Robinhood crypto volume falls 21% as event contracts hit 5.9B

Robinhood has reported a 21% monthly decline in cryptocurrency trading volume to $17 billion for October, while customers traded 5.9 billion event contracts, up 136% from a year earlier.

Robinhood’s operating update, released Nov. 12, showed lower crypto activity across both its retail app and Bitstamp. App volume fell 24% from September, while Bitstamp recorded an 18% decline.

Robinhood crypto volume falls below August’s total

Compared with October 2025, app trading fell 51%, and Bitstamp turnover dropped 45%. Combined average daily crypto volume came to $548 million, down 23% from September.

Using the rounded monthly figures in the release, combined crypto turnover fell by $4.4 billion from September’s $21.4 billion. Bitstamp accounted for 60% of October’s total, calculated by dividing its $10.2 billion in trades by the combined $17 billion.

The latest monthly total was below the $17.5 billion recorded in August, when crypto.news reported a 61% monthly rebound from July’s $10.9 billion. During August, Bitstamp processed $10.1 billion, and the app handled $7.4 billion.

Across the two months, Bitstamp’s dollar turnover was nearly unchanged, while app trading was $600 million lower. October’s combined volume was approximately 2.9% below August’s, based on the reported totals, even after September’s stronger reading.

August trading had already been below the previous year’s level. At the time, combined volume was down 38% annually, with app activity falling 46% and Bitstamp supplying most of the monthly recovery.

Event contracts outpace crypto in quarterly revenue

October event-contract trading rose 5% from September, reaching an average of 190 million contracts a day. The daily figure was up 2% month over month and 135% from October 2025.

In its third-quarter results, published Oct. 27, Robinhood reported $173 million in event-contract revenue, more than six times the year-earlier amount. Crypto transaction revenue fell 55% to $120 million.

Event contracts therefore generated $53 million more revenue than crypto during the quarter. Options remained the largest of the disclosed transaction categories at $399 million, followed by event contracts, equities at $121 million and cryptocurrencies.

Total quarterly revenue reached $1.42 billion, up 12% annually, while net income fell 14% to $476 million. Diluted earnings per share declined 16% to $0.51, with the company recording $67 million in unrealized losses primarily tied to Robinhood Ventures Fund I.

The company’s September prediction markets partnership with OG.com included plans to route retail event contracts through the provider’s exchange and clearing infrastructure. The announcement scheduled a phased rollout to eligible U.S. customers beginning Sept. 8.

Under that agreement, Robinhood would hold initial equity stakes in both OG.com and Crypto.com. Pricing followed Citadel Securities’ investment terms, which valued Crypto.com at $20 billion and the separated OG.com business at $5 billion.

U.S. crypto derivatives remain part of the product rollout

Alongside its event-contract expansion, Robinhood announced U.S. crypto perpetuals at its Sept. 29 HOOD Summit. The planned contracts cover Bitcoin, Ether, Solana, XRP, Dogecoin, Cardano, Chainlink and Hyperliquid.

According to the company’s summit announcement, eligible U.S. customers would be able to take long or short positions without an expiration date. Bitcoin and Ether contracts would allow up to 10 times leverage, with the remaining assets capped at three times.

Robinhood said its derivatives subsidiary would offer the contracts through Bitstamp, with a 0.01% trading fee through year-end. The announcement described a rollout in the coming months and listed stop-loss orders, take-profit orders, liquidation-price tracking and position alerts among the planned controls.

The same product announcement introduced earnings contracts covering company metrics, including whether a business beats earnings or reaches a revenue target. Robinhood said the binary options would be made available through Cboe, require options approval, and roll out to eligible customers in the following weeks.

Net deposits rise as platform assets decline

Outside crypto, October equity trading reached $325.5 billion, up 1% monthly, while options contracts totaled 288.6 million, essentially unchanged. Funded customers reached 28.9 million, approximately 130,000 more than at September’s end.

Margin balances reached $22.9 billion, up 4% monthly. Cash and deposits fell 20% to $16.4 billion, which Robinhood attributed mostly to customer net buying. The company said the decline had largely reversed in early November. Cash-sweep balances ended October at $30.8 billion, down 5% from September and 10% annually.

Net deposits totaled $15.1 billion, but platform assets fell 3% to $383.2 billion. Robinhood’s reporting definitions include Trump Account assets in platform assets and contributions in net deposits from July 2026; funded-customer totals exclude Trump Accounts.