One session, two tapes: every options NBBO update vs. every stock NBBO update
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-10-04, from How Big Is the OPRA Options Quote Feed?.
- Rows × columns
- 1 × 9
- Period covered
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
session_date |
date | 2026-09-29 | |
option_quote_updates_bn |
number | every row is 7.99 | |
stock_quote_updates_m |
number | every row is 469 | |
stock_symbols_quoted |
number | every row is 13,228 | |
option_to_stock_ratio |
number | every row is 17 | ratio or rate |
option_trades_m |
number | every row is 9.8 | count |
option_contracts_traded_k |
number | every row is 310 | count |
quote_updates_per_trade |
number | every row is 812 | |
avg_updates_per_second_k |
number | every row is 329 |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH (
SELECT max(toDate(toTimeZone(window_start, 'America/New_York')))
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
AND window_start >= toDateTime(today() - 10)
AND window_start < toDateTime(today() - 4)
) AS session_day,
(
SELECT (count(), uniqExact(ticker))
FROM global_markets.cache_stocks_quotes
WHERE sip_timestamp >= toDateTime(session_day)
AND sip_timestamp < toDateTime(session_day + 1)
) AS stock_tape,
(
SELECT (count(), uniqExact(ticker))
FROM global_markets.options_trades
WHERE sip_timestamp >= toDateTime(session_day)
AND sip_timestamp < toDateTime(session_day + 1)
) AS option_trades_t,
(
SELECT toUInt32(max(sip_timestamp)) - toUInt32(min(sip_timestamp))
FROM global_markets.cache_options_quotes
WHERE ticker >= 'O:SPY26' AND ticker < 'O:SPY27'
AND sip_timestamp >= toDateTime(session_day)
AND sip_timestamp < toDateTime(session_day + 1)
) AS spy_span_seconds
SELECT
toString(session_day) AS session_date,
round(count() / 1e9, 2) AS option_quote_updates_bn,
round(stock_tape.1 / 1e6, 0) AS stock_quote_updates_m,
stock_tape.2 AS stock_symbols_quoted,
round(count() / stock_tape.1, 1) AS option_to_stock_ratio,
round(option_trades_t.1 / 1e6, 1) AS option_trades_m,
round(option_trades_t.2 / 1e3, 0) AS option_contracts_traded_k,
round(count() / option_trades_t.1, 0) AS quote_updates_per_trade,
round(count() / spy_span_seconds / 1e3, 0) AS avg_updates_per_second_k
FROM global_markets.cache_options_quotes
WHERE sip_timestamp >= toDateTime(session_day)
AND sip_timestamp < toDateTime(session_day + 1)
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