The House
Centered on Robinhood. The interactive map combines refreshed market data for covered tickers with static research snapshots and estimates. Dates and source availability vary by company.
The Hub
The casino app that turned a generation into order flow
HOOD — Robinhood
The retail super-app: zero-commission stocks, the most-gamified options flow in the market, crypto, IRAs with match, and now event contracts — every product line aimed at holding the whole paycheck.
Why it matters: The center of gravity: every other node on this map is either losing customers to Robinhood, supplying its rails, or racing it to the next thing retail will trade.
Outlook: Revenue up 32% with 42% net margins. Event contracts are the breakout: 16B+ contracts traded this year and ~$147M of event revenue in a single quarter, riding Kalshi rails while owning its own exchange license for the day it cuts them loose.
market cap $82B · revenue $5B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Trading War
Fighting Robinhood for the retail brokerage account
SCHW — Charles Schwab
The $10T custody giant of American retail wealth — brokerage, banking, and advice for the generation that still calls its broker.
Why it matters: The deepest pool of assets Robinhood is trying to drain: Gold subscriptions and IRA matches are aimed straight at Schwab accounts.
market cap $193B · revenue $26B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
ETOR — eToro
Israeli social-trading platform — copy-trading, stocks, and crypto for retail across Europe and beyond, listed on Nasdaq since 2025.
market cap $2B · revenue $12B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
SOFI — SoFi
The everything-app for money: banking, lending, investing, and credit in one place — the same full-wallet ambition as Robinhood, approached from the banking side.
market cap $23B · revenue $4B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Options War
Where the zero-DTE flow and the active traders live
IBKR — Interactive Brokers
The professional-grade platform where serious options and global-markets traders graduate to — lowest margin rates in the business and its own event-contract exchange, ForecastEx.
Why it matters: Fights Robinhood at both ends: for the active trader today, and in prediction markets tomorrow.
market cap $154B · revenue $7B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
BULL — Webull
Zero-commission options and stocks app — the closest clone of the Robinhood playbook, chasing the same first-account customer.
market cap $4B · revenue $600M (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Crypto Ring
Custody of coins — the other asset retail actually trades
COIN — Coinbase
America’s regulated crypto exchange and custodian — the default vault for retail and institutional coins alike.
Why it matters: Robinhood’s crypto arm (plus its Bitstamp acquisition) undercuts Coinbase’s fee model with the same asset list — the clearest head-to-head on the map.
market cap $39B · revenue $6B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Prediction Machines
CFTC-regulated exchanges turning everything into a market
KALSHI — Kalshi (private)
The CFTC-regulated event-contract exchange — elections, rates, weather, sports — that turned "everything is a market" into a $23.8B-a-year trading venue.
Why it matters: Both Robinhood’s most important partner and its most obvious future rival — federal contracts that work in all 50 states are the existential threat to state-licensed sportsbooks.
Outlook: Valued at $22B in March 2026 (Coatue), reportedly in talks near $40B. Robinhood alone drives over half its volume.
valuation $22B (research snapshot; source date not recorded here)
POLYMARKET — Polymarket (private)
The crypto-native prediction market that made event odds a public utility — re-entering the US market with ICE’s balance sheet behind it.
Outlook: ICE completed a $2B total investment in March 2026; latest round talk values it near $15-20B.
valuation $15B (research snapshot; source date not recorded here)
The Sportsbooks
State-licensed betting duopoly watching event contracts eat their lunch
DKNG — DraftKings
One half of the US online sportsbook duopoly — now fighting the prediction-market insurgency by joining it: it bought the Railbird exchange and launched DraftKings Predictions in 38 states, including the ones that never legalized sports betting.
market cap $12B · revenue $6B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
FLUT — Flutter (FanDuel)
FanDuel’s parent — the other half of the sportsbook duopoly, answering the event-contract threat through a prediction-markets joint venture with CME.
market cap $16B · revenue $17B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Exchange Lords
Old derivatives money buying its way into the retail betting boom
CBOE — Cboe Global Markets
The options exchange: home of the VIX, SPX, and the zero-DTE boom. Every contract the retail apps gamify ultimately prints on rails like these.
market cap $30B · revenue $5B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
CME — CME Group
The world’s biggest derivatives exchange — futures on everything from rates to cattle, 63% net margins, and now event contracts distributed through FanDuel.
market cap $98B · revenue $7B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
ICE — Intercontinental Exchange
Owner of the NYSE and a data empire — its $2B Polymarket stake is a bet that event-market odds become a financial data layer the whole industry pays for.
market cap $88B · revenue $11B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Old Money
The trillion-dollar incumbents the next generation of assets is draining from
MS — Morgan Stanley
Wall Street wealth management at scale — and, through E*Trade, a legacy retail brokerage watching its next generation of customers open Robinhood accounts instead.
market cap $342B · revenue $78B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
BLK — BlackRock
The $12T asset manager whose iShares ETFs sit inside almost every account on this map — whoever wins the brokerage war, BlackRock collects the fee.
market cap $188B · revenue $27B (research snapshot; source date not recorded here)
Check the data: Yahoo Finance quote & financials · Find SEC filings
Relationships on the map
- Robinhood competes with Charles Schwab — Brokerage accounts & cash
Gold subscriptions, IRA matches, and transfer bonuses — Robinhood’s whole retention stack is aimed at pulling accounts out of Schwab’s $10T custody empire. - Robinhood competes with eToro — Social retail trading
Same first-time trader, different continent of origin — eToro’s copy-trading vs Robinhood’s feed. - Robinhood competes with SoFi — The money super-app
Both want the entire paycheck — SoFi attacks from banking and lending, Robinhood from trading. - Robinhood competes with Interactive Brokers — Options & active traders
The graduation path: Robinhood mints options traders, Interactive Brokers courts them once they get serious — and IBKR’s ForecastEx fights Robinhood in event contracts too. - Robinhood competes with Webull — Zero-commission options
Webull runs the closest copy of the Robinhood playbook — same free options trades, same first-account customer. - Robinhood competes with Coinbase — Retail crypto
Robinhood’s crypto arm and Bitstamp acquisition undercut Coinbase’s fees on the same coins — the sharpest head-to-head on the map. - Robinhood competes with DraftKings — Sports: contracts vs bets
Same game, same wallet, different regulator: Robinhood’s CFTC sports contracts work in all 50 states while DraftKings’ sportsbook license stops at state lines. - Morgan Stanley competes with Robinhood — E*Trade vs the kids
Morgan Stanley’s E*Trade is the brokerage the last generation switched to — Robinhood is where their kids opened accounts. - Kalshi partners with Robinhood — Event-contract rails (2¢ split)
Robinhood’s prediction markets run on Kalshi’s CFTC-regulated exchange, splitting a 2¢-per-contract fee — and Robinhood alone drives over half of Kalshi’s volume, even while it owns an exchange license of its own. - Cboe Global Markets supplies Robinhood — Options exchange rails
The zero-DTE options boom Robinhood gamified ultimately prints on Cboe’s exchanges. - BlackRock supplies Robinhood — The ETFs retail buys
iShares ETFs fill Robinhood retirement accounts — BlackRock collects its fee no matter which app wins. - Kalshi competes with Polymarket — Prediction duopoly
$22B Kalshi vs ~$15B Polymarket — the two venues racing to be where the world prices its uncertainty. - Intercontinental Exchange partners with Polymarket — $2B stake + data rights
ICE completed a $2B investment and took global distribution rights to Polymarket’s event data — the bet is odds-as-data, not trading fees. - CME Group partners with Flutter (FanDuel) — FanDuel Predicts JV
FanDuel distributes CME event contracts — the old derivatives lord and the sportsbook teaming up against Kalshi. - DraftKings competes with Kalshi — Sports event contracts
Kalshi’s federal sports contracts bypass state gaming licenses entirely — DraftKings answered by buying the Railbird exchange and launching its own prediction market in 38 states. - DraftKings competes with Flutter (FanDuel) — US sportsbook duopoly
FanDuel and DraftKings split most of US online sports betting — and are now racing each other into prediction markets by different doors.