>Free? I only know of Robinhood and that's only for US, and you get frontrun anyway
any sources for this? AFAIK they make money off the bid-ask spread, but you're guaranteed at least the NBBO.
Due to the nature of x*y=k pools, the spread would just be 2x the fee (but increases based on how much you transact vs how much liquidity there is). Or you can think of it as 0 spread with 1bps fees on both sides for the usdt/usdc pools.
Robinhood Crypto does not guarantee you the NBBO because the NBBO doesn't exist.
Yeah sorry, I was pattern matching on "robinhood frontrunning" and didn't take the fact we're talking about crypto trading into account. With that in mind, they're not front running you, they're just providing worse rates and making money off the spread. It's basically how the "no commission" currency exchange places you see at airports works. They sell EUR to you at 1.15 EUR/USD, but they buy EUR from you at 1.10 EUR/USD.