Event contracts overview
Event contracts let you take a position on whether a specific outcome will happen. You buy Yes if you think the outcome will occur, or No if you think it won't.
Robinhood offers event contracts through Robinhood Derivatives and its membership with the partnered exchanges regulated by the Commodity Futures Trading Commission (CFTC).
Robinhood event contracts allow for speculation in prediction markets—these are not bets.
An event contract is a financial derivative based on a binary Yes/No outcome. You buy either a Yes contract or a No contract on whether a specific event will happen. If your prediction is correct, the contract settles at $1. If your prediction is wrong, it settles at $0.
Contract prices range from $0.01 to $0.99 and reflect the market's implied probability of the outcome. For example, a contract priced at $0.65 means the market implies roughly a 65% chance the outcome occurs. You can buy and sell contracts before expiration at the current market price.
Event contracts are available across several categories, including sports, politics, weather, commodities, and entertainment.
As of June 1, 2026, Robinhood is moving from a flat-rate to a probability-weighted calculation. Your tier-based constant is either 10% without a Robinhood Gold subscription ($5 monthly subscription) or 5% with a Gold subscription.
Commission = (k * p * (1 − p) * c)
Where:
Note that commissions are lowest at high-conviction prices (near $0 or $1) and highest near $0.50. We round up to the nearest $0.01 on all trades with a maximum commission rate of $0.01 per contract.
Exchanges typically charge an additional fee, which varies by exchange and can be up to $0.01 per contract. These fees apply to both opening and closing trades and are reflected in your annual statement under Total fees and commissions. For more details about Robinhood and exchange fees, check out our Robinhood Derivatives Fee Schedule.
Let’s say you buy 100 Yes contracts at $0.90 each and the exchange fee is $0.01 per contract.
With a Gold subscription, the Robinhood commission will be $0.45, so the total cost will be $91.45. The commission formula is (5% * $0.90 * (1 − $0.90) * 100).
Without a Gold subscription, the Robinhood commission will be $0.90, so the total cost will be $91.90 . The commission formula is (10% * $0.90 * (1 − $0.90) * 100).
The following are examples of what our commissions are for 100 event contracts based on the trade price and if you do or do not have a Robinhood Gold subscription ($5 monthly subscription).
| Trade price per contract | With Gold | Without Gold |
| $0.01 | $0.05 | $0.10 |
| $0.05 | $0.24 | $0.48 |
| $0.10 | $0.45 | $0.90 |
| $0.15 | $0.64 | $1 |
| $0.20 | $0.80 | $1 |
| $0.25 | $0.94 | $1 |
| $0.28-$0.72 | $1 | $1 |
| $0.75 | $0.94 | $1 |
| $0.80 | $0.80 | $1 |
| $0.85 | $0.64 | $1 |
| $0.90 | $0.45 | $0.90 |
| $0.95 | $0.24 | $0.48 |
| $0.99 | $0.05 | $0.10 |
To trade event contracts on Robinhood, you need an approved Robinhood Derivatives account. Before you apply, confirm you meet all of the following requirements:
Maryland residents can't trade event contracts. Nevada residents can't open new sports event contracts (as of December 1, 2025). Additional state restrictions may apply. Check the app for the most current list of supported states.
Some contracts may not be available in every state or territory.
Once you have an open Robinhood individual investing account, you can apply for access in the app:
If you have applied to trade event contracts multiple times without being approved, or disable event contract trading and then try to re-enable it, a 30-day waiting period may apply before you can apply and have your application reviewed again.
Restrictions and eligibility requirements apply. Futures, options on futures, and cleared swaps trading involves significant risk and is not appropriate for everyone. Carefully consider if it's appropriate for you in light of your personal financial circumstances. Displayed prices are based on real-time market sentiment.
Read the Event Contracts Risk Disclosure for more information about the risks associated with event contracts.
Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA). Event contracts are offered by Robinhood Derivatives, LLC through either KalshiEX LLC, ForecastEX, LLC or Rothera Exchange and Clearing LLC.
Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC.