Crypto order routing | Robinhood

Crypto order routing

When you buy or sell crypto through your Robinhood Crypto account, we send your order to third-party liquidity providers for execution. If you trade in the app, you can choose to have your orders routed to non-exchange liquidity providers (“market makers”) or through exchange liquidity providers (“partner exchanges”). If you trade on Robinhood Legend, your orders will be routed via smart exchange routing. If you trade using web classic, only market maker routing is available.

Market maker routing

Market maker routing is the default setting for orders placed in the app and on web classic. For orders using market making routing, Robinhood receives a portion of the dollar value of each executed order from its market makers. That amount is included in the spread. As of July 24, 2025, for every $100 of notional crypto order volume executed through market maker routing, Robinhood Crypto receives $0.85 from its market maker.

Robinhood Crypto doesn't disclose the names of partner market makers.

Example

If you place a $100 buy order and the buy spread is 0.86%, Robinhood Crypto will receive $0.85 of the $0.86 buy spread. The same applies to sell orders. For example, with a $100 sell order, Robinhood Crypto receives $0.85 of the $0.86 sell spread.

Orders are filled at the bid or ask price, not at the mid price. The buy spread is the difference between the ask and mid prices, while the sell spread is the difference between the bid and mid prices. Let’s break down what those prices mean:

  • The mid price is the price shown on the chart. It’s the midpoint between the ask and bid prices.
  • The ask price (what sellers are willing to accept) is the estimated price you’ll pay per crypto when you place a buy order. It’s usually higher than the mid price.
  • The bid price (what buyers are willing to pay) is the estimated price you’ll receive per crypto when you place a sell order. It’s usually lower than the mid price.

You can view the current bid and ask prices on the order review screen before placing a trade.

Smart exchange routing

When you trade using the app, you can choose to have orders of certain crypto routed to partner exchanges via smart exchange routing.

This setting evaluates multiple partner exchanges and routes your order to get the best available price across them. Robinhood Crypto doesn’t receive a rebate from its partner exchanges. Instead, these orders qualify for fee tiers based on your 30-day trading volume of smart exchange routing orders. As your trading volume increases, your fee rate decreases. Learn more in Crypto fee tiers.

You can set your default to smart exchange routing from the order type menu. Once smart exchange routing is on, it will remain your default for orders of supported crypto until you turn it off.

Smart exchange routing is the only routing setting available for crypto orders placed on the mobile ladder and Robinhood Legend. It isn’t supported for recurring investments or on web classic.

Note

You can turn smart exchange routing on and off each time you place an order of supported crypto in the app. Once the setting is on, it will remain on for future in-app orders until you turn it off.

If smart exchange routing is unavailable, your order will be routed to market makers.

Note

Smart exchange routing is currently unavailable for residents of North Carolina.

Smart exchange routing vs market maker routing

Use this table to compare key features of Robinhood Crypto’s order routing settings.

FeatureSmart exchange routingMarket maker routing
Trading venue routed toExchangesMarket makers
Rebate Robinhood Crypto receives from trading venues0.00%0.85%
Fees0.10%-0.85%No fees
Traditional in-app tradesAvailable for certain tradable crypto.Available for all tradable crypto.
The mobile ladderThe only routing setting availableUnavailable
Robinhood LegendThe only routing setting availableUnavailable
Web classicUnavailableThe only routing setting available

Your all-in costs may be higher or lower with smart exchange routing compared to market maker routing, depending partly on volume traded. Pricing may vary across routing settings, and neither guarantees better pricing execution.

View the Fee schedule for the latest rates. Customers may have access to lower fees depending on access to promotions.

FAQ

What crypto are supported?

Review Crypto availability for the full list of crypto currently available with each routing setting.

Can I change my routing setting at any time?

For orders of certain crypto placed in the mobile app, you can choose between market maker routing and smart exchange routing. You can’t change the routing type for a given order after the order has been placed, but you can turn it on and off between orders.

Smart exchange routing is the only routing setting available for crypto orders placed on the mobile ladder and Legend. It isn’t supported for recurring investments or on web classic.

What fees are associated with smart exchange routing?

You’ll be charged a percentage fee (minimum $0.01) on the dollar value of the executed amount. Robinhood Crypto doesn't receive a rebate from its partner exchanges. Instead, these orders qualify for fee tiers based on your 30-day trading volume of smart exchange routing orders. As your trading volume increases, your fee rate decreases. Learn more in Crypto fee tiers and review the Fee schedule for more details.

For buy orders, the total cost is equal to the notional value of the order (i.e., the dollar value of the coin amount) plus the fee. For sell orders, the total credit is equal to the notional value of the order minus the fee.

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All investing involves risk.

Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker dealer (member SIPC), and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). While there is no additional cost to use Robinhood Legend, there are other fees associated with your brokerage account. Review the fee schedule for details.

Portfolio Management offered through Robinhood Asset Management, LLC (“Robinhood Strategies” or “RAM”), an SEC-registered investment advisor. For additional information about Robinhood Strategies, including about services, fees, risks, and conflicts of interest, review our firm’s brochure.

Futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, (“RHD”) a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and a Member of the National Futures Association (NFA). RHD is not FDIC insured or SIPC protected.

Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Review a list of RHC's licenses for more information. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.

The Robinhood spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Review a list of our licenses for more information.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

Robinhood Gold Card is subject to credit approval and underwriting. Robinhood Gold Card is offered by Robinhood Credit, Inc., and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. Robinhood Credit, Inc. (“RCT”), is a financial technology company, not a bank.

Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC (“RHG”).

RHF, RHS, RAM, RHD, RHC, RHY, RCT, and RHG are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHS, RAM, RHD, RHC, RHY, RCT, and RHG are not banks. Investing products offered by RHF are not FDIC insured and involve risk, including possible loss of principal.

RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Funds held in your Robinhood Cash Card account at Sutton Bank are eligible for FDIC insurance up to $250,000 and will not accrue or pay any interest. The availability of FDIC insurance is contingent upon Robinhood maintaining records acceptable to the FDIC, as receiver, if Sutton Bank should fail. FDIC insurance limits apply collectively to all of your deposits held at Sutton Bank.

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

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