Arrows is an options protocol on Robinhood Chain. It lets users trade vanilla European, cash-settled options on Robinhood Stock Tokens like SPY, TSLA, NVDA, AAPL, QQQ, and SPCX. Liquidity comes from maturity-based call and put vaults: LPs deposit stock tokens for calls or USDG for puts, and traders buy options from those vaults. The protocol also includes USDG fee sharing for ARROWS stakers, governance-controlled risk settings, and a web app for trading, earning as an LP, portfolio management, staking, and admin operations.