Trade prediction markets alongside stocks and crypto — Kalshi, Rothera, and ForecastEx contracts, variable fee up to $0.01/contract
Trading Fee
Variable, max $0.01/contract + exchange fee
Market Access
Politics, sports, economics, crypto, culture, climate, companies, financials, tech & science, health, world
Rothera Launch
June 4, 2026
Regulation
CFTC FCM + Rothera DCM (live)
Robinhood brings prediction markets to its massive retail user base via Kalshi. The easiest onramp if you already have a Robinhood account.
Easiest onramp for Robinhood users
Existing users add prediction markets without new KYC — same account, same app, same balance
Limited to Kalshi market subset
Not all Kalshi contracts are available on Robinhood — you get a curated selection, not the full catalog
Multi-asset integration
Trade stocks, crypto, and prediction markets from a single Robinhood account and wallet
Intermediary layer vs direct Kalshi
Trading through Robinhood adds an intermediary; direct Kalshi access gives you formula fees that can be lower on large positions
Competitive variable fees
Commission up to $0.01/contract (lower near contract extremes), plus exchange fee. Gold subscribers get up to 50% off commissions. Effective June 1, 2026.
Rothera catalog still building
Rothera launched June 4, 2026 but initial contract lineup is limited — World Cup and professional baseball; full catalog expansion is ongoing
Rothera exchange live
Rothera launched June 4, 2026 with World Cup and professional baseball contracts — Robinhood now operates its own CFTC-licensed DCM and clearinghouse
FCM custody model
Funds held through Robinhood Derivatives LLC FCM structure, not Kalshi's segregated bank account model
Established retail brokerage trust
Robinhood's FINRA-regulated brokerage infrastructure provides compliance and consumer protection context
No API access
No programmatic trading or data feeds; purely retail app experience
See how Robinhood stacks up
Platform overview & exchange structure
Trade prediction markets alongside stocks and crypto
Robinhood Prediction Markets lets users trade a curated selection of Kalshi event contracts directly inside the Robinhood brokerage app — the same app used for stocks, crypto, and options. The product is operated by Robinhood Derivatives LLC, a CFTC-registered Futures Commission Merchant (FCM).
The exchange infrastructure is transitioning. Currently, Robinhood routes prediction market orders through Kalshi, ForecastEx, and Rothera (Robinhood's own CFTC-licensed DCM, live since June 4, 2026). Robinhood acquired MIAXdx (formerly LedgerX) and renamed it Rothera — a joint venture with Susquehanna — launched its own CFTC DCM/DCO exchange on June 4, 2026.
Rothera Exchange History
Easiest onramp for existing Robinhood users
If you already have a Robinhood account, prediction markets live inside the same app alongside your stocks and crypto. No new KYC, no new wallet setup, no separate app download. Your existing brokerage balance can fund your first prediction market trade immediately.
Familiar if you use Robinhood already
The order ticket, balances, watchlist behavior, and portfolio context all feel like normal Robinhood. That familiarity is the whole point of the product.
The mental model is different
You are not buying a business, an ETF basket, or open-ended upside. You are buying odds on an event with a hard resolution rule, a capped payout, and a contract that settles to either $1 or $0.
Stock-to-prediction-market comparison
Robinhood made prediction markets feel more like mainstream retail trading, but the contract math still behaves differently from stocks, options, or crypto. This is the part most first-time users miss.
Key mindset changes for brokerage users
The cleanest way to understand Robinhood prediction markets is this: a 60¢ contract is not a cheap stock. It is the market saying there is roughly a 60% chance of a specific thing happening. If that event resolves yes, the contract settles at $1. If it resolves no, it settles at $0.
That means correct trades can still be mediocre trades. If you buy at 92¢, the most you can make at settlement is 8¢ per contract before fees. A beginner coming from stocks often mistakes confidence for upside, but prediction markets separate those two ideas very aggressively.
It also means early exits work differently. You do not need to hold to resolution, but your outcome depends on the price someone else will pay you before the event settles. In practice, that makes entry price and liquidity matter more than many brokerage users expect.
Crossover checklist
Platform selection guidance
Robinhood is the cleaner starting point for brokerage users, but it is still a wrapper around a narrower slice of the market. If you care about breadth, structure, or exchange-native access, that tradeoff matters pretty quickly.
Start with Robinhood if...
Go direct to Kalshi if...
If you already know you want the full contract menu, more direct platform context, or the cleanest possible understanding of fees and market structure, skip the wrapper and read our Kalshi guide first.
Available contract types on Robinhood
Robinhood offers a curated selection of Kalshi contracts across four main categories. Not all Kalshi markets are available — Robinhood selects the highest-volume, most retail-accessible contracts. Rothera launched June 4, 2026 and is expanding this catalog.
Cost structure & platform fee comparison
Robinhood charges a variable commission of up to $0.01 per contract (lower near contract extremes close to $0.01 or $0.99), plus an exchange fee that varies by exchange (Rothera, Kalshi, or ForecastEx). Gold subscribers receive up to 50% off commissions. This pricing took effect June 1, 2026, replacing the previous flat-rate model.
In plain English: Commission is capped at $0.01/contract and tapers lower for contracts priced near the extremes. Add the exchange fee on top. Gold subscribers pay less. Your total per-contract cost depends on the contract price and which exchange routes it.
Per contract (variable)
From Robinhood balance
Effective June 1, 2026
Fee comparison — 100 contracts at a $0.60 price (Robinhood at max variable rate):
| Platform | Fee on 100 contracts | Fee type |
|---|---|---|
| Robinhood | Up to $1.00 ($0.01 × 100 max) | Variable per contract |
| Kalshi (at $0.60) | ~$1.68 (formula: 0.07 × 0.60 × 0.40 × 100) | Formula-based |
| FanDuel | $2.00 (2% × $100 payout) | % of payout |
Flat vs formula: which is cheaper?
Robinhood's variable fee (up to $0.01/contract) is lower than the old flat $0.02 rate and competes well with Kalshi's formula-based fee on mid-priced contracts. For contracts near extremes ($0.10 or $0.90), the commission tapers further. Gold subscribers receive up to 50% off. Add the exchange fee (Rothera, Kalshi, or ForecastEx) on top of the commission.
Funding methods & timing
One of Robinhood's biggest advantages: prediction market funds share your existing Robinhood account balance. Minimum deposit is $1. No separate wallet, no separate KYC, no new payment method needed for existing users.
| Method | Timeframe | Fee |
|---|---|---|
| Bank transfer (ACH) | 1–3 business days | Free |
| Debit card | Instant | Varies |
| Robinhood account balance | Instant | Free |
One balance, all products
Prediction market funds share your Robinhood account balance — the same balance used for stocks and crypto trading. You can move money between prediction markets and equities instantly without separate transfers.
Exchange infrastructure roadmap
Robinhood is one of the few prediction market platforms actively building its own regulated exchange infrastructure rather than permanently relying on a third-party DCM. Understanding this transition explains where Robinhood prediction markets are today — and where they're going.
Robinhood acquired MIAXdx (formerly LedgerX) on January 21, 2026 in a joint venture with Susquehanna International Group (SIG), one of the world's largest quantitative trading firms. The combined entity was renamed Rothera LLC and holds both CFTC Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) registrations. The JV structure gives Robinhood exchange infrastructure while SIG brings deep derivatives expertise and liquidity support.
Robinhood is already a registered clearing member of ForecastEx — Interactive Brokers' CFTC-registered DCM and DCO. This gives Robinhood direct clearing access to ForecastEx markets alongside its Kalshi distribution, demonstrating that Robinhood is actively building multi-exchange infrastructure now, not just planning for the future.
ForecastEx Clearing Member AnnouncementWith Rothera live, Robinhood can now list its own prediction market contracts independently of Kalshi. This means: (1) more markets beyond Kalshi's current catalog as the lineup expands, (2) independent fee structures, (3) full control over market design and resolution, and (4) clearing through Rothera's own DCO rather than routing through Kalshi Klear. The Rothera launch was the single biggest milestone for Robinhood's prediction market independence.
Robinhood's Exchange Progression
Market depth & order fill quality
Robinhood's prediction market liquidity is backed by the underlying Kalshi order book — so depth on major political and economics markets is solid. Because Robinhood offers only a subset of Kalshi contracts, niche markets with thin underlying books can be difficult to exit. Execution is typically fast on high-volume events.
Spreads: ~1–3¢
Spreads: ~3–7¢
Spreads: 8–15¢+
With Rothera launched on June 4, 2026, Robinhood can now list contracts independently, increasing market count and liquidity beyond what the Kalshi subset alone offers. The catalog is still expanding.
Regulatory structure & contract settlement
Robinhood's prediction market regulation sits atop two layers: Robinhood Derivatives LLC (CFTC FCM) and the underlying Kalshi DCM where contracts actually resolve. This dual structure has strengths and caveats.
The actual prediction market contracts resolve on Kalshi's CFTC-approved Designated Contract Market — the most regulated infrastructure in U.S. prediction markets.
Robinhood Derivatives LLC is registered with the CFTC as a Futures Commission Merchant and NFA member, adding a regulated intermediary layer.
FINRA-regulated brokerage history and SEC oversight on the equity side provides institutional compliance infrastructure that feeds into the prediction market product.
Your trades go Robinhood → Kalshi. Resolution follows Kalshi's rules, but if Robinhood has a platform issue, your access to markets can be disrupted even if Kalshi is operating normally.
Rothera launched June 4, 2026 with World Cup and baseball contracts. Contract catalog is expanding; Robinhood still distributes Kalshi contracts alongside Rothera's own listings.
If a Kalshi contract isn't offered on Robinhood, you cannot trade it here. Full Kalshi access requires a direct Kalshi account.
For resolution dispute history, see the Resolution Dispute Audit. For a Kalshi-specific guide including fund segregation details, see the Kalshi platform guide.
Tax reporting & obligations
IRS formal guidance on the tax classification of prediction market gains has not been issued. Many tax practitioners default to ordinary income as the most conservative approach, though other classifications (Section 1256 contracts, capital gains, or gambling income) may also apply. Robinhood does NOT issue 1099s for event contract trades. Robinhood provides an Event Contracts Annual Statement summarizing your trades, but explicitly labels it “not a substitute tax reporting form.” You must self-report all event contract gains and losses.
Tax disclaimer
This is not tax advice. Tax treatment depends on your individual circumstances and jurisdiction. Consult a qualified tax professional for your situation.
Head-to-head platform comparison
| Feature | Robinhood | Kalshi | FanDuel Predicts |
|---|---|---|---|
| Regulation | CFTC FCM + Rothera DCM (live) | CFTC DCM + DCO | CFTC via CME Group |
| Market Access | Politics, sports, economics, crypto, culture, climate, companies, financials, tech & science, health, world | Full catalog | Sports + econ + culture |
| Trading Fees | Variable, max $0.01/contract + exchange fee | ≤1.75¢/contract (formula-based) | 2% of potential payout at checkout |
| U.S. Access | Availability varies by market; MD excluded entirely; sports restricted in MD/NV/NJ | Most states (18+) | 18 sports / 50 non-sports |
| Crypto / Stocks integration | Yes — same brokerage app | No | No |
| Fund Safety | FCM custodial; Rothera DCM live (June 2026) | Segregated at regulated banks | Custodial, commingled |
| App Model | Multi-asset brokerage (stocks + crypto + PM) | Standalone | Standalone |
| Own Exchange | Rothera — live since June 4, 2026 | Yes (Kalshi DCM) | No (CME Group) |
In plain English: Robinhood charges a variable commission (max $0.01/contract, lower near extremes) plus an exchange fee on every buy and sell. Gold subscribers receive up to 50% off commissions. Effective June 1, 2026.
See also: Full platform directory and Kalshi platform guide.
Ideal user profiles
Zero additional setup — prediction markets appear in the same app used for stocks and crypto.
Lowest-friction introduction to prediction markets from within a familiar trading interface.
The variable fee capped at $0.01/contract and simple app UX make occasional trading accessible without learning complex fee formulas.
Stocks, crypto, and prediction markets share a single Robinhood account balance — unified portfolio view.
Robinhood offers a subset of Kalshi contracts. For the complete market list, open a direct Kalshi account.
Kalshi's formula-based fee can be cheaper for large positions near 50¢ contracts. Robinhood's variable fee also compounds on volume.
Robinhood's PM interface is optimized for retail simplicity. Advanced conditional orders or API access are not available.
The onboarding advantage disappears if you don't already have an account. Direct Kalshi or FanDuel may be easier starting points.
Final assessment & recommendations
Robinhood Prediction Markets is the right choice for exactly one type of user: the existing Robinhood account holder who wants to add prediction markets to their portfolio without opening another account. The integration is seamless, the flat fee is predictable, and the major Kalshi contracts on politics, sports, and economics are all available. The minimal deposit requirement of $1 makes it genuinely accessible.
The key tradeoffs: you don't get the full Kalshi market catalog, the flat variable fee (up to $0.01/contract) is comparable to Kalshi direct on smaller retail trades, and Rothera's own exchange launched June 4, 2026, beginning to expand the available market catalog. If you want the complete prediction market experience — full catalog, formula fees, segregated funds — go to Kalshi directly. If you want prediction markets alongside your stock and crypto portfolio with zero friction, Robinhood is the right tool.
Last updated: April 2026. This overview is for informational purposes only and does not constitute financial advice.
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