Blockchain analytics provider Kaiko has flagged unusual derivatives activity that indicates that some traders may have entered positions before Robinhood (NASDAQ: HOOD) crypto listings were made public. According to Laurens Fraussen , research analyst at Kaiko, trading data from perpetual futures markets and on-chain activity have shown that some participants appeared to enter positions shortly before public listing disclosures, with patterns repeating across multiple assets. One example cited by Kaiko involved a wallet address identified by “ 0xa1E ,” which opened a long position on Lighter (LIT) through Hyperliquid at 11:05 am UTC on Jan. 15, nearly an hour before Robinhood announced the listing at 12:12 pm. The position was closed at 1:00 pm, shortly after the announcement. Kaiko also reported that the same wallet later took a short position on a HOOD-linked perpetual contract on April 28, hours before Robinhood released first-quarter earnings that missed analyst expectations, and exited after the stock declined. Well-timed positioning ahead of listings raises questions Across several listings, Fraussen identified similar activity where wallets opened positions shortly before announcements, raising the possibility that more than one trader acted on the same signals. Fraussen added that the consistency of these trades brings up the question of whether multiple participants had access to the same information ahead of time. The report pointed to tokens such as Zcash (ZEC), Synthetix (SNX), and Near Protocol (NEAR), each of which recorded price movements and unusual derivatives activity in the hours leading up to their listing announcements. Further, it noted that these tokens showed abnormal returns both before and after the announcements, alongside spikes in funding rates, trading volume, and open interest. However, Fraussen clarified that such positioning does not necessarily indicate insider access, as experienced traders may react to market microstructure signals. Robinhood lists crypto assets with no advance public notice, yet across multiple listings, open interest rose in the hours before each announcement, funding rates began climbing days earlier, and multiple wallets on Hyperliquid held directional exposure right before the news was public. Either informed traders have found a reliable way to front-run public information, or the information was not public to begin with Laurens Fraussen Research analyst at Kaiko Yet, he added that the nature of these trades across multiple listings suggests either privileged access to Robinhood’s listing pipeline or a trading approach that consistently identifies early signals from public data. Robinhood shares under pressure These concerns have surfaced as Robinhood shares have come under pressure following a weaker earnings print tied in part to softer crypto activity. Robinhood’s stock had dropped more than 9% in extended trading after the company reported first-quarter results that missed analyst expectations, with HOOD falling to around $74 after closing at $82 in the regular session. Robinhood posted revenue of $1.067 billion, up by $140 million from a year earlier, while net income edged higher to $346 million, even as its crypto business weighed on overall performance. Crypto trading volumes on the platform fell sharply to $23.8 billion from $46.1 billion in the same period last year, while total notional volume declined to $65.7 billion from $82.4 billion in the previous quarter, according to the same report. The slowdown in crypto activity came during a period when Bitcoin and several major altcoins remained under pressure for much of the quarter, reducing trading demand on the platform. Alongside the revenue miss, the company also raised its operating expense forecast to a range of $2.7 billion to $2.86 billion, up from its earlier guidance of $2.6 billion to $2.725 billion, citing planned investments. Despite rolling out new products, including the Family Hub, early dividend payments, and beta features such as Robinhood Socials and the Platinum card, the company’s crypto segment remained a key drag on performance, according to the report. While recent gains in crypto prices have started to lift trading activity again, uncertainty remains around whether that recovery can be sustained. The post Kaiko flags possible front running ahead of Robinhood listings appeared first on Invezz
