1.2 Cobra Trading 2025 1 2025-04-30T14:16:32Z 2025 1 6.49 22.26 43.78 33.86 0.10 LAMPOST CAPITAL (LAMP) 40.35 16.13 16.16 8.06 0.00 66.72 3.1300 31.45 3.1300 5.45 3.1300 0.0000 3.1300 Cobra Trading LLC paid an average of $0.0313 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 29.01 3.76 17.76 7.48 0.00 42.69 12.3200 454.37 12.3200 56.61 12.3200 0.0000 12.3200 Cobra Trading LLC paid an average of $0.1232 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 18.28 0.03 5.17 13.07 0.00 0.60 25.0000 71.53 25.0000 54.11 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 5.43 0.00 3.05 2.28 0.10 0.00 -1.5800 -25.32 -1.5800 -10.00 -1.5800 -0.1010 -1.5800 Cobra Trading LLC received an average of $0.0158 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (SPDRX) 2.51 0.61 0.64 1.25 0.00 4.64 15.2400 1.88 15.2400 1.76 15.2400 0.0000 15.2400 Cobra Trading LLC paid an average of $0.1524 per 100 shares to SPEEDROUTE, LLC (SPDRX) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 1.80 0.03 0.74 1.03 0.00 -0.02 -7.0000 -16.90 -7.0000 -3.78 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PMID) 1.57 1.54 0.00 0.03 0.00 1.95 15.0000 0.00 15.0000 0.00 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (REBATE) 1.00 0.16 0.26 0.58 0.00 -0.10 -3.2400 -0.44 -3.2400 -0.51 -3.2400 0.0000 -3.2400 Cobra Trading LLC received an average of $0.0324 per 100 shares from SPEEDROUTE, LLC (REBATE). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.06 0.00 0.00 0.06 0.00 0.00 15.9700 0.00 15.9700 0.00 15.9700 0.0000 15.9700 Cobra Trading LLC paid an average of $0.1597 per 100 shares to CLEARPOOL EXECUTION SERVICES, LLC (DRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 12.05 9.78 38.44 51.70 0.08 LAMPOST CAPITAL (LAMP) 36.92 6.83 19.23 10.86 0.00 4190.34 3.1300 12790.10 3.1300 2708.79 3.1300 0.0000 3.1300 Cobra Trading LLC paid an average of $0.0313 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 27.91 0.57 7.39 19.95 0.00 1792.52 12.3200 16257.60 12.3200 15604.53 12.3200 0.0000 12.3200 Cobra Trading LLC paid an average of $0.1232 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 25.40 0.01 9.37 15.95 0.07 -24.23 -1.5800 -25092.57 -1.5800 -17643.99 -1.5800 -1024.8478 -1.5800 Cobra Trading LLC received an average of $0.0158 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (SPDRX) 3.31 0.06 0.66 2.59 0.00 13.80 15.2400 1842.40 15.2400 1560.43 15.2400 3.4255 15.2400 Cobra Trading LLC paid an average of $0.1524 per 100 shares to SPEEDROUTE, LLC (SPDRX) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 2.23 0.18 0.93 1.12 0.00 848.05 25.0000 1395.57 25.0000 546.25 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PMID) 2.20 2.05 0.08 0.07 0.00 1078.38 15.0000 94.88 15.0000 157.88 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.93 0.00 0.49 0.44 0.00 -0.30 -7.0000 -680.12 -7.0000 -573.06 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.44 0.00 0.16 0.28 0.00 0.00 7.7700 627.61 7.7700 585.59 7.7700 0.0000 7.7700 Cobra Trading LLC paid an average of $0.0777 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (REBATE) 0.25 0.05 0.07 0.13 0.00 -6.13 -3.2400 -45.50 -3.2400 -53.99 -3.2400 0.0000 -3.2400 Cobra Trading LLC received an average of $0.0324 per 100 shares from SPEEDROUTE, LLC (REBATE). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.20 0.00 0.01 0.19 0.00 79.85 15.9700 9.39 15.9700 741.64 15.9700 0.0000 15.9700 Cobra Trading LLC paid an average of $0.1597 per 100 shares to CLEARPOOL EXECUTION SERVICES, LLC (DRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (STRK) 0.10 0.00 0.03 0.07 0.00 0.00 7.7700 33.68 7.7700 75.85 7.7700 0.0000 7.7700 Cobra Trading LLC paid an average of $0.0777 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (HEAT) 0.07 0.01 0.02 0.04 0.00 17.74 6.4000 28.95 6.4000 58.01 6.4000 0.0000 6.4000 Cobra Trading LLC paid an average of $0.064 per 100 shares to SPEEDROUTE, LLC (HEAT) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (VWAP) 0.02 0.01 0.00 0.01 0.00 -19.81 -3.1800 -0.03 -3.1800 -185.58 -3.1800 0.0000 -3.1800 Cobra Trading LLC received an average of $0.0318 per 100 shares from INSTINET (VWAP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 93.01 18.79 15.69 65.53 0.00 LAMPOST CAPITAL (LAMP) 85.25 17.29 12.83 55.12 0.00 -4285.47 -7.0000 -2698.57 -7.0000 -3867.43 -7.0000 0.0000 -7.0000 For Options, Cobra Trading LLC received an average of $0.07 per 100 contracts from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 14.75 1.49 2.85 10.40 0.00 -193.10 -24.0769 -1733.30 -24.0769 -3255.20 -24.0769 0.0000 -24.0769 For Options, Cobra Trading LLC received an average of $0.2408 per 100 contracts from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 2025 2 9.56 9.84 53.55 36.12 0.49 LAMPOST CAPITAL (LAMP) 48.12 8.30 28.54 11.28 0.00 43.48 7.4900 158.87 7.4900 18.77 7.4900 0.0000 7.4900 Cobra Trading LLC paid an average of $0.0749 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 29.05 0.17 15.42 13.46 0.00 1.87 15.9200 419.65 15.9200 32.49 15.9200 0.0000 15.9200 Cobra Trading LLC paid an average of $0.1592 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (REBATE) 8.66 0.07 5.26 3.33 0.00 0.01 0.7700 0.73 0.7700 0.34 0.7700 0.0000 0.7700 Cobra Trading LLC paid an average of $0.0077 per 100 shares to SPEEDROUTE, LLC (REBATE) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 5.53 0.00 2.20 2.89 0.44 0.00 -1.5300 -15.57 -1.5300 -5.97 -1.5300 -2.3403 -1.5300 Cobra Trading LLC received an average of $0.0153 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 4.31 0.00 1.42 2.89 0.00 0.00 25.0000 23.63 25.0000 12.17 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (SPDRX) 3.92 1.00 0.61 2.25 0.05 23.91 16.6400 6.32 16.6400 12.59 16.6400 0.0836 16.6400 Cobra Trading LLC paid an average of $0.1664 per 100 shares to SPEEDROUTE, LLC (SPDRX) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PMID) 0.29 0.22 0.07 0.00 0.00 4.88 15.0000 0.01 15.0000 0.00 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.12 0.07 0.02 0.02 0.00 -0.21 -7.0000 -0.06 -7.0000 -0.21 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 11.07 9.53 41.42 48.97 0.09 LAMPOST CAPITAL (LAMP) 37.72 7.29 20.48 9.95 0.00 11001.03 7.4900 28313.55 7.4900 6199.71 7.4900 0.0000 7.4900 Cobra Trading LLC paid an average of $0.0749 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 26.80 0.38 8.15 18.27 0.00 2000.79 15.9200 27389.44 15.9200 17831.94 15.9200 0.0000 15.9200 Cobra Trading LLC paid an average of $0.1592 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 24.27 0.01 9.98 14.18 0.09 -23.91 -1.5300 -22694.98 -1.5300 -13668.83 -1.5300 -1296.5390 -1.5300 Cobra Trading LLC received an average of $0.0153 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 5.17 0.17 1.69 3.31 0.00 624.89 25.0000 2114.52 25.0000 2694.06 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (SPDRX) 2.71 0.07 0.43 2.21 0.00 35.62 16.6400 432.98 16.6400 281.84 16.6400 0.0000 16.6400 Cobra Trading LLC paid an average of $0.1664 per 100 shares to SPEEDROUTE, LLC (SPDRX) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PMID) 1.69 1.49 0.09 0.12 0.00 999.32 15.0000 136.21 15.0000 615.45 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (REBATE) 0.72 0.07 0.24 0.40 0.00 3.88 0.7700 12.63 0.7700 29.66 0.7700 0.0000 0.7700 Cobra Trading LLC paid an average of $0.0077 per 100 shares to SPEEDROUTE, LLC (REBATE) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.36 0.00 0.25 0.10 0.00 -5.50 -7.0000 -341.18 -7.0000 -446.89 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.26 0.00 0.04 0.23 0.00 0.00 18.2000 171.57 18.2000 106.49 18.2000 0.0000 18.2000 Cobra Trading LLC paid an average of $0.182 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (STRK) 0.19 0.01 0.05 0.13 0.00 0.00 18.2000 168.03 18.2000 225.54 18.2000 0.0000 18.2000 Cobra Trading LLC paid an average of $0.182 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. SPEEDROUTE, LLC (HEAT) 0.05 0.01 0.01 0.03 0.00 42.81 15.9900 53.38 15.9900 6.35 15.9900 0.0000 15.9900 Cobra Trading LLC paid an average of $0.1599 per 100 shares to SPEEDROUTE, LLC (HEAT) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (TWAP) 0.04 0.02 0.00 0.02 0.00 45.38 4.0000 0.00 4.0000 41.36 4.0000 0.0000 4.0000 Cobra Trading LLC paid an average of $0.04 per 100 shares to INSTINET (TWAP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.02 0.00 0.00 0.02 0.00 0.00 16.3700 16.90 16.3700 82.04 16.3700 0.0000 16.3700 Cobra Trading LLC paid an average of $0.1637 per 100 shares to CLEARPOOL EXECUTION SERVICES, LLC (DRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (VWAP) 0.01 0.01 0.00 0.00 0.00 123.99 16.2500 0.00 16.2500 0.00 16.2500 0.0000 16.2500 Cobra Trading LLC paid an average of $0.1625 per 100 shares to INSTINET (VWAP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 95.95 16.06 16.04 67.91 0.00 LAMPOST CAPITAL (LAMP) 84.17 12.60 13.46 58.11 0.00 -3451.42 -7.0000 -5502.28 -7.0000 -6715.03 -7.0000 0.0000 -7.0000 For Options, Cobra Trading LLC received an average of $0.07 per 100 contracts from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 15.83 3.46 2.57 9.79 0.00 -672.70 -10.2343 -1073.78 -10.2343 -1104.08 -10.2343 0.0000 -10.2343 For Options, Cobra Trading LLC received an average of $0.1023 per 100 contracts from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 2025 3 8.85 14.77 39.66 45.57 0.00 VIRTU AMERICAS, LLC. (FAN) 60.78 1.30 21.62 37.85 0.00 34.31 4.7000 251.81 4.7000 54.84 4.7000 0.0000 4.7000 Cobra Trading LLC paid an average of $0.047 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. LAMPOST CAPITAL (LAMP) 35.93 13.38 16.49 6.06 0.00 136.12 4.7400 157.47 4.7400 12.51 4.7400 0.0000 4.7400 Cobra Trading LLC paid an average of $0.0474 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 2.21 0.00 1.28 0.93 0.00 0.00 25.0000 4.14 25.0000 0.89 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 0.86 0.00 0.27 0.60 0.00 0.00 -3.0400 -72.20 -3.0400 -33.25 -3.0400 0.0000 -3.0400 Cobra Trading LLC received an average of $0.0304 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.11 0.09 0.00 0.02 0.00 0.00 18.7900 0.00 18.7900 0.00 18.7900 0.0000 18.7900 Cobra Trading LLC paid an average of $0.1879 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PMID) 0.07 0.00 0.00 0.07 0.00 0.00 15.0000 0.00 15.0000 0.00 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.02 0.00 0.00 0.02 0.00 0.00 16.4000 0.00 16.4000 0.00 16.4000 0.0000 16.4000 Cobra Trading LLC paid an average of $0.164 per 100 shares to CLEARPOOL EXECUTION SERVICES, LLC (DRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (STRK) 0.02 0.00 0.00 0.02 0.00 0.00 18.7900 0.00 18.7900 0.00 18.7900 0.0000 18.7900 Cobra Trading LLC paid an average of $0.1879 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 8.51 13.08 37.68 49.23 0.01 LAMPOST CAPITAL (LAMP) 42.81 10.59 22.24 9.98 0.00 7886.61 4.7400 14556.19 4.7400 4232.82 4.7400 0.0000 4.7400 Cobra Trading LLC paid an average of $0.0474 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 25.88 0.75 6.50 18.63 0.00 658.09 4.7000 3703.81 4.7000 4124.70 4.7000 0.0000 4.7000 Cobra Trading LLC paid an average of $0.047 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 23.95 0.02 6.35 17.58 0.01 -34.67 -3.0400 -38023.47 -3.0400 -26138.73 -3.0400 -103.3380 -3.0400 Cobra Trading LLC received an average of $0.0304 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 4.44 0.33 1.93 2.18 0.00 2165.67 25.0000 1996.89 25.0000 2191.80 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PMID) 1.54 1.35 0.08 0.11 0.00 641.44 15.0000 48.56 15.0000 113.83 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.54 0.00 0.39 0.15 0.00 -2.03 -7.0000 -139.72 -7.0000 -167.89 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (STRK) 0.41 0.00 0.09 0.32 0.00 0.00 18.7900 296.47 18.7900 556.43 18.7900 0.0000 18.7900 Cobra Trading LLC paid an average of $0.1879 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.24 0.00 0.09 0.15 0.00 0.00 18.7900 253.30 18.7900 308.65 18.7900 0.0000 18.7900 Cobra Trading LLC paid an average of $0.1879 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (TWAP) 0.11 0.01 0.00 0.09 0.00 -62.85 -14.2800 0.00 -14.2800 -886.75 -14.2800 0.0000 -14.2800 Cobra Trading LLC received an average of $0.1428 per 100 shares from INSTINET (TWAP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.05 0.00 0.01 0.04 0.00 0.00 16.4000 18.21 16.4000 99.80 16.4000 0.0000 16.4000 Cobra Trading LLC paid an average of $0.164 per 100 shares to CLEARPOOL EXECUTION SERVICES, LLC (DRK) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (VWAP) 0.04 0.03 0.00 0.01 0.00 -99.76 -6.1400 0.00 -6.1400 -0.18 -6.1400 0.0000 -6.1400 Cobra Trading LLC received an average of $0.0614 per 100 shares from INSTINET (VWAP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 95.86 30.55 19.88 49.58 0.00 LAMPOST CAPITAL (LAMP) 74.86 22.20 14.62 38.04 0.00 -4464.11 -7.0000 -6636.77 -7.0000 -4811.38 -7.0000 0.0000 -7.0000 For Options, Cobra Trading LLC received an average of $0.07 per 100 contracts from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 25.14 8.35 5.26 11.53 0.00 -416.66 -6.4439 -978.12 -6.4439 -437.41 -6.4439 0.0000 -6.4439 For Options, Cobra Trading LLC received an average of $0.0644 per 100 contracts from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions.