Arcus is a decentralized exchange on Robinhood Chain built by the same team behind dYdX. It launched in July 2026 with zero-fee spot trading on 95 tokenized stocks and a perps beta rolling out in cohorts. dYdX founder Antonio Juliano confirmed Arcus will launch its own token, separate from DYDX. Allocation details, distribution method, and timeline have not been announced.

The Arcus referral code is SAGMA. It gives you 5% off perps trading fees when futures access opens for your account.

Join Arcus with code SAGMA

Yes — partially. Antonio Juliano confirmed Arcus will have its own token. Charles d'Haussy (dYdX Foundation CEO) has publicly referenced it. The token is separate from DYDX.

What is NOT confirmed: how much goes to users, how it will be distributed, or when. No allocation percentages. No snapshot date. No TGE timeline.

What IS observable: the platform tracks wallet activity, referral connections, trading volume, and waitlist engagement. This mirrors exactly what dYdX and Hyperliquid tracked before their airdrops. Both rewarded early users heavily.

Two paths are available today. Neither costs anything beyond the capital you deposit.

Trade spot. 95 tokenized stocks at zero fees — Tesla, Apple, NVIDIA, Google, gold, oil, S&P 500, and more. 24/7. No commission. This is the only on-platform activity open to everyone right now. Your wallet accumulates trading history that matters if the token rewards platform usage. Zero fee means zero cost to build that history.

Join with a referral code. Go to app.arcus.xyz/ref/SAGMA. Connect your wallet and X account. The referral code SAGMA gives you 5% off perps fees when they open for your cohort. Referral connections are tracked — platforms that track referrals before a token launch have historically rewarded that activity.

Perpetual futures are live in closed beta. 35 markets across crypto, equities, commodities, and indices. Cross-margined. Up to 50x leverage. Access is rolling out by cohort.

Your position depends on two things:

Prior perps volume from dYdX v3, Hyperliquid, Lighter, and RWA volume from HIP-3, Cash, and TradeXYZ. If you traded on any of these, your history carries over. Connect multiple wallets to aggregate.

Referral activity. More referrals through your code = higher position = earlier cohort.

Link a dYdX v4 wallet address if you have one. Join the Arcus Telegram group. Both are listed as ranking signals.

Full perps launch is planned later this year. Trading spot while you wait costs nothing and builds on-platform history.

Three reasons.

The team already did this. dYdX executed one of the largest airdrops in DeFi history. The founding team now runs Arcus. They know how to build a protocol, grow a user base, and distribute tokens to early participants. The pattern is not speculation — it is their track record.

Robinhood's 25 million users. Robinhood invested in Arcus. Every stock token is Paxos-issued with 1:1 backing through Robinhood infrastructure. When (not if) Arcus opens to Robinhood's user base, the platform's trading volume and attention will scale dramatically. Being here before that happens is the positioning play.

Stocks as perp collateral. No other platform lets you hold NVIDIA as margin for a BTC perpetual. This cross-collateralization creates a use case that does not exist elsewhere. If it drives adoption, early users who built history on the platform benefit.

Zero-fee 24/7 stock trading. Not synthetic exposure — Paxos-backed tokenized securities redeemable through Robinhood. USDG (Paxos stablecoin) as primary settlement.

Stock-backed perpetual collateral. Buy equities on spot, use them as margin for futures. One account, cross-margined.

Robinhood Chain. Arbitrum L2 built by Robinhood Crypto. Purpose-built throughput for financial markets.

Self-custodial. Your wallet, your keys. Arcus cannot access your funds. KYC is required due to tokenized securities regulations.

Not available in the United States, United Kingdom, Canada, or other restricted jurisdictions.

Arcus is weeks old. Perps are not fully launched. The market count is small compared to Hyperliquid or Variational. KYC on a DEX is a dealbreaker for some.

But the team pedigree is real. The Robinhood infrastructure is real. The token confirmation is real. The zero-fee spot trading costs you nothing to participate in. And referral code SAGMA locks in the 5% perps discount for whenever your cohort opens.

The worst case: you traded tokenized stocks for free. The best case: you positioned early on the next major airdrop from the team that already delivered one of the biggest in history.

SAGMA. 5% off perps fees.

Antonio Juliano confirmed it. Allocation and timing are not published.

Trade 95 stock tokens at zero fees. Join with referral code SAGMA. Build on-platform history.

The dYdX founding team. Eddie Zhang CEO. Juliano on the board. Robinhood as chain and investment partner.

Yes. Only platform offering this.

Zero commission. RFQ mechanism — your cost is the quote spread.

US, UK, Canada, and other restricted jurisdictions.

Yes. Tied to tokenized securities regulation.

Paxos stablecoin. Primary collateral and settlement on Arcus.

Prior volume from dYdX, Hyperliquid, Lighter. Referrals. dYdX v4 wallet link. Telegram group.