{"slug":"maker-taker-fees-and-rebates","qid":"penny_floor","label":"One hour of NBBO spreads, measured in mils (Jul 15, 2026)","post_title":"Maker-Taker Fees and Rebates Explained","post_url":"/blog/maker-taker-fees-and-rebates#q-penny_floor","columns":["ticker","avg_spread_mils","pct_at_one_cent"],"rows":[{"ticker":"KO","avg_spread_mils":147,"pct_at_one_cent":58.2},{"ticker":"SPY","avg_spread_mils":209,"pct_at_one_cent":23.2},{"ticker":"AAPL","avg_spread_mils":522,"pct_at_one_cent":4.3},{"ticker":"MSFT","avg_spread_mils":928,"pct_at_one_cent":2.5}],"shape":"ranking","sql":"WITH quotes AS\n(\n    SELECT\n        ticker,\n        round((toFloat64(ask_price) - toFloat64(bid_price)) * 10000) AS spread_mils\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker IN ('AAPL', 'KO', 'MSFT', 'SPY')\n      AND sip_timestamp >= '2026-07-15 14:00:00'\n      AND sip_timestamp <  '2026-07-15 15:00:00'\n      AND bid_price > 0\n      AND ask_price > bid_price\n)\nSELECT\n    ticker,\n    toUInt32(round(avg(spread_mils)))                    AS avg_spread_mils,\n    round(100 * countIf(spread_mils = 100) / count(), 1) AS pct_at_one_cent\nFROM quotes\nGROUP BY ticker\nORDER BY avg_spread_mils","computed_at":"2026-08-09T15:18:31.430092+00:00","elapsed":0.002921244}