Equity perpetual futures

Do equity perps move the cash stock?

Only if someone hedges externally. Lighter and Arcus equity perps are linear contracts with no expiry. Long plus short nets to zero contract supply. A book can grow, fund, and liquidate without a single listed-share print. Cash hours still gate whether that hedge can land. See cash hedge.

Beside the tokens — not downstream of them

Perps sit next to Asset Stock Tokens and Coinbase B20. They are not the next step after a token, and they are not Classic app balances. A token used as venue collateral is still a token, not the stock.

Funding, mark, index

Funding is peer-to-peer. Positive funding means longs pay shorts. Lighter uses mark versus index; mark drives liquidations. Index sources can include Chainlink, Stork, and Pyth. Venues in this monitor: Lighter (including its Robinhood Chain deployment) and Arcus on or adjacent to Robinhood Chain.

Wallet routing vs RHNC vs RHEU

Robinhood Wallet routes eligible self-custody perps to Lighter. Robinhood Non-Custodial, Ltd. (RHNC) provides wallet services to interact with Lighter; it does not offer those perpetuals or custody the crypto. That book is distinct from RHEU's own EU-app perpetual futures (commodity, ETF, and FX, among others), which are not this monitor's on-chain Lighter/Arcus books.

Lighter has made Robinhood Stock Tokens eligible collateral in addition to USDG, per public reporting. Treat that as venue collateral, not as the stock.

How they enter rank

Inventory is perp OI / cash ADV. New risk is ΔOI / today's cash $ volume, or ADV if cash is closed. Those two sit with Collateral (Δ official effective supply / ADV) under a max — not a sum with Attention. Carry (funding × OI) and Forced (liquidations / OI) are shown and do not enter the default rank. Missing feeds stay blank, never zero. Full tree: classification / methodology. Name view: NVDA.