Robinhood sells your orders to a market maker, and the market maker keeps the spread. On Robinhood Chain the market maker is a fund. It provides the liquidity the tokenized stocks trade against, collects the fee on every trade that passes through, and pays it to whoever holds $PFOF.
| Pool | Fee tier | Flow 24 h | Liquidity | Turnover | Paid to liquidity 24 h | Last hour |
|---|---|---|---|---|---|---|
| reading the pools | ||||||
These are Uniswap V3 pools on Robinhood Chain. Whoever has deposited into them is the market maker and earns the fee tier on every trade. "Paid to liquidity" is what all providers in the pool earned together; the fund's own share is on the fund page, and it is zero until the first position is open.
| Position | Value | Fees earned |
|---|---|---|
| reading | ||
$PFOF launches on Pons with a 1% creator tax (2% in total with Pons's own 1% on the curve). If any of this ever changes, it is posted before the change, not after.
Tokenized stocks on Robinhood Chain trade in Uniswap pools. The fund deposits into the pools where the flow is, in a price range, and becomes the market maker for that range. Every trade that crosses it pays the pool's fee tier to the fund.
A keeper harvests the fees every hour, recentres a position when the price walks out of its range, and moves capital to whichever pool carried the volume. It can move positions; it cannot withdraw. What it did is on the fund page with a hash.
Every Friday at 20:00 UTC the week's fees, plus half the token's creator fees, are paid to $PFOF holders in USDG, pro rata, in one transaction that is listed on the ledger. Hold it, and it pays you the spread.
It is a fee. The pools pay a fixed percentage of every trade to the liquidity in them, and this fund is some of that liquidity. There is no APY on this site because the number depends on how much trades tomorrow, which nobody knows. The desk page shows what the flow paid in the last 24 hours; the fund page shows what this fund holds. Multiply them yourself and label it arithmetic.
Yes. A liquidity position ends up holding more of whichever asset fell, which is called impermanent loss. On a pool that turns over its liquidity ten times a day, the fees usually beat it; on a quiet, trending week they do not. The NAV is public every minute so you can see which is happening, and the docs say this again in more words.
A script with a schedule and three rules: harvest hourly, recentre when the price leaves the range, follow the volume. It is not a trader and it has no key that can withdraw. Every action it takes is a transaction from the desk address.
Because the site went up the night the idea was tested and a contract that holds positions deserves more than a night. The address is public, every position and balance is read from it, and a vault contract that holds the positions is the first item on the roadmap. Until it ships, the fund is the address and the site says so.
The Friday payment, pro rata to what you hold at the snapshot. Nothing else is promised. The ledger shows every payment ever made, with its hash, and it is empty until the first one.
Payment for order flow is how Robinhood makes money: it sells your orders to market makers, who keep the spread. This is the same trade with the direction reversed. The market maker is the fund, and the spread goes to the holders.