The same stock, quoted venue by venue: AAPL spreads by exchange
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 2026-10-06, from Limit Orders on Crypto Exchanges vs Stocks.
| venue | avg_spread_bps | tightest_spread_bps | quote_updates |
|---|---|---|---|
| Nasdaq | 0.75 | 0.3 | 1360 |
| NYSE Arca, Inc. | 0.89 | 0.3 | 338 |
| Investors Exchange | 1.06 | 0.3 | 74 |
- Rows × columns
- 3 × 4
- 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 |
|---|---|---|---|
venue |
text | 3 distinct values | |
avg_spread_bps |
number | 0.75 to 1.06 | |
tightest_spread_bps |
number | every row is 0.3 | |
quote_updates |
number | 74 to 1,360 |
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.
SELECT
coalesce(nullIf(ex.acronym, ''), ex.name) AS venue,
round(avg(10000 * (toFloat64(q.ask_price) - toFloat64(q.bid_price))
/ ((toFloat64(q.ask_price) + toFloat64(q.bid_price)) / 2)), 2) AS avg_spread_bps,
round(min(10000 * (toFloat64(q.ask_price) - toFloat64(q.bid_price))
/ ((toFloat64(q.ask_price) + toFloat64(q.bid_price)) / 2)), 2) AS tightest_spread_bps,
count() AS quote_updates
FROM global_markets.cache_stocks_quotes AS q
INNER JOIN global_markets.stocks_exchanges AS ex
ON toUInt32(ex.id) = toUInt32(q.bid_exchange)
WHERE q.ticker = 'AAPL'
AND q.sip_timestamp >= '2026-09-23 18:30:00'
AND q.sip_timestamp < '2026-09-23 18:35:00'
AND q.bid_exchange = q.ask_exchange
AND toFloat64(q.bid_price) > 0
AND toFloat64(q.ask_price) > toFloat64(q.bid_price)
GROUP BY venue
HAVING quote_updates > 50
ORDER BY avg_spread_bps
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