Side by side
Arcus vs Morpho
Arcus and Morpho both operate in the Perps & Derivatives part of the Robinhood Chain ecosystem. Arcus — dYdX Labs and Robinhood Crypto's 24/7 DEX for tokenized stocks and RWA perps, zero fees, non-US.. Morpho — The lending protocol behind Robinhood Earn's 7% self-custodial USDG yield, insured through Lloyd's of London..
Arcusmainnet
dYdX Labs and Robinhood Crypto's 24/7 DEX for tokenized stocks and RWA perps, zero fees, non-US.
- What it is
- A decentralized exchange pairing tokenized-stock spot with RWA perpetuals, built jointly by dYdX Labs and Robinhood Crypto, live on Robinhood Chain since 1 July 2026.
- What is live
- Zero-fee spot trading across 95 Stock Tokens is live now. Perpetuals covering 35 RWA markets remain in a waitlist phase.
- Who runs it
- CEO Eddie Zhang, whose startup Pocket Protector was acquired by dYdX Labs; dYdX founder Antonio Juliano joins the Arcus board. dYdX received investment from Robinhood Crypto.
- TVL
- Roughly $5.6m on Robinhood Chain (DefiLlama), early July 2026, spanning ~$2.5m 24h spot and ~$1.9m 24h perp with ~$900k open interest per the briefing.
Morphomainnet
The lending protocol behind Robinhood Earn's 7% self-custodial USDG yield, insured through Lloyd's of London.
- Role on the chain
- The lending protocol behind Robinhood Earn — the self-custodial product that lends dollar-backed USDG at a target ~7% APY.
- Where yield comes from
- Morpho lending markets, where institutional borrowers pay interest. Robinhood is not a counterparty and does not manage the vaults.
- Insurance
- Robinhood Earn adds insurance procured through Lloyd's of London and RELM covering specific technical failures (cyber incidents, smart-contract exploits) — not market or credit losses, and not principal protection.
- TVL on Robinhood Chain
- Roughly $83m in deposits on the chain (DefiLlama), with active loans reported near $97m in the first week — a large share of chain TVL.
The record
How they compare
| Field | Arcus | Morpho |
|---|---|---|
| Type | defi | defi |
| Category | Perps & Derivatives | Lending & Yield |
| Status | mainnet | mainnet |
| Chains | Robinhood Chain | Robinhood Chain, Ethereum, Base |
| Website | — | Yes |
| Docs | Yes | Yes |
| GitHub | — | Yes |
| Confidence | 84% | 88% |
| Sources | 4 | 5 |
| Arcus TVL | $17.8M | — |
| Stock tokens listed | 95 | — |
| Morpho TVL (Robinhood Chain) | — | $234.2M |
Read on
Answers
Arcus vs Morpho: questions
- What is the difference between Arcus and Morpho on Robinhood Chain?
- Arcus is dYdX Labs and Robinhood Crypto's 24/7 DEX for tokenized stocks and RWA perps, zero fees, non-US.. Morpho is The lending protocol behind Robinhood Earn's 7% self-custodial USDG yield, insured through Lloyd's of London.. Both sit in the Perps & Derivatives part of the Robinhood Chain ecosystem.
- Is Arcus or Morpho live on Robinhood Chain?
- Both are live on Robinhood Chain mainnet. Arcus is mainnet and Morpho is mainnet.
- Should I choose Arcus or Morpho?
- It depends on your use case — both serve the Perps & Derivatives role on Robinhood Chain. Compare them on type, status, chains, integrations and source-backed confidence (Arcus: 84%, Morpho: 88%), then read each full profile before deciding.