> I promise you their cut is more than $.50 and most likely > $7 For stocks? Absolutely not. You get the National Best Bid or Offer (NBBO), as required by la

> I promise you their cut is more than $.50 and most likely > $7 For stocks? Absolutely not. You get the National Best Bid or Offer (NBBO), as required by law, ie, the best spread available on the public stock markets. > at least in Crypto land Well, maybe there's your mistake. > To think that HFT firms are using this data to only front run orders They're not using it to front run orders. Not only is that illegal, but it's also in this case impossible by definition. You front run an order that might move the market by trading in advance of it, but in this case the internalisers are paying for retail order flow because it won't move the market. That's the only reason it has value to them. And because it won't move the market, you (obviously) can't get out in front of that market movement. I'd suggest doing a bit more research.