# Robinhood Chain DEXs: Every Exchange on Robinhood Chain Compared

> Every Robinhood Chain DEX compared: Arcus, Lighter, Uniswap, Rialto, Fables, Meridian and more, with fees, Stock Tokens, region rules and DefiLlama volume.

*Source: https://arcusguide.com/compare/robinhood-chain-dexs*

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.

![DefiLlama Robinhood Chain perps page showing $1.076b of 24-hour perp volume, $269.3m open interest and a ranking led by Lighter, Arcus and Meridian.xyz](/images/compare/robinhood-chain-dexs/defillama-robinhood-chain-perps.webp)

*Source: [DefiLlama, Robinhood Chain perps](https://defillama.com/perps/chain/robinhood-chain), captured October 2, 2026, used under fair use for educational purposes*

> **Key takeaway:** Three exchanges matter for most traders on Robinhood Chain. Lighter runs the biggest perps book and charges nothing on Standard accounts. Uniswap handles about 85% of spot DEX volume. Arcus is the one venue that pairs the widest Stock Token catalog (over 190, by Arcus's count, at 0% Arcus fee) with a perps order book.

## Which exchanges run on Robinhood Chain?

 DefiLlama's [Robinhood Chain DEX page](https://defillama.com/dexs/chain/robinhood-chain) showed $1.46 billion of spot DEX volume in 24 hours and $52.61 billion over 30 days. Its [perps page](https://defillama.com/perps/chain/robinhood-chain) 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](https://api.llama.fi/v2/chains)).

DefiLlama's [DEX volume API](https://api.llama.fi/overview/dexs/Robinhood%20Chain) 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](https://docs.robinhood.com/chain/) 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?](/ecosystem/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](https://defillama.com/perps/chain/robinhood-chain) (October 2, 2026, about 16:00 UTC); Arcus [`/v1/feetiers`](https://api.arcus.xyz/v1/feetiers) and [`/v1/markets`](https://api.arcus.xyz/v1/markets); Lighter's [Robinhood Chain docs](https://apidocs.lighter.xyz/docs/lighter-rh) and public `orderBooks` and `orderBookDetails` endpoints; Meridian's [docs](https://docs.meridian.xyz/index.md) and [product API](https://api.meridian.xyz/v1/product). 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](/compare/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](https://api.llama.fi/overview/dexs/Robinhood%20Chain) and [aggregator](https://api.llama.fi/overview/aggregators/Robinhood%20Chain) 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.

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---

## The venues, one by one

### Arcus

[Arcus](https://app.arcus.xyz/ref/ARCUSGUIDE) 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](https://api.arcus.xyz/v1/markets)).

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](/guides/fees/arcus-fees-explained) has the full tier table. Since October 1, Robinhood Wallet routes Stock Token swaps through Arcus ([Arcus blog](https://arcus.xyz/blog/robinhood-wallet-integrates-arcus-api)). 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](https://apidocs.lighter.xyz/docs/lighter-rh)). 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](https://lighter.xyz/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](https://lighterpedia.com) 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](https://blog.uniswap.org/robinhood-chain-is-live)). 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](https://developers.uniswap.org/docs/get-started/concepts/fees)). Uniswap Labs has charged no interface fee since December 27, 2025 ([Uniswap support](https://support.uniswap.org/hc/en-us/articles/20131678274957-What-are-Uniswap-Labs-fees)). Uniswap's [tokenized stocks page](https://support.uniswap.org/hc/en-us/articles/46577159640589-Tokenized-Stocks) 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](https://www.fables.fi/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](https://www.fables.fi/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](https://www.ramses.xyz/llms-full.txt)). 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](https://up33.xyz/docs/swapping)). 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](https://blog.rialto.xyz/blog/introducing-rialto)). 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](https://blog.ekubo.org/stonx-two-weeks-after-launch/)). 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](https://docs.meridian.xyz/index.md)). 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.

![DefiLlama Robinhood Chain DEX volume page showing $1.46b of 24-hour volume, $52.611b over 30 days, and a ranking led by Uniswap, Fables and RamsesX](/images/compare/robinhood-chain-dexs/defillama-robinhood-chain-dex-volume.webp)

*Source: [DefiLlama, Robinhood Chain DEX volume](https://defillama.com/dexs/chain/robinhood-chain), 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](https://robinhood.com/us/en/newsroom/hood-summit-2026/)). 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](/compare/arcus-vs-hyperliquid) and [Arcus vs dYdX Chain](/compare/arcus-vs-dydx).

> **Key takeaway:** Every venue profiled above settles on Robinhood Chain, and none of them is run by Robinhood. Robinhood's chain docs list Uniswap, Rialto, Lighter and Arcus and say that listing is not an endorsement.

---

## 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](/guides/trading/trade-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).

**Trade Stock Tokens on Arcus today**: Join with code ARCUSGUIDE for the 5% trading-fee discount Arcus shows referred users, trade 190+ Stock Tokens at 0% Arcus fee, and add perps when your invite arrives. [Open Arcus with ARCUSGUIDE](https://app.arcus.xyz/ref/ARCUSGUIDE)

## Getting started on Arcus

The [ARCUSGUIDE referral code guide](/guides/getting-started/arcus-referral-code) explains the discount and its limits, and the [invite code and waitlist guide](/guides/getting-started/arcus-invite-code-and-waitlist) covers perps access. A referral link does not unlock perps.

> **Warning:** Arcus perps are not available in the US, Canada or the UK, and ArcusGuide's content is not intended for people there. Arcus also restricts sanctioned regions, and its Help Center adds Switzerland for spot. Most other venues in this guide bar US persons too. If a venue is not available where you live, it is not available to you; see [Arcus not available in your country](/troubleshooting/arcus-not-available-in-my-country). This summarizes each platform's published terms and is not legal advice.

> **Key takeaway:** Arcus has no token, and its points carry no right to one. Any "ARCUS" token trading on a Robinhood Chain DEX today is not issued by Arcus. More in [Arcus points, token and airdrop](/ecosystem/arcus-points-airdrop).

> **Note:** ArcusGuide is independent and not affiliated with Arcus, dYdX, Robinhood or any venue named here. We earn a share of trading fees from traders who join Arcus with code ARCUSGUIDE. Figures for other venues come from their own docs and APIs and from DefiLlama. Nothing here is financial or legal advice.

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