Stats › Active, passive and flows › Off exchange trading
Only 18.7% of off exchange US volume is a dark pool
The share has risen roughly six points in under three years. Sources: Cboe for 2023, 2025 and June 2026, MEMX for December 2024.
More than half of US share trading executes away from public exchanges, 50.6% across 2025. Only 18.7% of that off exchange volume runs through dark pools. The other 81.3% goes to market makers taking the other side from their own inventory.
50.6%Traded off exchange, 2025
18.7%Of that, dark pools
81.3%Of that, wholesalers
94%Retail orders, four firms
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