I am curious what arcade (or arcade-style) games are out there that borrow elements from the RPG genre. In particular, I am looking for games that:

* Are designed like an arcade game (some mechanic to keep players from playing forever on one credit (like a time limit), no save system (except maybe saving high scores))
* Borrow elements from the RPG genre, like spending money to upgrade equipment, leveling up by earning experience points (or just points)
* Have some way in which you can benefit by what is commonly referred to as "grinding" (for example, killing respawning enemies to earn experience and/or money)

I'm curious what games exist with this rather unusual combination of characteristics exist. A couple that I am aware of are:

* Wonder Boy in Monster Land (also known as Wonder Boy 2): Has shops, money, hidden secrets, and earning enough points gibes you extra health. However, it also contains "rounds" (what other games usually call "stages" or "levels"), doesn't let you go back to earlier rounds, each shop can only be used once or twice, and there is a timer that will damage you if you go too long without collecting health or entering/leaving a boss room. (The Wonder Boy game available on GOG is actually a remake of the sequel, which ditches those arcadey elements I mentioned (except that Hard Mode re-adds the the timer mechanic) and adds a save system.)

* Cadash: Has shops, money, levels and XP, and even spells that some classes can learn. It does, however, have a time limit (which is extended when you reach a new area), and inn prices increase drastically with each use. (Note that console ports of this game ditch the time limit, but have other drawbacks, like fewer classes or worse graphics/sound).

Any other games of this sort? I'm interested in how this particular combination of characteristics has been implemented in games, and am curious what other games out there have taken this approach.

The Witcher 2 has an "arcady" arena mode you fight as long as you can, level up, once you die start over. You may also want to check out the hand of fate games. Uses a card system to randomize the events, seems to have alot of replay value.

https://www.gog.com/game/the_witcher_2
https://www.gog.com/game/hand_of_fate
https://www.gog.com/game/hand_of_fate_2

Mystara Chronicles is a D&D arcade beat'em up with level ups and equipment upgrades. It's a good beat'em up in the vein of Golden Axe, Teenage Mutant Ninja Turtles, the Simpsons and X-Men with minor effects from leveling and purchasable equipment. It is grindy in that the game saves your character and you can continue playing. The more recent Gauntlet games are also like this with limited lives and levels with equipment upgrades and also grinding through repeated playing.

You should check out Super House of Dead Ninjas. Perhaps a bit of a stretch to say it has RPG elements but you do unlock new weapons and abilities as you progress. Really fun game..

I don't think I know any game that fulfills all of your requirements, but these are the closest ones I can think of right now:

Glorkian Warriors: The Trials of Glork: IIRC it has an upgrade system which allows you to unlock new powers and stuff between tries with your previously acquired score, so the longer you play (or "grind") the better powers you get.

What about Rogue Legacy? I think money and equipment carry over from one hero to the next and you can improve your characters by buying better stuff.

Maybe also Omegaland, although that one has no permadeath. But it allows grinding for money and unlocking new stuff in exchange for it.

And the first thing I thought of when reading the thread title was Fortune Summoners, but it doesn't really fit. It's just a platformer with RPG elements and the possibility to grind if you want to. A bit similar are Dust: An Elysian Tail and other metroidvania, although they are even farther away from what you're looking for, as they usually don't use xp. And none of them is really arcade with permadeath and such. They all have good save game systems (which is probably the reason why I'm more familiar with them than with what you're looking for, as I probably wouldn't find that very appealing, heh).

Actually, I would prefer games where you *don't* save your character between repeated playthroughs as far as this topic is concerned.

Incidentally, for games with limited lives and leveling up, there are some NES games (which don't otherwise satisfy the criteria I mentioned): Zelda 2, Castlevania 2, and Magic of Scheherazade all have that particular combination of characteristics. A couple things about that game:
1. Unless you are playing as a Lich, you don't get to level up *during* a run; character progression only comes between runs.
2. You can't just choose to play a Lich whenever you want.

(Incidentally, Lich is my favorite class in that game, partly because of the way you raise your max HP by killing enemies, and partly because that crow spell is so useful.)

The difference is that the two games I listed are arcade games ported to Pc and consoles. They meet most of your criteria. But sure you can focus where you like.

Would Alien Shooter 2 fit your criteria?

That rules out Odin Sphere, as it has a save function, but I wonder if Guardian Heroes counts.
Oh. The Shantae games fits this to a tee.