ROBINHOOD FINANCIAL, LLC

Reporter ID: CRFN • Quarter: 2026Q3 • Methodology: exq-2

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:31:53 GMT

Quarter:2026Q3

Covered Orders43,263,600Across all reported tiers

Covered Shares11,134,009,065In Q3 2026

Active Tiers105Order class × notional buckets

Routing Brokers0Disclosed in 606 filings

1. Amended Rule 605 Scorecard vs. Mix-Adjusted Peers — 2026-08

Execution metrics across order classes and the 24 notional × lot categories, benchmarked against what competing market centers delivered on identical symbols.

Class	Notional × Lot	Orders	Covered Sh	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s
market	<$250 • FRACT	4,991,210	1,241,054	—	85.8%	4.5 bps	—	—	77th	—	100.0%
market	<$250 • ODD	8,478,006	80,681,771	—	80.9%	13.3 bps	—	—	90th	—	99.9%
market	<$250 • ROUND	755,535	222,911,980	—	71.2%	29.2 bps	—	—	63rd	—	99.9%
market	$250–$999 • FRACT	104,408	64,219	—	83.0%	2.3 bps	—	—	91st	—	99.9%
market	$250–$999 • ODD	3,374,235	68,943,300	—	85.4%	8.4 bps	—	—	87th	—	99.9%
market	$250–$999 • ROUND	1,187,139	697,507,153	—	70.7%	22.1 bps	—	—	84th	—	99.9%
market	$1k–$5k • FRACT	2,246	1,525	—	88.5%	3.3 bps	—	—	44th	—	100.0%
market	$1k–$5k • ODD	2,049,144	60,007,699	—	86.9%	5.2 bps	—	—	77th	—	100.0%
market	$1k–$5k • ROUND	1,878,785	1,698,614,715	—	59.5%	11.2 bps	—	—	84th	—	99.8%
market	$5k–$10k • FRACT	17	0	—	—	—	—	—	—	—	—
market	$5k–$10k • ODD	367,453	17,435,318	—	88.6%	4.0 bps	—	—	61st	—	100.0%
market	$5k–$10k • ROUND	714,615	910,339,031	—	59.3%	6.7 bps	—	—	79th	—	99.5%
market	$10k–$20k • FRACT	15	0	—	—	—	—	—	—	—	—
market	$10k–$20k • ODD	111,556	6,827,473	—	90.5%	4.5 bps	—	—	72nd	—	100.0%
market	$10k–$20k • ROUND	654,813	914,520,828	—	61.6%	4.4 bps	—	—	66th	—	99.1%
market	$20k–$50k • FRACT	5	0	—	—	—	—	—	—	—	—
market	$20k–$50k • ODD	7,956	553,263	—	90.4%	6.5 bps	—	—	95th	—	100.0%
market	$20k–$50k • ROUND	539,325	1,048,304,603	—	64.4%	3.0 bps	—	—	51st	—	98.6%
market	$50k–$200k • FRACT	2	0	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	263,603	1,000,798,592	—	61.7%	1.3 bps	—	—	40th	—	97.8%
market	≥$200k • ROUND	41,052	515,650,894	—	35.7%	-2.2 bps	—	—	16th	—	94.2%
marketable_limit	<$250 • FRACT	11,564	1,541	—	87.5%	6.5 bps	—	—	100th	—	99.5%
marketable_limit	<$250 • ODD	326,179	2,783,752	—	81.9%	12.4 bps	—	—	91st	—	99.5%
marketable_limit	<$250 • ROUND	30,419	8,944,113	—	70.1%	24.0 bps	—	—	81st	—	99.3%
marketable_limit	$250–$999 • FRACT	32	21	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	69,589	1,989,944	—	84.4%	7.5 bps	—	—	87th	—	99.4%
marketable_limit	$250–$999 • ROUND	59,909	35,754,606	—	67.2%	18.0 bps	—	—	88th	—	98.5%
marketable_limit	$1k–$5k • FRACT	3	2	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	33,960	1,209,979	—	83.8%	4.3 bps	—	—	80th	—	99.3%
marketable_limit	$1k–$5k • ROUND	103,060	134,904,329	—	59.5%	10.4 bps	—	—	83rd	—	95.6%
marketable_limit	$5k–$10k • ODD	4,748	239,636	—	84.1%	3.1 bps	—	—	79th	—	99.0%
marketable_limit	$5k–$10k • ROUND	56,909	139,179,133	—	63.7%	7.6 bps	—	—	86th	—	94.6%
marketable_limit	$10k–$20k • ODD	1,116	69,801	—	85.4%	3.7 bps	—	—	77th	—	99.2%
marketable_limit	$10k–$20k • ROUND	98,513	410,459,922	—	71.7%	7.7 bps	—	—	95th	—	98.1%
marketable_limit	$20k–$50k • ODD	71	5,101	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	102,858	445,440,459	—	73.2%	4.1 bps	—	—	87th	—	97.5%
marketable_limit	$50k–$200k • ROUND	18,728	166,131,973	—	57.0%	1.3 bps	—	—	71st	—	88.6%
marketable_limit	≥$200k • ROUND	3,363	93,308,808	—	40.0%	-0.3 bps	—	—	38th	—	78.2%
nonmarketable_limit	<$250 • FRACT	3,380	332	—	100.0%	15.7 bps	—	—	62nd	—	59.1%
nonmarketable_limit	<$250 • ODD	1,052,029	10,779,992	—	100.0%	42.1 bps	—	—	86th	—	39.4%
nonmarketable_limit	<$250 • ROUND	107,347	28,586,894	—	100.0%	72.9 bps	—	—	70th	—	49.2%
nonmarketable_limit	$250–$999 • FRACT	15	10	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	352,802	8,938,442	—	100.0%	25.1 bps	—	—	80th	—	40.9%
nonmarketable_limit	$250–$999 • ROUND	227,815	113,950,590	—	100.0%	69.0 bps	—	—	80th	—	45.2%
nonmarketable_limit	$1k–$5k • ODD	202,269	6,469,962	—	100.0%	13.3 bps	—	—	59th	—	47.7%
nonmarketable_limit	$1k–$5k • ROUND	381,394	376,067,328	—	100.0%	38.6 bps	—	—	79th	—	39.2%
nonmarketable_limit	$5k–$10k • ODD	35,642	1,557,964	—	100.0%	9.5 bps	—	—	53rd	—	57.2%
nonmarketable_limit	$5k–$10k • ROUND	140,675	238,002,328	—	100.0%	23.7 bps	—	—	74th	—	33.6%
nonmarketable_limit	$10k–$20k • ODD	9,488	556,429	—	100.0%	8.5 bps	—	—	46th	—	55.7%
nonmarketable_limit	$10k–$20k • ROUND	129,170	309,982,954	—	100.0%	18.2 bps	—	—	75th	—	40.5%
nonmarketable_limit	$20k–$50k • ODD	929	74,991	—	100.0%	13.4 bps	—	—	59th	—	59.2%
nonmarketable_limit	$20k–$50k • ROUND	103,714	338,779,473	—	100.0%	13.5 bps	—	—	73rd	—	35.3%
nonmarketable_limit	$50k–$200k • ROUND	48,574	296,837,521	—	100.0%	10.3 bps	—	—	68th	—	20.5%
nonmarketable_limit	≥$200k • ROUND	9,553	189,599,235	—	100.0%	6.6 bps	—	—	51st	—	20.7%
market	<$250 • FRACT	5,558,124	889,623	—	84.9%	2.4 bps	—	—	57th	—	100.0%
market	<$250 • ODD	966,351	1,766,309	—	88.6%	2.3 bps	—	—	36th	—	100.0%
market	$250–$999 • FRACT	333,126	197,040	—	85.9%	2.6 bps	—	—	56th	—	100.0%
market	$250–$999 • ODD	1,986,462	7,283,774	—	88.5%	2.4 bps	—	—	37th	—	100.0%
market	$250–$999 • ROUND	186	18,841	—	81.2%	4.3 bps	—	—	0th	—	100.0%
market	$1k–$5k • FRACT	16,338	12,942	—	90.3%	3.5 bps	—	—	71st	—	99.9%
market	$1k–$5k • ODD	2,233,393	23,880,783	—	88.8%	2.5 bps	—	—	45th	—	100.0%
market	$1k–$5k • ROUND	56,113	6,876,265	—	88.7%	1.8 bps	—	—	61st	—	100.0%
market	$5k–$10k • ODD	667,271	16,437,920	—	89.5%	2.5 bps	—	—	40th	—	100.0%
market	$5k–$10k • ROUND	79,862	12,876,143	—	86.5%	1.7 bps	—	—	57th	—	100.0%
market	$10k–$20k • ODD	364,704	12,148,162	—	89.7%	2.5 bps	—	—	46th	—	100.0%
market	$10k–$20k • ROUND	219,726	31,905,183	—	86.8%	2.1 bps	—	—	48th	—	100.0%
market	$20k–$50k • ODD	120,419	4,243,845	—	91.1%	2.9 bps	—	—	40th	—	100.0%
market	$20k–$50k • ROUND	386,698	79,454,520	—	83.9%	1.8 bps	—	—	35th	—	100.0%
market	$50k–$200k • ODD	4,123	156,135	—	92.9%	3.2 bps	—	—	37th	—	100.0%
market	$50k–$200k • ROUND	282,697	132,777,203	—	79.3%	1.6 bps	—	—	33rd	—	100.0%
market	≥$200k • ROUND	66,739	121,839,093	—	57.2%	0.7 bps	—	—	48th	—	99.6%
marketable_limit	<$250 • FRACT	6,096	929	—	85.3%	3.3 bps	—	—	86th	—	99.4%
marketable_limit	<$250 • ODD	16,412	31,477	—	89.6%	1.6 bps	—	—	60th	—	99.2%
marketable_limit	$250–$999 • FRACT	244	163	—	86.5%	3.7 bps	—	—	73rd	—	99.5%
marketable_limit	$250–$999 • ODD	22,464	125,011	—	89.6%	2.0 bps	—	—	68th	—	99.3%
marketable_limit	$250–$999 • ROUND	4	400	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • FRACT	3	2	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	25,259	364,024	—	87.4%	2.0 bps	—	—	71st	—	99.2%
marketable_limit	$1k–$5k • ROUND	1,975	248,594	—	85.5%	1.8 bps	—	—	79th	—	99.4%
marketable_limit	$5k–$10k • ODD	7,348	200,555	—	85.6%	2.0 bps	—	—	64th	—	98.9%
marketable_limit	$5k–$10k • ROUND	2,040	395,616	—	83.7%	1.5 bps	—	—	77th	—	99.5%
marketable_limit	$10k–$20k • ODD	3,570	127,937	—	85.3%	2.2 bps	—	—	74th	—	98.7%
marketable_limit	$10k–$20k • ROUND	4,150	859,363	—	83.6%	1.8 bps	—	—	69th	—	99.3%
marketable_limit	$20k–$50k • ODD	1,022	39,006	—	84.8%	2.6 bps	—	—	76th	—	99.2%
marketable_limit	$20k–$50k • ROUND	9,134	8,513,732	—	69.1%	1.6 bps	—	—	66th	—	99.7%
marketable_limit	$50k–$200k • ODD	30	991	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	6,203	8,046,780	—	71.8%	1.4 bps	—	—	64th	—	98.3%
marketable_limit	≥$200k • ROUND	1,600	5,579,161	—	46.5%	0.4 bps	—	—	73rd	—	89.7%
nonmarketable_limit	<$250 • FRACT	2,358	333	—	100.0%	6.8 bps	—	—	71st	—	51.9%
nonmarketable_limit	<$250 • ODD	78,384	128,211	—	100.0%	4.5 bps	—	—	51st	—	44.3%
nonmarketable_limit	$250–$999 • FRACT	87	53	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	135,172	535,129	—	100.0%	4.4 bps	—	—	65th	—	49.2%
nonmarketable_limit	$250–$999 • ROUND	12	1,200	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • FRACT	1	1	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	156,799	1,823,286	—	100.0%	3.8 bps	—	—	41st	—	57.2%
nonmarketable_limit	$1k–$5k • ROUND	6,704	821,065	—	100.0%	4.4 bps	—	—	71st	—	31.7%
nonmarketable_limit	$5k–$10k • ODD	52,386	1,311,544	—	100.0%	3.8 bps	—	—	40th	—	60.3%
nonmarketable_limit	$5k–$10k • ROUND	8,360	1,419,934	—	100.0%	3.4 bps	—	—	70th	—	37.2%
nonmarketable_limit	$10k–$20k • ODD	29,093	918,484	—	100.0%	3.7 bps	—	—	38th	—	62.8%
nonmarketable_limit	$10k–$20k • ROUND	21,333	3,361,189	—	100.0%	3.5 bps	—	—	53rd	—	44.5%
nonmarketable_limit	$20k–$50k • ODD	8,819	307,107	—	100.0%	3.6 bps	—	—	38th	—	62.7%
nonmarketable_limit	$20k–$50k • ROUND	33,449	7,504,393	—	100.0%	3.3 bps	—	—	49th	—	47.2%
nonmarketable_limit	$50k–$200k • ODD	241	8,134	—	100.0%	5.3 bps	—	—	58th	—	67.3%
nonmarketable_limit	$50k–$200k • ROUND	25,801	14,361,278	—	100.0%	3.0 bps	—	—	44th	—	45.9%
nonmarketable_limit	≥$200k • ROUND	7,778	19,199,216	—	100.0%	2.5 bps	—	—	31st	—	43.2%

2. Broker-Dealers Routing Here (Reverse 606 Index)

Firms directing customer order flow to this market center under SEC Rule 606(a), with route percentages and PFOF rates.

No broker-dealers identified routing flow to this market center in 2026Q3.

3. Rule 605 Report Files & Ingestion History

Published monthly execution quality data files crawled from vendor and exchange landing pages.

File Name	Month	Kind	Status	Fetched At	Source URL
CRFN202608.csv	202608	summary	stored	2026-09-30T21:27:25.064161291+00:00	File Link ↗
CRFN202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064138308+00:00	File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells

Tiers with < 100 covered orders

Missing Files

Months unretrievable

Methodological Caveats:

A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
This report is not legal or compliance advice.
Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.
Brokers routing here reflect venue aliases as of the last crosswalk-venues run.

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