{"slug":"limit-orders-on-crypto-exchanges","qid":"venue_quotes","label":"The same stock, quoted venue by venue: AAPL spreads by exchange","post_title":"Limit Orders on Crypto Exchanges vs Stocks","post_url":"/blog/limit-orders-on-crypto-exchanges#q-venue_quotes","columns":["venue","avg_spread_bps","tightest_spread_bps","quote_updates"],"rows":[{"venue":"Nasdaq","avg_spread_bps":0.75,"tightest_spread_bps":0.3,"quote_updates":1360},{"venue":"NYSE Arca, Inc.","avg_spread_bps":0.89,"tightest_spread_bps":0.3,"quote_updates":338},{"venue":"Investors Exchange","avg_spread_bps":1.06,"tightest_spread_bps":0.3,"quote_updates":74}],"shape":"ranking","sql":"SELECT\n    coalesce(nullIf(ex.acronym, ''), ex.name)                                   AS venue,\n    round(avg(10000 * (toFloat64(q.ask_price) - toFloat64(q.bid_price))\n              / ((toFloat64(q.ask_price) + toFloat64(q.bid_price)) / 2)), 2)    AS avg_spread_bps,\n    round(min(10000 * (toFloat64(q.ask_price) - toFloat64(q.bid_price))\n              / ((toFloat64(q.ask_price) + toFloat64(q.bid_price)) / 2)), 2)    AS tightest_spread_bps,\n    count()                                                                     AS quote_updates\nFROM global_markets.cache_stocks_quotes AS q\nINNER JOIN global_markets.stocks_exchanges AS ex\n    ON toUInt32(ex.id) = toUInt32(q.bid_exchange)\nWHERE q.ticker = 'AAPL'\n  AND q.sip_timestamp >= '2026-09-23 18:30:00'\n  AND q.sip_timestamp <  '2026-09-23 18:35:00'\n  AND q.bid_exchange = q.ask_exchange\n  AND toFloat64(q.bid_price) > 0\n  AND toFloat64(q.ask_price) > toFloat64(q.bid_price)\nGROUP BY venue\nHAVING quote_updates > 50\nORDER BY avg_spread_bps","computed_at":"2026-10-06T15:13:57.957913+00:00","elapsed":0.002433575}