Platform · Event Contracts
Rothera
Robinhood + Susquehanna + MIAX 45/45/10 JV CFTC-licensed exchange · Robinhood's in-house DCM/DCO/SEF to clear its own PMs instead of routing through Kalshi
- Mechanism
- Event Contracts
- Status
- Live (launched June 2026 · $2.1M traded in the first weekend, nearly all baseball; World Cup contracts rolled out via Rothera from June 5, 2026; MIAXdx acquisition closed Jan 20, 2026)
- Founded
- JV announced Nov 2025; MIAXdx acquisition closed Jan 20-21, 2026; first contracts self-certified May 2026 (list on/after May 20, 2026)
- Market types
- Binary
- Audience
- Retail · Institutional · Power user
- Website
- www.rothera.io
Pricing mechanism
CLOB (inherited MIAX in-house matching engine)
Settlement
CFTC-licensed clearinghouse (Rothera DCO)
Strengths
- Triple-license stack (DCM + DCO + SEF) inherited from MIAXdx · no other PM-focused entity has all three
- Robinhood retail distribution: tens of millions of US brokerage accounts, one-tap funded
- Susquehanna (SIG) liquidity from day 1 · solves the cold-start liquidity problem most CFTC PMs face
- Vertical integration: Robinhood controls product surface, listing, pricing, UX without Kalshi-style routing dependency
- First contracts self-certified May 2026 (baseball + weekly jobless claims + core PCE) signals real listing readiness
Weaknesses
- Pre-launch as of May 14, 2026 · Polymarket 'launch by March 31' resolved No, slipped to Q2 / by June 30
- Sport contracts face active state-AG pushback (NJ/NV/NY/OR/MA) · same regulatory drag KalshiSports hit
- Will be late to a market Kalshi + Polymarket US + Crypto.com + Fanatics already occupy in 2026
- Robinhood's own existing PM offering (via Kalshi routing) is the user that has to be churned to Rothera · internal cannibalization in framing
- $14M Q1 buildout cost · small relative to incumbent flywheels
About this mechanism
Binary outcome derivatives traded on CFTC-designated contract markets, USD-settled. Different regulatory and distribution lane from onchain PMs.