{"slug":"how-to-become-a-market-maker","qid":"session_spread","label":"Quoted spread through one session, AAPL and KO, July 16 2026","post_title":"How to Become a Registered Market Maker","post_url":"/blog/how-to-become-a-market-maker#q-session_spread","columns":["et_time","aapl_spread_bps","ko_spread_bps"],"rows":[{"et_time":"09:30","aapl_spread_bps":2.7,"ko_spread_bps":2.98},{"et_time":"09:45","aapl_spread_bps":1.77,"ko_spread_bps":2.2},{"et_time":"10:00","aapl_spread_bps":1.89,"ko_spread_bps":2},{"et_time":"10:15","aapl_spread_bps":1.44,"ko_spread_bps":1.5},{"et_time":"10:30","aapl_spread_bps":1.19,"ko_spread_bps":1.56},{"et_time":"10:45","aapl_spread_bps":1.36,"ko_spread_bps":1.58},{"et_time":"11:00","aapl_spread_bps":1.24,"ko_spread_bps":1.48},{"et_time":"11:15","aapl_spread_bps":1.17,"ko_spread_bps":1.47},{"et_time":"11:30","aapl_spread_bps":1.14,"ko_spread_bps":1.36},{"et_time":"11:45","aapl_spread_bps":1.05,"ko_spread_bps":1.47},{"et_time":"12:00","aapl_spread_bps":1.28,"ko_spread_bps":1.37},{"et_time":"12:15","aapl_spread_bps":1.19,"ko_spread_bps":1.43},{"et_time":"12:30","aapl_spread_bps":1.2,"ko_spread_bps":1.48},{"et_time":"12:45","aapl_spread_bps":1.13,"ko_spread_bps":1.59},{"et_time":"13:00","aapl_spread_bps":0.9,"ko_spread_bps":1.44},{"et_time":"13:15","aapl_spread_bps":0.87,"ko_spread_bps":1.51},{"et_time":"13:30","aapl_spread_bps":1,"ko_spread_bps":1.39},{"et_time":"13:45","aapl_spread_bps":1.17,"ko_spread_bps":1.39},{"et_time":"14:00","aapl_spread_bps":1.34,"ko_spread_bps":1.43},{"et_time":"14:15","aapl_spread_bps":1.74,"ko_spread_bps":1.38},{"et_time":"14:30","aapl_spread_bps":1.1,"ko_spread_bps":1.35},{"et_time":"14:45","aapl_spread_bps":0.84,"ko_spread_bps":1.4},{"et_time":"15:00","aapl_spread_bps":0.81,"ko_spread_bps":1.42},{"et_time":"15:15","aapl_spread_bps":0.75,"ko_spread_bps":1.41},{"et_time":"15:30","aapl_spread_bps":0.75,"ko_spread_bps":1.39},{"et_time":"15:45","aapl_spread_bps":0.95,"ko_spread_bps":1.31}],"shape":"series","sql":"SELECT\n    formatDateTime(toStartOfFifteenMinutes(toTimeZone(sip_timestamp, 'America/New_York')), '%H:%i') AS et_time,\n    round(avgIf(10000 * (toFloat64(ask_price) - toFloat64(bid_price))\n                / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2), ticker = 'AAPL'), 2) AS aapl_spread_bps,\n    round(avgIf(10000 * (toFloat64(ask_price) - toFloat64(bid_price))\n                / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2), ticker = 'KO'), 2)   AS ko_spread_bps\nFROM global_markets.cache_stocks_quotes\nWHERE ticker IN ('AAPL', 'KO')\n  AND sip_timestamp >= toDateTime('2026-07-16 13:30:00')\n  AND sip_timestamp <  toDateTime('2026-07-16 20:00:00')\n  AND bid_price > 0\n  AND ask_price > bid_price\nGROUP BY et_time\nHAVING countIf(ticker = 'AAPL') > 0\n   AND countIf(ticker = 'KO') > 0\nORDER BY et_time","computed_at":"2026-08-15T15:39:50.782926+00:00","elapsed":0.003175345}