One hour of NBBO spreads, measured in mils (Jul 15, 2026)

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 2026-08-09, from Maker-Taker Fees and Rebates Explained.

Rows × columns

4 × 3

Computed

2026-08-09

Completeness

No missing values

Source

US exchange, SIP and OPRA market data

Licence

Strasmore terms · free, no signup

Formats

JSON · CSV · the SQL below

What each column holds

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 2026-08-09, and the query below is what returned them.

WITH quotes AS
(
    SELECT
        ticker,
        round((toFloat64(ask_price) - toFloat64(bid_price)) * 10000) AS spread_mils
    FROM global_markets.cache_stocks_quotes
    WHERE ticker IN ('AAPL', 'KO', 'MSFT', 'SPY')
      AND sip_timestamp >= '2026-07-15 14:00:00'
      AND sip_timestamp <  '2026-07-15 15:00:00'
      AND bid_price > 0
      AND ask_price > bid_price
)
SELECT
    ticker,
    toUInt32(round(avg(spread_mils)))                    AS avg_spread_mils,
    round(100 * countIf(spread_mils = 100) / count(), 1) AS pct_at_one_cent
FROM quotes
GROUP BY ticker
ORDER BY avg_spread_mils