pTokens are an ERC-20 primitive built on Arcus, a spot and perpetuals decentralized exchange operating on Robinhood Chain. Each pToken tokenizes an Arcus perpetuals account, so fractional, freely tradable shares in that account's assets and open positions can trade like any other token. Holding a pToken gives leveraged exposure to a target market and leverage level without needing to open a perpetuals account, post collateral, monitor margin, or manage rebalancing directly. The account behind each pToken is rebalanced automatically whenever its exposure drifts past a set threshold, keeping it close to its stated target.