Robinhood said they had 4.3 million trades per day and make $.0023 per equity share traded via pay-per-order-flow. So for 1 year that would be 1.57 billion trades. Yearly revenue from pay-per-order-flow was $682 million. This means the average fee per trade was $0.43. Given their stated $.0023 per share this would mean the average trade is 189 shares. Is this correct? For a company with average account size of $3500, the average trade size is 188 shares?
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