1.2 COBRA TRADING, INC. 2026 2 2026-07-23T08:04:50Z 2026 4 3.96 16.47 33.74 49.74 0.05 INSTINET, LLC INCA 100.00 16.47 33.74 49.74 0.05 -5 -0.0098 -11 -0.0098 -21 -0.0098 0 -0.0098 Cobra Trading LLC received an average of $-0.0098per 100 shares from INSTINET (INCA) in connection with orders routed by the firm to that venue. 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. 21.71 15.07 36.55 48.00 0.38 MURIEL SIEBERT & CO., LLC STOX 0.01 100.00 0.00 0.00 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 No payment for order flow, profit sharing, or fee or payment arrangement with this venue. INSTINET, LLC INCA 99.99 15.07 36.56 48.00 0.38 -544 -0.0098 -2163 -0.0098 -2469 -0.0098 -91 -0.0098 Cobra Trading LLC received an average of $-0.0098per 100 shares from INSTINET (INCA) in connection with orders routed by the firm to that venue. 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. VIRTU AMERICAS LLC VALR 0.00 100.00 0.00 0.00 0.00 5 0.0300 0 0.0300 0 0.0300 0 0.0300 Cobra Trading LLC paid an average of $0.03 per 100 shares to VIRTU AMERICAS, LLC. (VALR) 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. 0.00 0.00 0.00 0.00 0.00 2026 5 4.91 13.81 31.77 54.39 0.03 INSTINET, LLC INCA 100.00 13.81 31.77 54.39 0.03 -6 -0.0113 -11 -0.0113 -23 -0.0113 0 -0.0113 Cobra Trading LLC received an average of $-0.0113 per 100 shares from INSTINET (INCA) in connection with orders routed by the firm to that venue. 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. 17.96 16.68 32.67 50.01 0.64 MURIEL SIEBERT & CO., LLC STOX 0.04 100.00 0.00 0.00 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 No payment for order flow, profit sharing, or fee or payment arrangement with this venue. INSTINET, LLC INCA 99.96 16.65 32.68 50.03 0.64 -389 -0.0113 -1369 -0.0113 -1983 -0.0113 -136 -0.0113 Cobra Trading LLC received an average of $-0.0113 per 100 shares from INSTINET (INCA) in connection with orders routed by the firm to that venue. 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. 0.00 0.00 0.00 0.00 0.00 2026 6 3.20 13.01 42.44 44.50 0.05 INSTINET, LLC INCA 100.00 13.01 42.44 44.50 0.05 -9 -0.0139 -11 -0.0139 -18 -0.0139 0 -0.0139 Cobra Trading LLC received an average of $-0.0139 per 100 shares from INSTINET (INCA) in connection with orders routed by the firm to that venue. 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. 24.16 16.82 30.24 52.25 0.69 INSTINET, LLC INCA 99.96 16.79 30.25 52.27 0.69 -554 -0.0139 -2347 -0.0139 -3820 -0.0139 -186 -0.0139 Cobra Trading LLC received an average of $-0.0139 per 100 shares from INSTINET (INCA) in connection with orders routed by the firm to that venue. 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. MURIEL SIEBERT & CO., LLC STOX 0.04 100.00 0.00 0.00 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 No payment for order flow, profit sharing, or fee or payment arrangement with this venue. 0.00 0.00 0.00 0.00 0.00