I think it ends up being more complicated than that, because they don't operate their own clearing for crypto and they don't charge any fees, so some other part

I think it ends up being more complicated than that, because they don't operate their own clearing for crypto and they don't charge any fees, so some other party acts as a wholesaler, quotes huge spreads, and returns a lot of that money to RH as PFOF. But your post is directionally correct, and the differences are mostly marketing.