The PFOF premium that Robinhood commands is really fascinating. Last I checked market makers were paying like double for RH’s flow as opposed to Schwab or whate

The PFOF premium that Robinhood commands is really fascinating. Last I checked market makers were paying like double for RH’s flow as opposed to Schwab or whatever. I’ve been doing work in crypto lately and it always creeps me how hard the exchanges push you to lever up. RH makes derivatives trading seem like free money. Citadel is willing to pay real money to be the counterparty. “HFT” gets a bad rap in spite of often providing a necessary service, and a lot of that is because of Michael Lewis’s dumbass book, but there is a dark side where firms round up unsophisticated people and sell them the opportunity to engage in complex derivatives transactions with sharky pros via dark patterns and sketchy growth hacking.