1.2 COBRA TRADING, INC. 2026 2 2026-07-23T08:03:45Z 2026 4 27.09 38.00 27.33 32.66 2.01 INSTINET, LLC INCA 100.00 37.99 27.33 32.66 2.01 -174 -0.0098 -88 -0.0098 -90 -0.0098 -5 -0.0098 Cobra Trading LLC received an average of $-0.0098 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 0.00 100.00 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. 19.37 22.96 29.17 47.35 0.51 VIRTU AMERICAS LLC VALR 0.01 42.86 0.00 57.14 0.00 4 0.0300 0 0.0300 89 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. MURIEL SIEBERT & CO., LLC STOX 0.00 29.41 70.59 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. BOFA SECURITIES, INC. MLCO 0.00 0.00 100.00 0.00 0.00 0 0.2500 0 0.2500 0 0.2500 0 0.2500 Cobra Trading LLC paid an average of $0.0250 per 100 shares to BOFA SECURITIES, INC.(MLCO) 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. APEX CLEARING CORPORATION APCC 0.00 100.00 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 99.97 22.96 29.17 47.36 0.51 -10113 -0.0098 -26175 -0.0098 -52092 -0.0098 -296 -0.0098 Cobra Trading LLC received an average of $-0.0098 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. LAMPOST CAPITAL, L.C. LAMP 0.02 29.41 36.76 33.82 0.00 0 0.0600 2 0.0600 108 0.0600 0 0.0600 For Equities, Cobra Trading LLC paid an average of $0.06 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. For Options, Cobra Trading LLC received an average of $6.02 per 100 contracts from LAMPOST CAPITAL (LAMP) 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. 6.71 34.99 17.73 47.25 0.02 LAMPOST CAPITAL, L.C. LAMP 99.99 34.99 17.73 47.26 0.02 30 0.0600 36 0.0600 59 0.0600 0 0.0600 For Equities, Cobra Trading LLC paid an average of $0.06 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. For Options, Cobra Trading LLC received an average of $6.02 per 100 contracts from LAMPOST CAPITAL (LAMP) 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. DASH FINANCIAL TECHNOLOGIES LLC DFIN 0.01 100.00 0.00 0.00 0.00 0 3.0200 0 3.0200 0 3.0200 0 3.0200 Cobra Trading LLC paid an average of $3.0219 per 100 shares to DASH FINANCIAL TECHNOLOGIES LLC(DFIN) 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. 2026 5 26.62 40.12 24.73 33.78 1.36 INSTINET, LLC INCA 99.97 40.12 24.72 33.80 1.36 -224 -0.0113 -141 -0.0113 -149 -0.0113 -3 -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. BOFA SECURITIES, INC. MLCO 0.02 0.00 100.00 0.00 0.00 0 1298.0000 6061 1298.0000 0 1298.0000 0 1298.0000 Cobra Trading LLC paid an average of $0.0250 per 100 shares to BOFA SECURITIES, INC.(MLCO) 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. 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. VIRTU AMERICAS LLC VALR 0.01 100.00 0.00 0.00 0.00 0 0.0400 0 0.0400 0 0.0400 0 0.0400 Cobra Trading LLC paid an average of $0.04 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. 19.70 16.83 33.86 48.88 0.43 VIRTU AMERICAS LLC VALR 0.01 56.82 0.00 43.18 0.00 10 0.0400 0 0.0400 93 0.0400 0 0.0400 Cobra Trading LLC paid an average of $0.04 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. APEX CLEARING CORPORATION APCC 0.00 100.00 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. MURIEL SIEBERT & CO., LLC STOX 0.01 80.00 20.00 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. BOFA SECURITIES, INC. MLCO 0.01 0.00 65.85 34.15 0.00 0 1298.0000 125594 1298.0000 84408 1298.0000 0 1298.0000 Cobra Trading LLC paid an average of $0.0250 per 100 shares to BOFA SECURITIES, INC.(MLCO) 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, LLC INCA 99.93 16.81 33.86 48.90 0.43 -9393 -0.0113 -20249 -0.0113 -33647 -0.0113 -244 -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. LAMPOST CAPITAL, L.C. LAMP 0.03 41.24 37.11 21.65 0.00 1 0.0800 2 0.0800 29 0.0800 0 0.0800 For Equities, Cobra Trading LLC paid an average of $0.08 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. For Options, Cobra Trading LLC received an average of $6.02 per 100 contracts from LAMPOST CAPITAL (LAMP) 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. 7.64 28.43 21.71 49.66 0.20 LAMPOST CAPITAL, L.C. LAMP 99.99 28.42 21.71 49.67 0.20 52 0.0800 55 0.0800 75 0.0800 0 0.0800 For Equities, Cobra Trading LLC paid an average of $0.08 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. For Options, Cobra Trading LLC received an average of $6.02 per 100 contracts from LAMPOST CAPITAL (LAMP) 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. DASH FINANCIAL TECHNOLOGIES LLC DFIN 0.01 100.00 0.00 0.00 0.00 0 4.2500 0 4.2500 0 4.2500 0 4.2500 Cobra Trading LLC paid an average of $4.25 per 100 shares to DASH FINANCIAL TECHNOLOGIES LLC(DFIN) 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. 2026 6 34.86 36.36 15.44 47.27 0.94 VIRTU AMERICAS LLC VALR 0.00 100.00 0.00 0.00 0.00 0 0.0500 0 0.0500 0 0.0500 0 0.0500 Cobra Trading LLC paid an average of $0.05 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. MURIEL SIEBERT & CO., LLC STOX 0.03 10.71 28.57 60.71 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 99.97 36.36 15.43 47.26 0.94 -407 -0.0139 -149 -0.0139 -203 -0.0139 -5 -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. CODA MARKETS, INC. CODA 0.00 100.00 0.00 0.00 0.00 0 0.0067 0 0.0067 0 0.0067 0 0.0067 Cobra Trading LLC paid an average of $0.0067 per 100 shares to CODA MARKETS, INC.(CODA) 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. 19.55 15.94 34.16 49.42 0.48 APEX CLEARING CORPORATION APCC 0.00 100.00 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. VIRTU AMERICAS LLC VALR 0.01 11.54 1.92 86.54 0.00 20 0.0500 0 0.0500 143 0.0500 0 0.0500 Cobra Trading LLC paid an average of $0.05 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. MURIEL SIEBERT & CO., LLC STOX 0.03 35.15 28.48 36.36 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 99.93 15.93 34.17 49.42 0.48 -13112 -0.0139 -36686 -0.0139 -57221 -0.0139 -340 -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. LAMPOST CAPITAL, L.C. LAMP 0.02 25.66 23.01 51.33 0.00 1 0.0900 7 0.0900 46 0.0900 0 0.0900 for Equities, Cobra Trading LLC paid an average of $0.09 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. For Options, Cobra Trading LLC received an average of $6.02 per 100 contracts from LAMPOST CAPITAL (LAMP) 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. 53.16 31.29 24.77 43.89 0.06 DASH FINANCIAL TECHNOLOGIES LLC DFIN 0.04 100.00 0.00 0.00 0.00 0 1.9800 0 1.9800 0 1.9800 0 1.9800 Cobra Trading LLC paid an average of $1.98 per 100 shares to DASH FINANCIAL TECHNOLOGIES LLC(DFIN) 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, L.C. LAMP 99.96 31.26 24.78 43.90 0.06 25 0.0900 80 0.0900 126 0.0900 1 0.0900 for Equities, Cobra Trading LLC paid an average of $0.09 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. For Options, Cobra Trading LLC received an average of $6.02 per 100 contracts from LAMPOST CAPITAL (LAMP) 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.