{"slug":"how-do-market-makers-make-money","qid":"quote_pace","label":"AAPL: NBBO quote updates on the latest session","post_title":"How Do Market Makers Make Money? The Spread","post_url":"/blog/how-do-market-makers-make-money#q-quote_pace","columns":["session","updates_millions","avg_per_minute","busiest_second"],"rows":[{"session":"2026-08-19","updates_millions":1.2,"avg_per_minute":1246,"busiest_second":2949}],"shape":"scalar","sql":"WITH (\n  SELECT max(toDate(sip_timestamp))\n  FROM global_markets.cache_stocks_quotes\n  WHERE ticker = 'AAPL' AND sip_timestamp >= now() - INTERVAL 7 DAY\n) AS last_session\nSELECT\n  toString(last_session) AS session,\n  round(sum(updates) / 1e6, 2) AS updates_millions,\n  round(sum(updates) / dateDiff('minute', min(second), max(second))) AS avg_per_minute,\n  max(updates)                 AS busiest_second\nFROM (\n  SELECT toStartOfSecond(sip_timestamp) AS second, count() AS updates\n  FROM global_markets.cache_stocks_quotes\n  WHERE ticker = 'AAPL'\n    AND sip_timestamp >= now() - INTERVAL 7 DAY\n    AND toDate(sip_timestamp) = last_session\n  GROUP BY second\n)","computed_at":"2026-08-22T04:13:26.137996+00:00","elapsed":0.401102494}