To trade event contracts on Robinhood, you need to be approved for a Robinhood Derivatives account. Eligibility is based on your trading experience, investment profile, and state of residence.

Prediction markets are currently only available in the Robinhood mobile app. They are only available to view on web, not trade. They are not available on Robinhood Legend.

To buy an event contract:

1. Open the event detail page for the event you want to trade
2. Select the contract you want to trade
3. At the top right, select Contracts or Dollars to set the order type
4. Select In contracts to place an Immediate-or-cancel (IOC), Limit order to place a Good-til-date (GTD) order, or In dollars to place a dollar based order. Dollar orders are always IOC.
5. Enter the number of contracts or dollar amount
6. For GTD orders, you can edit the Limit price as applicable
7. Review the order details
8. Swipe up to submit

To close an event contract position before it settles:

1. Go to Investing → Prediction markets → Your positions
2. Select the open position you want to close
3. Select Close position
4. Select the number of contracts to close
5. Review the order details
6. Swipe up to submit

You can sell your contracts before the event settles at the current market price, which may be higher or lower than what you paid. Your proceeds depend on the current contract price, not the face value of $1. If the market has moved against your position, you may receive less than you paid. To calculate your profit or loss on an early close, subtract your total cost (purchase price plus fees) from your total proceeds (sale price minus fees).

Event contracts use limit orders. You can place either an IOC (immediate-or-cancel) order, which fills immediately or cancels, or a GTD (good-til-date) order, which stays open until filled or until 3 AM ET the next calendar day.

Preset combos

For some events, Robinhood offers preset combo contracts based on multiple outcomes. All outcomes in the combo must be correct for it to pay $1.

Custom combos

You can build your own multi-leg combo for supported events, including professional football and basketball. Custom combos can include a mix of outcome, spread, totals, player-level contracts, and more. You can add up to 10 legs.

Custom combos trade as a single contract. You can't open or close individual legs. When you place or close a custom combo, the exchange must provide a quote and a counterparty must be willing to take the other side.

Custom combo orders use fill-or-kill (FOK) order type. The entire combo order fills or cancels. Opening or closing a custom combo isn't guaranteed. If the exchange can't provide a quote, try placing the trade again later.

How to close a combo position

To close a combo position, go to Your positions, select the open combo position, and select Close position. Because combos use FOK orders, the entire combo must fill or it cancels. If there are no other participants to take the other side of the trade, closing trades may be unavailable.

Contract orders

You can trade event contracts as limit orders in either dollars or contracts. Contract orders can either be IOC or GTD orders with the following default order behavior.

• Limit price:
  • For GTD orders, you can enter a custom limit price, which is set to the default or natural price (bid if selling, ask if buying).
  • For IOC orders, the price is automatically set to the default or natural price (bid if selling, ask if buying), which cannot be changed.
  • For opening orders, you can only place orders in whole contracts.
  • Depending on availability and contract specifications, you may be able to place closing orders in fractional contracts.
  • Depending on the market for buy or sell limit orders, you may be able to trade in sub-penny increments, up to 1 decimal place.
• Time in force: Depends on if the order is in dollars or contracts.
  • IOC orders either fill immediately or are automatically canceled.
  • GTD orders (only available for contract orders) will expire the next calendar day (T+1) at 3 AM ET to avoid order expirations during events that go past midnight.

Dollar orders

Event contract dollar orders always have the time in force set to immediate or cancel (IOC) with the following default order behavior.

• Limit price: Automatically set at the natural price (bid if selling, ask if buying).
• Quantity: Automatically calculated based on the dollar amount, fees, and market price.
  • If fractional contracts are not supported, the order is for the maximum in whole contracts while not exceeding the entered amount.
  • If fractional contracts are supported, the order may result in a fractional contract amount (up to 2 decimal places).

When fractional contracts are not supported, completed purchases with any unused dollar amount will be returned to your buying power.

Fractional contracts

Some markets may support fractional contracts that can be traded in fractions up to 2 decimal points.

Fractional contract trades may result in sub-penny execution prices and therefore be impacted by the sub-penny exchange fee rounding mechanics.

Sub-penny prices

Some prediction markets may support sub-penny prices. For the prediction markets that don’t support sub-penny pricing, the prices are whole cents only.

When sub-penny pricing is available, it can be:

• Sub-penny prices throughout the entire price range of $0.01 to $0.99
• Or sub-penny prices in limited price ranges, such as $0.01 to $0.099 and $0.90 to $0.999

If a sub-penny order would result in sub-penny total costs or proceeds, the exchange fee will be rounded up by a sub-penny amount so that the final costs or proceeds are in a penny denomination.

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.