Robinhood routes prediction trades to Rothera exchange

Robinhood has begun routing customer prediction-market trades through Rothera, the CFTC-registered exchange it jointly owns with Susquehanna International Group. Over a recent weekend the venue processed about $2.1 million in customer activity.

Trading records show roughly $2.1 million flowed through Rothera between Friday and Sunday, with about 85% of that volume tied to a single baseball contract on the Chicago White Sox–Detroit Tigers game on May 30. Robinhood directed live customer orders through Rothera during the launch weekend.

Rothera is a joint venture between Robinhood Markets and Susquehanna. The exchange is registered with the Commodity Futures Trading Commission as both a Designated Contract Market and a Derivatives Clearing Organization, allowing it to list and clear contracts directly.

Direct listing and clearing means Rothera can operate without separate third-party exchanges and clearinghouses. That arrangement lets the venue retain fees that would otherwise go to outside providers and gives Robinhood control over product listings and the customer trading interface.

The exchange began limited around-the-clock trading on May 21 after Robinhood self-certified its first sports contract with the CFTC. Additional certifications followed in the days after, covering more baseball outcomes and several soccer contracts ahead of the 2026 FIFA World Cup, which starts June 11.

Early Rothera listings include sports outcomes, a Core PCE inflation contract and weekly initial jobless claims. The exchange’s published roadmap schedules further contract launches in June. Where Rothera does not list a market, Robinhood will continue to offer contracts from other venues such as Kalshi and ForecastEx.

The volume routed to Rothera so far is a small portion of Robinhood’s broader event-contract business. The firm reported 8.8 billion event contracts traded in Q1 2026. Robinhood has taken a selective approach to routing and plans to move more flow to the joint exchange over time while maintaining an alternative venue option.

At the Bernstein Strategic Decisions Conference, Robinhood Chief Financial Officer Shiv Verma described the partnership with Susquehanna as a way to speed product rollout and improve economics through vertical integration. Verma reported the event-contract product now serves about 1.5 million customers, up from roughly 500,000 in late November 2025. He added that futures commission merchants have shown interest in clearing through Rothera and that the exchange will avoid listing markets that predict a person’s death.

Robinhood accounted for nearly 60% of a rival exchange’s volume in September 2025 and about 20% in April 2026. Regulators and market participants are expected to monitor how quickly Robinhood shifts additional customer activity to Rothera and how the exchange expands its product offerings in the coming months.