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What are order flow rebates?
What are order flow rebates?
Updated over a week ago

In an industry first, Public will share 50% of our Options trading revenue with you - making Public the cheapest way to trade Options.

Activate Options trading by March 31st to lock in your life-time 50% rebate.

How it works

If you are enrolled in our Options Order Flow Rebate Program (“Program”), Public will automatically share 50% of our Options order flow revenue from each completed transaction with you, reducing the cost of your Options trade. We are calling the revenue that Public shares with you an “order flow rebate.”

You will be able to view your order flow rebates throughout the checkout process. First, on the “Review” screen before submitting the trade, and then on the “Order Completed” screen. You’ll also be able to view your order flow rebates on your trade history and on your trade confirmation. On trade confirmations, order flow rebates will be displayed as a negative number in the “additional fee” column, and will be included in the net dollars paid or received for that transaction.

Why Public is paying options order flow rebates

Payment for order flow (“PFOF”) is when brokerage firms receive compensation in exchange for routing orders for trade execution to a particular market maker or exchange. Public does not participate in PFOF for equities trades, including stocks and ETFs. We’ve even built our own proprietary order routing system so that we’re in the driver's seat of always working to get you the best possible price execution.

However, PFOF is an essential part of the Options market structure. Unique to Public, we are choosing to share part of the Options order flow revenue that we receive from our intermediaries as a rebate with our investors to help reduce your Options trading costs.

We believe this transparency—especially with Options trading—is incredibly important. Not just so you know exactly what things cost, or what our incentives as a company are – but also so we bring more transparency to the markets overall—and how they work for investors like you. Sharing 50% of our Options revenue with you means you’ll know exactly how much money we make from your Options trades. The amount we earn from each transaction is exactly the same as what you earn.

How the rebates impact cost basis

Since order flow rebates are directly applied to the trade, they will also impact your cost basis, reducing your cost basis on buys and increasing your realized gains on sells.

How Public determines the order flow rebate

Public does not receive PFOF revenue on Options orders until 1-2 months after the order has actually occurred. Because we don’t want to wait that long to pass the savings on to you, we are sharing rebates with you based on our expected revenue using the current rate table at the time you place the trade. What you see as your order flow rebate amount during checkout won’t change—that’s the exact rebate that will be applied to your order.

Order flow rebates vary depending on the number of contracts you trade, the type of strategy, and if the Options are part of the penny program. Your rebate will typically range from $0.18 per contract per trade.

Once we share your order flow rebates with you, that amount will not change. Your order flow rebate that you see on your trade confirmation is what you received as savings towards the trade.

How to activate the 50% rebate

If you have a brokerage account with Public, you will activate your 50% rebate (enroll in the Program by enabling Options trading on Public by 11:59 PM ET on March 31, 2024). For more details, see our Program Terms & Conditions.

Order flow rebates are only issued for Options transactions.

For further questions contact Member Support via in-app chat or email at

If you are enrolled in the Options Order Flow Rebate Program, Public Investing will share 50% of our estimated order flow revenue for each completed options trade as a rebate to you. The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule

Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.

Prior to buying or selling an option, investors must read the “Characteristics and Risks of Standardized Options”, also known as the options disclosure document (ODD) which can be found here.

Brokerage services for US Listed, registered securities, and options in a self-directed brokerage account are offered by Open To The Public Investing, member FINRA & SIPC. ETFs and options are available to US members only.

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