# Robinhood Prediction Markets

Event contracts in the Robinhood app, routed to three exchanges — one of them its own JV.

*https://predictionmarkets.tools/tools/robinhood-prediction-markets · Prediction Market Venues*

## Facts

### At a glance

| Field | Value |
| --- | --- |
| Vendor | Robinhood |
| Category | Prediction Market Venues |
| Job | event_trading |
| Website | https://robinhood.com/us/en/prediction-markets/ |
| Pricing model | commission |
| Free tier | false |
| Open source | false |
| Licence | none |
| Self-hosted | false |
| Tested hands-on | false |
| Last updated | 2026-09-19 |

### Pricing

| Tier | USD | Period |
| --- | --- | --- |
| Robinhood Gold | 5 USD | month |

### Availability

| Field | Value |
| --- | --- |
| Jurisdictions | us |
| Open to US persons | true |
| KYC required | true |

### Markets

| Field | Value |
| --- | --- |
| Subjects | politics, sports, macro, crypto, science, culture, business |
| Settlement | cash |
| Resolved by | None of its own — Robinhood Derivatives is a futures commission merchant, and each contract settles under the rules of whichever exchange it was routed to, KalshiEX, ForecastEx or Rothera Exchange and Clearing. |

### Economics

| Field | Value |
| --- | --- |
| Taker fee | 2 |
| Maker fee | 2 |
| Liquidity model | clob |
| Platforms | ios, android |
| AI features | none |

### Interfaces

| Field | Value |
| --- | --- |
| API | false |
| WebSocket | false |
| Scripting | none |
| Python | false |
| MCP server | false |
| Export | none |

### Capabilities

Yes: charting, live_trading, portfolio_tracking, tax_reporting

No: screening, order_book, backtesting, automation, paper_trading, calibration_scoring, cross_venue, alerts, news

*Verified: pricing 2026-09-19; availability 2026-09-19.*

## What it is

Event contracts inside the Robinhood app. The useful thing to understand first is that
**Robinhood is not the exchange** — it is the broker in front of three of them, and the card is
about the broker.

Robinhood Derivatives, LLC is a CFTC-registered futures commission merchant. Its own disclosure
is unambiguous: event contracts are offered by Robinhood Derivatives, LLC through either
KalshiEX LLC, ForecastEx LLC or Rothera Exchange and Clearing LLC. There is no designated
contract market registered under the Robinhood name — a check of the CFTC's own list of trading
organisations does not turn one up.

**Rothera is the part worth getting right.** Rothera Exchange and Clearing LLC is a designated
contract market, derivatives clearing organization and swap execution facility, originally
designated on 24 June 2019 as LedgerX LLC and later operating as MIAX Derivatives Exchange
(MIAXdx). On **20 January 2026** a joint venture established by Robinhood Markets, Inc. with
Susquehanna International Group completed the purchase of 90% of MIAXdx from Miami International
Holdings, Inc., which retains 10%; the entity was renamed Rothera Exchange and Clearing LLC on
the same date. That closing date is confirmed twice in SEC filings — in MIAX's FY2025 10-K and
in Robinhood's FY2025 10-K/A — and by the CFTC's own name-change note.

So the accurate sentence is that Robinhood now part-owns a CFTC-licensed exchange rather than
that it operates one. Robinhood's own wording, announcing that Rothera began taking its order
flow on 4 June 2026 with a selection of World Cup and professional baseball contracts, is that
Rothera is "independently managed through Robinhood's joint venture with Susquehanna
International Group".

For a trader the practical consequence is that the contract you hold, the rules it settles
under, and the exchange fee on top all depend on where your order was routed — and the app does
not make you choose.

## Availability

**United States only, and Robinhood will not tell you which states.**

The requirements from its own help centre are that you be 18 or older, hold an individual
brokerage account, and be a **US resident**. On top of the brokerage account you need a separate
Robinhood Derivatives account, approved on trading experience, investment profile and state of
residence; applying repeatedly without being approved, or disabling event-contract trading and
then re-enabling it, may carry a 30-day wait before an application is reviewed again.

The state restriction is the awkward part, and it is four different facts:

- **Maryland residents cannot trade sports event contracts** — on Robinhood's event-contracts
  overview page. Its own restrictions page says instead that Maryland residents cannot trade
  event contracts at all, with no sports qualifier. Two Robinhood help pages, two different
  blocks, and nothing reconciling them.
- **Nevada residents cannot open new sports event contracts**, as of 1 December 2025 — a
  close-only restriction rather than a block.
- **There is no published list of supported states.** Robinhood's page says event contracts are
  not available in all states, that additional state restrictions may apply, and to check the app
  for the current list. That list is not on the web, so no card can carry it honestly, and this
  one does not.
- **The block follows your current location, not only your residency.** Robinhood's restrictions
  article states that trading is blocked while you are physically in a restricted state, even if
  you do not live there.

Non-US residents are not served at all. The residency requirement is explicit and the offering
entity is a US futures commission merchant.

KYC is ordinary US brokerage onboarding, and it is strict about residency rather than about
documents: a legal US residential address in the fifty states, Puerto Rico or the US Virgin
Islands, with exceptions for US military abroad; US citizenship, permanent residency or a valid
US visa; a Social Security number; and a government photo ID where one is requested.

## Pricing

Two layers, and they are charged by two different parties.

**Robinhood's commission**, from its own fee schedule, effective **1 June 2026**:

```
Total Commission = k × p × (1 − p) × c
```

where `k` is **10% without a Robinhood Gold subscription and 5% with one**, `p` is the contract
price as a decimal, and `c` is the number of contracts. It is rounded up to the nearest cent, and
Robinhood's help centre states a ceiling of **$0.01 per contract**. Robinhood's own worked table
bears that out — 100 contracts anywhere between 28 and 72 cents costs $1.00 either way, because
the cap binds; at 90 cents it is $0.45 with Gold and $0.90 without.

This replaced a flat-rate commission on 1 June 2026. Any figure from before then is stale.

**Exchange fees are separate and additional.** The fee schedule states that exchange fees on
KalshiEX products routed through Robinhood Derivatives are **$0.01 per contract, per side**. For
CME Group, ForecastEx and Rothera it points at each exchange's own schedule instead of quoting a
number, so what a fill costs depends on a routing decision you did not make. The help centre's
general statement is that exchange fees can be up to $0.01 per contract and apply to both opening
and closing trades.

**Add the two layers up and a Kalshi contract costs more here than on Kalshi.** At 50 cents the
commission cap binds at a cent and the KalshiEX exchange fee is another, so a fill costs 2 cents a
contract — 2% of a dollar of payout, against 1.75% on [Kalshi](https://predictionmarkets.tools/tools/kalshi) directly. The gap
widens at the extremes rather than closing, because Kalshi's fee is a curve that collapses towards
the edges while two flat cents do not: at 10 cents the same fill is about 1.9% here and 0.63%
there. What you are paying for is the app, the single account and the routing, not a better price.

Robinhood Gold is $5 a month. It is an account-wide subscription rather than a prediction-markets
product, and it appears in this card's tier list only because it halves the commission constant.

**The 2% in this card's fee fields is both layers added up**, at the 50-cent midpoint and on the
KalshiEX route: a cent of commission, where the $0.01-per-contract ceiling binds and `k` stops
mattering because 10% and 5% both land on the cap, plus a cent of exchange fee. It is not the
commission alone. A field carrying only the commission would show 1% here against 1.75% on
[Kalshi](https://predictionmarkets.tools/tools/kalshi), and a reader sorting this category by taker fee would see the most
expensive of the three US routes ranked as the cheapest.

Two things the single number cannot carry. Robinhood publishes no maker-taker distinction for
event contracts — one commission applies whether your order rests or takes — and for the
ForecastEx and Rothera routes the second layer is not quoted at all, so 2% is the figure for the
route this card can price.

## Markets & resolution

**Robinhood resolves nothing.** Every contract settles under the rules of the exchange it was
routed to — KalshiEX, ForecastEx or Rothera — and the outcome verification source is that
exchange's, not Robinhood's. If you want to know who decides and against what, the answer is on
the exchange's card, and which exchange applies depends on the contract.

The listing is the widest in this category because it aggregates three venues. Robinhood's help
centre summarises it as sports, politics, weather, commodities and entertainment; its own
prediction-markets page runs a longer live set — pro and college football, NBA, NHL, WNBA,
baseball, tennis, cricket, golf, soccer, MMA, boxing, racing, crypto, climate, commodities and
metals, economics, education, elections, entertainment, financial, politics and technology.

**Order handling is narrower than the listing suggests.** Orders are limit-only, either
immediate-or-cancel or good-til-date, where good-til-date expires at 3 AM ET the next calendar
day. Dollar-denominated orders are always immediate-or-cancel. Fractional contracts are
available for closing and for dollar orders; opening a position takes whole contracts.

## Integrations

There is no public API, no WebSocket and no SDK for Robinhood event contracts. This is a
consumer app and nothing else — anyone wanting programmatic access is on the wrong card and
should be reading the exchanges' own APIs, [Kalshi API](https://predictionmarkets.tools/tools/kalshi-api) among them.

Tax documents, reports and statements for event contracts are covered by Robinhood's own help
centre as a separate topic; we have not opened an account to see what a statement contains.

## Limitations

- **Mobile only for trading.** Robinhood's own words are that prediction markets are currently
  only available in the mobile app and only available to view on web, not trade. They are not
  available on Robinhood Legend.
- **No public state list.** The one restriction a US reader most needs is deliberately in the app
  and nowhere else, which makes it uncheckable before signup.
- **You do not choose the exchange**, and the exchange determines both the settlement rules and
  the second half of your fee. Robinhood quotes the KalshiEX exchange fee and refers you
  elsewhere for the other two.
- **No API, no automation, no export we could verify.**
- **Robinhood does not resolve markets**, so a dispute about an outcome is a conversation with an
  exchange you have no direct relationship with.
- **The commission formula changed on 1 June 2026** and the fee schedule itself carries a
  2026-05-28 version stamp. Re-check it before trading size.
- **Nobody here has funded an account.** Everything above is read from Robinhood's own help
  centre, fee schedule, newsroom and SEC filings, and from the CFTC's list of trading
  organisations, on 19 September 2026.

## Alternatives

[Kalshi](https://predictionmarkets.tools/tools/kalshi) is where most of these contracts actually trade, and going direct
replaces Robinhood's commission with Kalshi's own fee schedule and gives you an API.
[ForecastEx](https://predictionmarkets.tools/tools/forecastex) is the other exchange behind this app, reachable through
Interactive Brokers as well. [Polymarket](https://predictionmarkets.tools/tools/polymarket) is the alternative for a US reader
who wants deeper listings, through its own designated contract market rather than a broker.

## FAQ

### Does Robinhood run its own prediction market exchange?

Not in its own name. Robinhood Derivatives, LLC is a CFTC-registered futures commission merchant and routes to three exchanges — KalshiEX, ForecastEx and Rothera Exchange and Clearing. Rothera is the former MIAXdx, 90% acquired on 20 January 2026 by a joint venture Robinhood controls with Susquehanna, and Robinhood describes it as independently managed.

### Which states can trade event contracts on Robinhood?

Robinhood publishes no list and points to the app. Its help centre names two exclusions — Maryland residents cannot trade event contracts, described as the sports ones on its overview page and as all of them on its restrictions page, and Nevada residents cannot open new sports event contracts as of 1 December 2025 — and warns that further state restrictions may apply. Trading is also blocked by current physical location in a restricted state.

### What does Robinhood charge for an event contract?

A commission of k times price times one-minus-price times contracts, where k is 10% without a Gold subscription and 5% with one, effective 1 June 2026, rounded up to the cent and capped at $0.01 per contract. Exchange fees are extra and can reach $0.01 per contract per side.

### Can I trade event contracts on Robinhood's website?

No. Robinhood states that prediction markets are currently only available in its mobile app, and are available to view on the web but not to trade. They are not on Robinhood Legend either.

## Background

- [What a temperature market actually settles on](https://predictionmarkets.tools/guides/what-a-temperature-market-settles-on.md) — One named station, a day running midnight to midnight local standard time, and a number the government itself calls preliminary. Not the forecast you watched.

- [What your money does between the trade and the resolution](https://predictionmarkets.tools/guides/what-your-money-does-while-you-wait.md) — An event contract is fully collateralised, so the position is the cash. What that cash does while you wait, who earns interest on it, and how to annualise it.
- [Who sends you a tax form, and who sends nothing](https://predictionmarkets.tools/guides/who-sends-you-a-tax-form.md) — Four cards in this catalogue claim tax reporting, and the documents behind that flag are not the same document. What each venue's own writing says it issues.

## Also worth comparing

- [Crypto.com Prediction](https://predictionmarkets.tools/tools/crypto-com-prediction-markets.md) — Event contracts on a CFTC-designated exchange, traded from inside the Crypto.com app.
- [ForecastEx](https://predictionmarkets.tools/tools/forecastex.md) — Economic and climate contracts on a CFTC exchange that pays interest on your collateral.
- [Kalshi](https://predictionmarkets.tools/tools/kalshi.md) — A CFTC-designated exchange for event contracts, settled in dollars against named sources.
- [Polymarket US](https://predictionmarkets.tools/tools/polymarket-us.md) — Polymarket's CFTC-designated US exchange — dollars, KYC, and no on-chain oracle.
- [Futuur](https://predictionmarkets.tools/tools/futuur.md) — Play-money and real-money markets side by side, priced by an LS-LMSR market maker.
- [Limitless](https://predictionmarkets.tools/tools/limitless.md) — Event contracts on Base, collateralised in USDC, traded on a central limit order book.