Robinhood Chain DEXs: Every Exchange on Robinhood Chain Compared

Robinhood Chain

Three months after its mainnet launch, Robinhood Chain handled about $69.5 billion of DEX and perps trading in 30 days, spread across dozens of exchanges. Most of it is spot swaps on public AMMs. A smaller, faster-growing slice is perpetual futures on order books, and a third slice is Robinhood Stock Tokens, the tokenized US stocks and ETFs the chain was built for.

This guide maps every exchange I could verify on the chain, puts the main ones side by side on products, fees, access and volume, and sorts them by what you want to trade. All volume figures come from DefiLlama, checked on October 2, 2026 at about 16:00 UTC. Fees come from each venue's own docs or public API on the same day.

Source: DefiLlama, Robinhood Chain perps, captured October 2, 2026, used under fair use for educational purposes

Which exchanges run on Robinhood Chain?

DefiLlama's Robinhood Chain DEX page showed $1.46 billion of spot DEX volume in 24 hours and $52.61 billion over 30 days. Its perps page added $1.076 billion of perps volume in 24 hours, $16.92 billion over 30 days and $269.3 million of open interest. The chain's TVL stood at $1.05 billion (DefiLlama chains API).

DefiLlama's DEX volume API listed 56 DEX entries with volume on the chain, from 41 separate protocols. Most are small. I kept a venue in this guide when its own docs, site or API confirmed it runs on Robinhood Chain, and when it had enough volume to matter. That leaves three groups:

• Perps order books: Lighter's Robinhood Chain exchange, Arcus and Meridian.
• Stock Token spot with quotes or an order book: Arcus, Lighter and Rialto.
• Public AMMs: Uniswap, Fables, Ramses, up and Ekubo's STONX pools.

Robinhood's own chain docs list four trading venues in their ecosystem section: Uniswap as the public DEX, Rialto as a PropAMM, and Lighter and Arcus as perps exchanges. Robinhood adds that "Inclusion on this page does not constitute an endorsement, partnership, affiliation, sponsorship, or warranty by Robinhood." For the chain itself (gas, bridges, explorer), read What Is Robinhood Chain?.

Perps on Robinhood Chain: Arcus vs Lighter vs Meridian

Three order-book perps exchanges run on the chain. The table leads with the rows Arcus wins and keeps the rows it loses.

	Arcus	Lighter (Robinhood Chain)	Meridian
Stock Token spot on the same venue	190+ (Arcus's count), 0% Arcus fee	25 stock and ETF pairs	None
Perp markets listed	67 (60 online)	58	8
Order delay on default account	None documented	300 ms taker, 200 ms maker	Not stated
BTC depth within 0.10% (bid / ask)	$2.93M / $3.05M	$1.95M / $1.77M	Not measured
Maker fee, base	0% (beta)	0% (Standard)	0%
Taker fee, base	0.0225% (beta)	0% (Standard)	0.005%
Max leverage	40x BTC, 50x SPY	50x BTC and SPY	10x BTC, 50x SPY
30-day perps volume	$4.11B	$12.70B	$1.65M
Open interest	$45.9M	$223.0M	$0.29M
Share of chain perps volume (30d)	24.3%	75.0%	0.01%
Perps access	Invite code or waitlist slot	No invite gate found	No invite gate found
Collateral	USDG	USDG	USDe (as merUSD)
Restricted regions (terms)	US, Canada, UK, sanctioned regions	US, Canada, UK and others	US, Australia and others
Token	None	LIT	None found

Sources: DefiLlama Robinhood Chain perps (October 2, 2026, about 16:00 UTC); Arcus /v1/feetiers and /v1/markets; Lighter's Robinhood Chain docs and public orderBooks and orderBookDetails endpoints; Meridian's docs and product API. BTC depth is from an order-book snapshot at 04:14 UTC on October 2, 2026.

The short version: Lighter is bigger and cheaper on headline fees, Arcus lists more markets, documents no speed bump, and carries a far larger Stock Token shelf, and Meridian is small and cheap with a narrow menu. Our Arcus vs Lighter comparison goes much deeper on these two, including stock-perp depth, where Lighter's books were thicker.

Spot and Stock Tokens: who trades what

Spot volume on Robinhood Chain is far larger than perps volume, and Uniswap dominates it.

Venue	Stocks	Trader fee	30-day volume
Arcus (RFQ router)	190+ (Arcus's count)	0% Arcus fee; you pay the quote spread	$111.2M, plus $123.4M via Arcus Aggregator
Lighter (order book)	25 pairs	0% on Standard accounts	$454.6M
Uniswap (AMM)	Yes	0.30% (v2), 0.01% to 1% (v3), set per pool (v4); no interface fee	$44.52B
Fables (AMM)	Yes	Set per pool, capped at 0.30% to 5%	$2.11B
Ramses (AMM)	Unclear	0.01% to 2% tiers, plus 3% and 5%	$1.92B
up (AMM)	Yes	0.05% to 0.3% (v2), 0.01% to 1% (v3)	$1.25B
Rialto (prop AMM)	90+ (Rialto's count)	Shown in each quote	$15.8M, plus $52.7M via Rialto Aggregator
Ekubo STONX (AMM)	Yes	Voter-set, 0.005% to 0.82% at launch	$42.0M

"Stocks" means Robinhood Stock Tokens. Volume is Robinhood Chain only, from DefiLlama's DEX and aggregator APIs on October 2, 2026. Fee sources and each venue's region rules are in the profiles below.

Read the volume column carefully. DefiLlama's figures for Uniswap, Fables, Ramses and up count every token swapped there, memecoins and ETH included, so they say little about Stock Token trading on their own. And Arcus's tracked spot volume came in below Lighter's, even though Arcus lists several times more Stock Tokens. A bigger shelf does not mean more turnover.

The venues, one by one

Arcus

Arcus is a self-custodial exchange built by dYdX Labs (the trade name of dYdX Trading Inc.), with Robinhood Crypto as a strategic investor. It runs two products on Robinhood Chain. Spot Stock Tokens go through a router that collects firm quotes from market makers and pools, including Rialto and Uniswap, with no Arcus fee. Perps run on an off-chain order book with on-chain custody and settlement, with 67 markets listed on October 2: 34 equities, 25 crypto, 4 commodity ETFs and 4 index ETFs (markets API).

Perps fees during the beta are 0.0225% taker and 0% maker at the base tier, rising to 0.045% and 0.015% after beta. The Arcus fees guide has the full tier table. Since October 1, Robinhood Wallet routes Stock Token swaps through Arcus (Arcus blog). Perps need an invite code or a waitlist slot; spot does not.

Lighter on Robinhood Chain

Lighter runs a separate exchange on Robinhood Chain, with its own markets and USDG collateral (Lighter docs). Its API listed 85 active markets on October 2: 58 perps and 27 spot pairs, 25 of them stocks or ETFs. Standard accounts trade at 0% each way with a 300 ms taker delay. Plus costs 0.005% each way at the same speed, and Premium costs 0.035% taker and 0.012% maker with a 200 ms delay. Robinhood's newsroom names Lighter as the perps venue inside Robinhood Wallet. Lighter's terms bar the US, Canada, the UK and several other countries. It is the largest perps venue on the chain by volume and open interest. Our sister site Lighterpedia covers it in depth.

Uniswap

Uniswap v2, v3, v4 and UniswapX went live on Robinhood Chain on day one, and Uniswap "supports Robinhood Stock Tokens on the Web App, Wallet, and API" (Uniswap blog). Pool fees are 0.30% on v2, the standard v3 tiers are 0.05%, 0.30% and 1% (plus 0.01%), and v4 pools set their own (Uniswap fee docs). Uniswap Labs has charged no interface fee since December 27, 2025 (Uniswap support). Uniswap's tokenized stocks page says they "may not be available to all persons or in all locations" without listing countries. With $44.52 billion of 30-day volume, it is the chain's main spot market by a wide margin.

Fables

Fables describes itself as "a dynamic fee decentralized exchange for tokenized stocks", built as Uniswap v4 hooks (Fables docs). Each pool's hook sets the swap fee before every trade, with caps on current markets from 0.30% to 5%, and there are no deposit or withdrawal fees. Its terms restrict the US and US persons and note that the Stock Token issuer restricts Canada, the UK and Switzerland. Its FABLES token is planned and not yet live. It was the second-largest DEX on the chain with $2.11 billion over 30 days.

Ramses and up

Both are ve(3,3) exchanges, a design where token lockers vote on which pools get rewards. Ramses says Ramses X and its DLMM pools are live on Robinhood Chain, with concentrated-liquidity tiers from 0.01% to 2% and extra 3% and 5% tiers on this chain (Ramses docs). up calls itself "a ve(3,3) decentralized exchange on Robinhood Chain" with default v2 fees of 0.05% for stable pools and 0.3% for volatile pools, and it keeps none of the swap fees (up docs). Neither publishes a country list I could find.

Rialto

Rialto is the proprietary AMM Robinhood's launch post called a "primary prop trading venue" (its terms name the operator as Pleiades, Inc. d/b/a Rialto). It says it supports "90+ Robinhood Stock Tokens and major crypto assets" (Rialto blog). Fees appear in each quote, and its terms bar the US, the UK and Switzerland. Rialto is also one of the liquidity sources Arcus's spot router pulls quotes from.

Ekubo STONX

STONX went live on Robinhood Chain on July 31, 2026 as a voter-driven liquidity program for Stock Token pools on Ekubo (Ekubo blog). Voters set each pool's fee; at launch, effective fees ran from 0.5 basis points on ETH/USDG to about 82 basis points on SNDK/USDG. Ekubo's app blocks Robinhood Chain Stock Tokens for visitors from the US, the UK, Canada, Switzerland and several other countries.

Meridian

Meridian is "an onchain trading venue on Robinhood Chain" with an order book for perps and an RFQ prediction market (Meridian docs). Its API listed eight perps on October 2 (BTC, ETH, SOL, HYPE, gold, silver, SPY and QQQ) at 0% maker and 0.005% taker, with up to 50x on SPY and QQQ. Collateral is USDe, wrapped as merUSD. Meridian's docs describe it as a separate deployment from Ethereal, with a migration guide for Ethereal traders.

Source: DefiLlama, Robinhood Chain DEX volume, captured October 2, 2026, used under fair use for educational purposes

What I left out, and why

• Mog: DefiLlama lists Mog's house-counterparty perps (up to 1,000x) on Robinhood Chain, with $112.6 million of 30-day volume. Mog's own docs and terms don't mention Robinhood Chain, so I couldn't confirm it from an official source.
• Orderly: its API lists Robinhood Chain as a deposit chain for USDG, which feeds its shared order book. That makes it a funding route into Orderly front ends, not a separate Robinhood Chain exchange.
• Aggregators and trading apps such as GMGN, Axiom, 0x, KyberSwap and 1inch route orders to the DEXs above and hold no liquidity of their own.
• Robinhood's planned US perps: Robinhood announced perps "right inside the Robinhood app" for eligible US customers on September 29 (Robinhood newsroom). The announcement describes a brokerage product offered through Bitstamp, not a Robinhood Chain DEX, and it was not live on October 2.
• Hyperliquid and dYdX don't run on Robinhood Chain. If you want them anyway, see Arcus vs Hyperliquid and Arcus vs dYdX Chain.

How to choose by what you trade

None of this is a recommendation. It is a sorting of the facts above by use case.

Stock exposure without leverage. Arcus has the largest Stock Token catalog by its own count, charges no Arcus fee, and runs 24/7 on its most liquid names (see trading stocks 24/7 on Arcus). Rialto and Lighter offer smaller shelves; Uniswap, Fables, up and STONX run AMM pools where you pay the pool fee plus price impact. Compare the final quote you are shown, because on quote-based and AMM venues the spread and price impact can cost more than any fee.

Perps on stocks or crypto. Lighter has the most volume and open interest on the chain, and its stock-perp books were deeper in our October 2 snapshot. Arcus lists more perp markets, documents no order delay, and had the deeper BTC book within 0.10% of the mid. Meridian has eight markets.

Lowest headline fees. For perps, Lighter Standard (0% each way, 300 ms taker delay) and Meridian (0.005% taker) beat Arcus's 0.0225% beta taker. Arcus is cheaper than Lighter's Premium tier, and Arcus makers pay 0% at tiers 0 to 4. For Stock Token spot, Arcus and Lighter Standard charge no venue fee; AMMs charge a pool fee.

Stock Tokens and perps in one account. Arcus and Lighter both run Stock Token spot and perps under one login. Arcus's spot shelf is the larger of the two (190+ by its count against Lighter's 25 pairs).

Getting started on Arcus

The ARCUSGUIDE referral code guide explains the discount and its limits, and the invite code and waitlist guide covers perps access. A referral link does not unlock perps.