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Most companies that process billions of transactions want you to know their name. Rothera Exchange and Clearing LLC took the opposite approach, building one of the largest prediction market platforms in the US while deliberately staying invisible to the people actually using it.
The CFTC-regulated exchange serves as the backend infrastructure powering Robinhood’s prediction market offerings. In Q2 2026 alone, Rothera processed over 3.5 billion contracts and generated $17 million in revenue. For a platform that launched live trading only weeks earlier, those are remarkable numbers.
The quiet giant behind Robinhood’s prediction bets
Rothera operates as a Designated Contract Market and Derivatives Clearing Organization under CFTC oversight. It deals in cash-settled event contracts, each worth $1, covering real-world outcomes like sports results and, eventually, elections and crypto prices.
The exchange emerged from a joint venture predominantly controlled by Robinhood, with investment from Susquehanna International Group. In January 2026, the partnership acquired and rebranded MIAXdx, a Miami-based derivatives exchange, transforming it into Rothera.
Live trading kicked off in late May to early June 2026, starting with contracts tied to the FIFA World Cup and baseball. Within weeks, Rothera ranked among the top three to five US prediction market exchanges by trading volume.
The platform runs 24/7 trading with a central limit order book. Rothera also provides services to futures commission merchants and market makers, positioning itself as a B2B operation rather than a consumer product.
A strategic pivot that’s already paying off
Robinhood’s prediction market revenue hit $156 million in Q2 2026. Rothera’s $17 million contribution represents the exchange’s own cut.
Robinhood initially relied on third-party DCMs, such as Kalshi, to offer event contracts to its users. The formation of Rothera through the acquisition of MIAXdx allowed Robinhood to establish its own infrastructure without the extended timeline typical of building a new exchange from the ground up.
Regulatory positioning in a crowded field
Rothera’s dual registration as both a DCM and DCO gives it a compliance foundation that few competitors can match. This determines which types of contracts a platform can list, which counterparties it can serve, and how much institutional capital it can attract.
Rothera’s future plans include introducing event contracts focused on elections, politics, and crypto outcomes.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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