Robinhood has started offering contracts from its own prediction market exchange, Rothera, to its customers. They traded more than $2 million worth of contracts over the weekend, as the stock trading app aims to reduce its reliance on Kalshi for its prediction market offering.
Between Friday and Sunday, $2.1 million was traded on the contracts, virtually all on baseball games, Rothera’s volume data shows.
Rothera is a joint venture between Robinhood and Susquehanna International Group, which is a major market maker on Kalshi and performs a similar role on Rothera. Robinhood and Susquehanna announced plans to launch their own exchange in November. The exchange launched its first contracts as a test on May 21, before it started rolling them out to Robinhood users.
Volume mostly driven by one game
Rothera’s volume over the weekend came almost entirely on just four baseball games across the three days, as Robinhood still directed its users toward Kalshi for most other markets. Robinhood also directs users to ForecastEx for some contracts, usually weather markets.
There were very large differences in volume among the games that did produce notable activity, suggesting that Robinhood may have directed its customers toward Rothera for the full length of some games while for others this may have been briefer.
The Chicago White Sox’s May 30 win over the Detroit Tigers attracted $1.8 million in volume on 3,954 trades, making it easily the most-traded event.
A further $140,310 was traded on the May 30 game between the Texas Rangers and Kansas City Royals, while $93,765 was traded on the next day’s game between the Chicago Cubs and St. Louis Cardinals. Also, $36,196 was traded on the May 29 meeting between the Rangers and Royals. Two other games saw more than $5,000 in volume each.
Weekly unemployment claims and core PCE inflation also attracted a handful of trades and around $200 in combined volume. Given the low figures, these trades may have simply been tests.
Baseball games, core PCE inflation and weekly jobless claims are currently the only markets Rothera offers.
While directing users to Kalshi and ForecastEx, Robinhood regularly traded around 3 billion event contracts per month, making the business $30 million per day in fees. However, growth had been slow since September 2025 despite Kalshi’s own volume numbers skyrocketing. In September, Robinhood had been responsible for about 60% of Kalshi volume. In April, this figure was 21%.
When Robinhood announced plans to launch its own exchange, it said it would continue to offer contracts from Kalshi and ForecastEx. However, at the Bernstein 42nd Annual Strategic Decisions Conference last week, CFO Shiv Verma said, “You should expect in the near to medium term that we migrate our flow over there.” He added that Robinhood might still have a “backstop exchange.”
