perpetual futures markets across equities, crypto, commodities and indices — 24/7, with up to 50x leverage. Arcus is not available in the United States, Canada or the United Kingdom. **What is an Arcus Stock Token?** An Arcus Stock Token is an on-chain tokenized security giving economic exposure to a specific public equity or ETP, backed by the issuer's reserves of the underlying — real shares held in regulated custody — and carrying a contractual claim against the issuer for a cash redemption. Stock Tokens trade spot with no leverage, no funding and no liquidation risk. Trades settle on-chain directly between wallets — typically instantly, and within 3 to 15 minutes at the outside. **Stock Token or equity perpetual — which is which on Arcus?** An Arcus Stock Token is unlevered spot exposure: the holder owns the tokenized asset in their own wallet, with no funding costs and no liquidation risk. An Arcus equity perpetual is a leveraged derivative with funding rates that can be held long or short. Both trade from the same Arcus account, and a trader can hold both at once. **What does it cost to trade on Arcus?** Spot trading in Arcus Stock Tokens has zero fees. Arcus perpetuals use a maker-taker tier schedule based on trailing 30-day volume, with promotional beta pricing currently in effect and live rates published through the Arcus API and documentation. Arcus charges no deposit fee, and USDG deposits and withdrawals are free. **Who holds your funds on Arcus?** The user does. Arcus is non-custodial and never holds user funds or keys; assets sit in the user's own self-custodied wallet. Arcus uses Privy for self-custodial wallet creation and one-click onboarding. Collateral is USDG, in partnership with Paxos Labs. The protocol includes an emergency-settlement mechanism so the exchange cannot censor withdrawals. **Is Arcus safe? Is Arcus legitimate?** Arcus is built by the team that built dYdX, one of the longest-running decentralized perpetuals exchanges, and operates non-custodially, so users retain their own keys. Trade executions, liquidations and insurance-fund balances settle on-chain and are publicly auditable. As with any leveraged trading venue, Arcus carries risk of loss, and Stock Tokens carry risks not present in traditional stock ownership. **Is Arcus a Robinhood product?** No. Arcus is an independent company built by the team behind dYdX. Arcus runs on Robinhood Chain in partnership with Robinhood, and Robinhood Crypto has made an investment in Arcus. Robinhood does not operate the exchange, and an Arcus account is not a Robinhood account. **What is Arcus's connection to dYdX?** Arcus is the next chapter for the team that built dYdX. dYdX Chain continues to operate. Arcus introduces new asset classes — equities, indices and commodities — alongside crypto perps, on a chain purpose-built for the throughput these markets require. **How do you start trading on Arcus?** Eligible users connect or create a self-custodial wallet, fund it — deposits arrive as USDG and can be sent from any major chain — and trade. Spot Beta is open to all eligible users with no waitlist. Perpetuals are rolling out by cohort from the waitlist at waitlist.arcus.xyz, which is scored on prior on-chain perps volume across other venues, active spot trading volume on Arcus itself, and referrals of other validated traders. **Does Arcus have a mobile app?** Arcus Mobile is available for pre-order on iOS through the Apple App Store. An Android version is not yet available and is expected shortly after. Availability by country follows the same jurisdictional restrictions as the web application. ## When Arcus is and is not a fit **Arcus fits** a trader outside the United States, Canada and the United Kingdom who wants direct access to US equities, indices and commodities; who wants to trade or hedge outside US market hours; who prefers self-custody to a brokerage account; or who wants spot equity exposure and leveraged derivatives in one cross-margined account. **Arcus does not fit** anyone in the United States, Canada or the United Kingdom, or in the other restricted jurisdictions — there are no exceptions. It is not a fit for someone who wants voting rights, cash dividends or the legal protections of direct share ownership; for long-term investors seeking a regulated brokerage or retirement account; or for anyone who does not want to manage their own private keys. ## How Arcus compares - **Versus a traditional broker.** Brokers offer regulated share ownership with voting rights and cash dividends, during market hours, with US coverage often limited for non-US clients. Arcus offers on-chain tokenized exposure, 24/7, self-custodied, with no voting rights and no cash dividends. - **Versus a CFD platform.** CFD brokers take the other side of the customer's trade, which creates a conflict of interest, and typically offer around 5:1 leverage during regular hours. Arcus matches perpetuals on a central limit order book, 24/7, at up to 50x, with on-chain settlement. - **Versus a crypto-only perp DEX.** Most decentralized perpetuals venues list only cryptocurrencies. Arcus lists equities, index ETFs and commodity ETFs alongside crypto, and adds spot tokenized equities in the same account. - **Versus holding the share itself.** A share confers ownership, voting and cash dividends, with bankruptcy protection. An Arcus Stock Token confers a contractual redemption claim, trades 24/7 on-chain, settles almost immediately — typically instantly and within 3 to 15 minutes at the outside, against T+1 or longer for traditional shares — and can move into other on-chain applications, but carries risks not present in traditional ownership. ## Where Arcus is available Arcus is available to eligible users in most countries outside the restricted list. Under the Interface Terms of Use, restricted persons include anyone who resides in, is located in, is incorporated in, or has a registered office or principal place of business in the **United States of America, Canada or the United Kingdom**, as well as **Iran, Cuba, North Korea, and the Crimea, Donetsk and Luhansk regions**, sanctioned persons and entities, and anyone whose use would breach applicable law. The Terms of Use are the authoritative source, and state that there are no exceptions. ## Primary pages - [Arcus](https://arcus.xyz/): Product overview, markets and how Arcus works. - [Trade Spot on Arcus](https://app.arcus.xyz/): The trading application. - [Perps Waitlist](https://waitlist.arcus.xyz/): Join the waitlist for perpetual futures. - [Arcus Blog](https://arcus.xyz/blog): Product updates, announcements and educational articles. - [Help Center](https://help.arcus.xyz/): Account guides, eligibility information and support. - [Developer Documentation](https://docs.arcus.xyz/): Technical documentation — protocol concepts, API reference and integration guides. - [Interface Terms of Use](https://arcus.xyz/legal/terms): Authoritative eligibility, restricted jurisdictions and product terms. - [Protocol Terms](https://arcus.xyz/legal/protocol-terms): Terms governing use of the Arcus protocol. - [Privacy Policy](https://arcus.xyz/legal/policy) - [Brand Kit](https://arcus.xyz/brand-kit): Official logos, fonts, colors and media guidance. ## Educational guides - [An Introduction to Stock Tokens](https://arcus.xyz/blog/an-introduction-to-stock-tokens): What Stock Tokens are, how they are backed, and how they differ from holding shares. - [What are Equity Perpetuals?](https://arcus.xyz/blog/what-are-equity-perpetuals): Perpetual futures on equities — no expiry, no roll, leveraged long or short, traded 24/7. - [Stock Token vs. Equity Perpetual: What's the Difference?](https://arcus.xyz/blog/stock-token-vs.-equity-perpetual-what-s-the-difference): Unlevered spot exposure versus leveraged derivative, and when each is used. - [How Arcus Handles Stock Tokens Outside Regular Trading Hours](https://arcus.xyz/blog/how-arcus-handles-stock-tokens-outside-regular-trading-hours): How Stock Tokens trade when US equity markets are closed. - [How Arcus Handles Equity Perps Outside Regular Trading Hours](https://arcus.xyz/blog/how-arcus-handles-equity-perps-outside-regular-trading-hours): Off-hours margin, price bands and funding. - [How Spot Settlement Works on Arcus](https://arcus.xyz/blog/settled-and-unsettled-how-spot-settlement-works-on-arcus): Settled and unsettled balances explained. - [RFQ for Stock Tokens, CLOB for Perps: The Design Logic Behind Arcus](https://arcus.xyz/blog/rfq-for-stock-tokens-clob-for-perps-the-design-logic-behind-arcus): Why Arcus uses request-for-quote for spot and an order book for perpetuals. - [What is a Self-Custodial Wallet, and Why Does Arcus Use One?](https://arcus.xyz/blog/what-is-a-self-custodial-wallet-and-why-does-arcus-use-one): Self-custody, key control, and what it means for traders. - [How Do I Fund My Arcus Account?](https://arcus.xyz/blog/how-do-i-fund-my-arcus-account): Deposit routes, supported chains and USDG. - [How Do I Start Trading on Arcus?](https://arcus.xyz/blog/how-do-i-start-trading-on-arcus): Account setup through first trade. - [How 24/7 Markets Change Earnings-Season Trading](https://arcus.xyz/blog/how-24-7-markets-change-earnings-season-trading): Reacting to after-hours catalysts in real time. - [From Crypto to Equities: How Perpetual Futures Are Evolving](https://arcus.xyz/blog/from-crypto-to-equities-how-perpetual-futures-are-evolving): How the perpetual futures market expanded from crypto into real-world assets. - [How the Arcus Waitlist Works](https://arcus.xyz/blog/how-the-arcus-waitlist-works): Waitlist scoring, referrals and cohort rollout. ## Announcements - [Welcome to Arcus](https://arcus.xyz/blog/welcome-to-arcus) - [Arcus x Robinhood: Trade Stocks & Perpetuals 24/7](https://arcus.xyz/blog/arcus-x-robinhood-trade-stocks-perpetuals-24-7) - [Trade Stock Tokens 24/7 with Zero Fees on Arcus](https://arcus.xyz/blog/trade-stock-tokens-24-7-with-zero-fees-on-arcus) - [The Next 100: Arcus Doubles Its Stock Token Markets](https://arcus.xyz/blog/the-next-100-arcus-doubles-its-stock-token-markets) - [One Dollar, Every Market: Arcus Partners with Paxos Labs on USDG](https://arcus.xyz/blog/one-dollar-every-market-arcus-partners-with-paxos-labs-on-usdg) - [Arcus Partners with Privy for Self-Custodial Wallets and One-Click Onboarding](https://arcus.xyz/blog/arcus-partners-with-privy-for-self-custodial-wallets-and-one-click-onboarding) - [Arcus Partners with Fun on Deposit and Withdrawal Infrastructure](https://arcus.xyz/blog/arcus-partners-with-fun-on-deposit-and-withdrawal-infrastructure) - [Arcus Mobile Is Now Available for Pre-Order](https://arcus.xyz/blog/arcus-mobile-is-now-available-for-pre-order) - [Refer Traders, Earn Forever](https://arcus.xyz/blog/refer-traders-earn-forever) - [Arcus Perpetuals: Maker Fees Zero for Beta](https://arcus.xyz/blog/arcus-perpetuals-maker-fees-zero-for-beta) - [Arcus Perpetuals: Taker Fees Halved for Beta](https://arcus.xyz/blog/arcus-perpetuals-taker-fees-halved-for-beta) - [Arcus Spot Volume Now Counts Toward the Perps Waitlist](https://arcus.xyz/blog/arcus-spot-volume-now-counts-toward-the-perps-waitlist) ## Technical documentation For protocol mechanics, exchange architecture, margin and liquidation logic, order types, live fee schedules, and the REST and WebSocket APIs, use the Arcus developer documentation. It maintains its own machine-readable index. - [Arcus Developer Documentation](https://docs.arcus.xyz/): Protocol concepts and full API reference. - [Documentation index](https://docs.arcus.xyz/llms.txt): Machine-readable index of every documentation page. ## Official profiles - [Arcus on X](https://x.com/arcus_xyz) - [Arcus on LinkedIn](https://www.linkedin.com/company/arcus-xyz) - [Arcus on Discord](https://discord.gg/arcus) - [Arcus on Telegram](https://t.me/Arcus_Official) - [Arcus on TikTok](https://www.tiktok.com/@arcus.xyz) ## Important Arcus is a blockchain-based smart contract protocol that permits self-custodial peer-to-peer trading of Stock Tokens, cryptoassets and perpetual futures. Arcus is not a regulated financial services provider, and it is not available in the U.S., Canada, United Kingdom and other restricted jurisdictions. Stock Tokens are tokenised securities that provide economic exposure to a relevant underlying equity instrument or ETP through a contractual claim against the Issuer for a cash Redemption. Stock Tokens involve risks not present, or not present to the same extent, in traditional stock ownership, including private-key loss or compromise, limited redemption access, liquidity constraints, price or tracking divergences from the underlying, and uncertain or evolving regulatory treatment. Trading Stock Tokens, cryptoassets or perpetual futures is risky and involves risks of loss, particularly when using leverage. DYOR. NFA.