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 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, along with an amount kept by the trading venue. As of June 13, 2025, for every $100 of notional crypto order volume executed through market maker routing, Robinhood Crypto receives $0.70 from its market maker.
Robinhood Crypto doesn't disclose the names of partner market makers.
If you place a $100 buy order and the buy spread is 0.71%, Robinhood may receive $0.70 in rebates, while the remaining $0.01 goes to the venue.
The price you receive for a trade may be higher or lower than the mark price, depending on whether you’re buying or selling:
You can see the current bid and ask prices on the order review screen before placing a trade.
Robinhood Crypto doesn't disclose the names of partner market makers.
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, you’ll be charged a flat percentage fee on these orders. Review our Fee Schedule for more information. Some customers may have limited-time access to fee tiers.
You can turn on smart exchange routing from the order type menu. Keep in mind that this setting only applies to supported crypto. It’s the only routing setting on Robinhood Legend and isn’t supported for recurring investments or on web classic.
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.
Smart exchange routing is currently unavailable for residents of North Carolina.
Use this table to compare key features of Robinhood Crypto’s order routing settings.
| Feature | Smart exchange routing | Market maker routing |
| Trading venue routed to | Exchanges | Market makers |
| Rebate Robinhood Crypto receives from trading venues | 0.00% | 0.70% |
| Fees | 0.85% | No fees |
| Robinhood platforms supported | Available in the mobile app for certain tradable crypto. The only routing setting on Robinhood Legend. Unavailable on web classic. | Available in the mobile app for all tradable crypto. The only routing setting on web classic. Unavailable on Robinhood Legend |
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.
Review Crypto availability for the full list of crypto currently available with each routing setting.
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 supported on Legend. Market maker routing is the only routing setting supported on web classic.
You’ll be charged a percentage fee (minimum $0.01) on the dollar value of the executed amount. 0.02% of the fee goes to the partner exchange(s) and the rest goes to Robinhood Crypto. Review the Fee schedule for more information.
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.