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Arcus

Stock tokens · Perps

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The dYdX team's next exchange, built with Robinhood.

dYdX ran one of the best airdrops of the last cycle, and this is the same team's next project. Arcus was built jointly by dYdX Labs and Robinhood Crypto and went live on Robinhood Chain from day one, so distribution isn't a question. Tokenized stocks look like the next big onchain market, and Arcus already lists 190+ of them with zero spot fees, plus 24/7 perps on equities, indices, commodities and crypto. dYdX has said part of any future Arcus token is reserved for its community. Spot is open to everyone; perps are invite-only, and traders earn one invite code for every $1M of perps volume. Arcus Points went live on October 1, 2026. Season 0 (July to September) was dropped retroactively to beta traders, and Season 1 pays out 250K points every Wednesday, for trading, market making, deposits you keep on Arcus and referrals. RWA perps earn a boost, more so outside US market hours.

Bulk

Solana perps

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Solana's best shot at a real perps exchange. 30% of supply to users at TGE.

Solana still doesn't have a proper perps venue, and Bulk is the most serious attempt at filling that hole. Matching runs inside a modified Solana validator instead of a smart contract, which is how it gets CEX-like speed onchain. The team has said 30% of supply goes to the community at TGE, one of the largest allocations Solana has seen. BIP-1 lets anyone deploy their own perp market, the same model that made HIP-3 work on Hyperliquid. Mainnet opened on September 5 in its Genesis phase, and entry is still by access code.

Entropy

Pre-IPO perps

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Trade Anthropic before it lists. Backed by Ribbit Capital.

Entropy makes private companies tradeable. Its Anthropic pre-IPO perp went live on Hyperliquid in August, one of the few liquid ways to get exposure to names like that before they list. The $14M seed was led by Ribbit Capital, a blue-chip fintech VC, and the team comes from Citadel Securities, Optiver, Polymarket and Millennium. It runs as a HIP-3 deployer, so orders settle on Hyperliquid's engine. Still very early.

TxFlow

Perps L1

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No investors, no API. Early activity belongs to manual traders.

TxFlow has no investor token allocation, which is how Hyperliquid started too, so ownership stays with the people who actually trade it. There's no public API yet, which keeps bots and farming scripts out and leaves the early volume to manual traders. It's its own L1 with a fully onchain order book and 150+ perp markets, including metals, oil and US stocks. There's no points program yet, so anything that comes later would be retroactive. Getting in takes an invite.