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Robinhood's Crypto Perpetuals Rollout Puts Bitstamp in the Spotlight
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Key Takeaways
Robinhood is rolling out U.S. crypto perpetual futures using Bitstamp infrastructure with leverage up to 10x.
Bitstamp generated 55% of Robinhood's $40 billion in total crypto notional volume in Q2 2026.
Low fees, crypto volatility and regulatory uncertainty could make revenue growth from perpetuals gradual.
Robinhood Markets’ (HOOD - Free Report) U.S. crypto perpetual futures rollout is putting greater focus on Bitstamp’s role within the company’s expanding digital asset ecosystem. While it initially said at its Sept. 29 HOOD Summit that eligible U.S. customers would gain access to perpetuals “in the coming months,” its latest product status page says the offering is beginning to roll out, signaling faster progress toward commercialization.
Bitstamp is central to that strategy because Robinhood’s perpetual futures are offered through Robinhood Derivatives using Bitstamp infrastructure. The contracts offer leverage of up to 10x on Bitcoin and Ethereum and up to 3x on other supported cryptocurrencies. Through Dec. 31, 2026, Robinhood charges a 0.005% commission, and the venue fee is another 0.005%, bringing total trading costs to 1 basis point.
Bitstamp already brings meaningful scale to Robinhood’s crypto platform. In the second quarter of 2026, it accounted for 55% of Robinhood’s $40 billion in total crypto notional volume. However, Bitstamp’s high volume does not necessarily translate into proportionately high revenues because its institutional-oriented business generally carries lower transaction economics than Robinhood’s retail crypto activity. Robinhood has said its crypto revenues benefited from the Bitstamp acquisition but does not separately report Bitstamp’s complete standalone revenue contribution.
The perpetual futures rollout is expected to enhance Robinhood’s monetization of Bitstamp’s established trading infrastructure and support another leg of growth in its crypto franchise. If adoption gains traction, higher-frequency derivatives trading could boost customer engagement and expand transaction-based revenues.
However, the magnitude of the benefit will depend on trading volumes, customer uptake and Robinhood’s ability to improve pricing economics over time. Low introductory fees, volatile crypto activity and regulatory uncertainty remain key near-term headwinds, suggesting that the revenue contribution may build gradually rather than emerge as an immediate earnings driver.
How are HOOD’s Peers Faring in Terms of Product Diversification
Schwab is broadening its offerings across ETFs, direct indexing, thematic investing, alternative assets, managed portfolios, banking and digital assets. Expanded crypto access in 2026, alongside personalized investing and advisor solutions, is expected to attract younger and wealthier clients, deepen engagement and help Schwab capture a larger share of client assets.
Interactive Brokers is expanding beyond traditional stocks and options into crypto, perpetual-style futures, prediction markets, AI-enabled trading and broader global-market access. Interactive Brokers’ unified platform now spans more than 170 markets, helping attract active traders, international investors and digital-asset clients while deepening engagement and supporting market share gains.
Over the past six months, Robinhood’s shares have jumped 61.6%, outperforming the industry’s 9.9% growth.
Image Source: Zacks Investment Research
HOOD’s shares are currently trading at a premium to the industry. The company has a 12-month trailing price-to-tangible book (P/TB) of 11.71X compared with the industry average of 3.04X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Robinhood’s 2026 earnings suggests a year-over-year increase of 3.9%. The trend is likely to continue next year, with earnings expected to jump 32.5%. In the past 30 days, earnings estimates for 2026 and 2027 have been revised higher to $2.13 and $2.82 per share, respectively.
View the Zacks #1 Rank List
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Robinhood's Crypto Perpetuals Rollout Puts Bitstamp in the Spotlight
Key Takeaways
Robinhood Markets’ (HOOD - Free Report) U.S. crypto perpetual futures rollout is putting greater focus on Bitstamp’s role within the company’s expanding digital asset ecosystem. While it initially said at its Sept. 29 HOOD Summit that eligible U.S. customers would gain access to perpetuals “in the coming months,” its latest product status page says the offering is beginning to roll out, signaling faster progress toward commercialization.
Bitstamp is central to that strategy because Robinhood’s perpetual futures are offered through Robinhood Derivatives using Bitstamp infrastructure. The contracts offer leverage of up to 10x on Bitcoin and Ethereum and up to 3x on other supported cryptocurrencies. Through Dec. 31, 2026, Robinhood charges a 0.005% commission, and the venue fee is another 0.005%, bringing total trading costs to 1 basis point.
Bitstamp already brings meaningful scale to Robinhood’s crypto platform. In the second quarter of 2026, it accounted for 55% of Robinhood’s $40 billion in total crypto notional volume. However, Bitstamp’s high volume does not necessarily translate into proportionately high revenues because its institutional-oriented business generally carries lower transaction economics than Robinhood’s retail crypto activity. Robinhood has said its crypto revenues benefited from the Bitstamp acquisition but does not separately report Bitstamp’s complete standalone revenue contribution.
The perpetual futures rollout is expected to enhance Robinhood’s monetization of Bitstamp’s established trading infrastructure and support another leg of growth in its crypto franchise. If adoption gains traction, higher-frequency derivatives trading could boost customer engagement and expand transaction-based revenues.
However, the magnitude of the benefit will depend on trading volumes, customer uptake and Robinhood’s ability to improve pricing economics over time. Low introductory fees, volatile crypto activity and regulatory uncertainty remain key near-term headwinds, suggesting that the revenue contribution may build gradually rather than emerge as an immediate earnings driver.
How are HOOD’s Peers Faring in Terms of Product Diversification
Two close peers of HOOD are Charles Schwab (SCHW - Free Report) and Interactive Brokers Group (IBKR - Free Report) .
Schwab is broadening its offerings across ETFs, direct indexing, thematic investing, alternative assets, managed portfolios, banking and digital assets. Expanded crypto access in 2026, alongside personalized investing and advisor solutions, is expected to attract younger and wealthier clients, deepen engagement and help Schwab capture a larger share of client assets.
Interactive Brokers is expanding beyond traditional stocks and options into crypto, perpetual-style futures, prediction markets, AI-enabled trading and broader global-market access. Interactive Brokers’ unified platform now spans more than 170 markets, helping attract active traders, international investors and digital-asset clients while deepening engagement and supporting market share gains.
Robinhood’s Price Performance, Valuation & Estimate Analysis
Over the past six months, Robinhood’s shares have jumped 61.6%, outperforming the industry’s 9.9% growth.
Image Source: Zacks Investment Research
HOOD’s shares are currently trading at a premium to the industry. The company has a 12-month trailing price-to-tangible book (P/TB) of 11.71X compared with the industry average of 3.04X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Robinhood’s 2026 earnings suggests a year-over-year increase of 3.9%. The trend is likely to continue next year, with earnings expected to jump 32.5%. In the past 30 days, earnings estimates for 2026 and 2027 have been revised higher to $2.13 and $2.82 per share, respectively.
Image Source: Zacks Investment Research
HOOD currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.