{"slug":"market-order-vs-limit-order","qid":"immediacy_cost","label":"What a 100-share market order pays crossing the spread: July 8, 2026, regular session","post_title":"Market Order vs Limit Order, Measured","post_url":"/blog/market-order-vs-limit-order#q-immediacy_cost","columns":["ticker","spread_cents","half_spread_cost_100sh_usd","quote_updates_per_sec"],"rows":[{"ticker":"SPY","spread_cents":2,"half_spread_cost_100sh_usd":1,"quote_updates_per_sec":176.8},{"ticker":"IWM","spread_cents":2,"half_spread_cost_100sh_usd":1,"quote_updates_per_sec":138.8},{"ticker":"AAPL","spread_cents":3,"half_spread_cost_100sh_usd":1.5,"quote_updates_per_sec":53.6},{"ticker":"KO","spread_cents":1,"half_spread_cost_100sh_usd":0.5,"quote_updates_per_sec":16.2},{"ticker":"CATO","spread_cents":5,"half_spread_cost_100sh_usd":2.5,"quote_updates_per_sec":0}],"shape":"ranking","sql":"SELECT ticker,\n       round(quantileExactIf(0.5)(toFloat64(ask_price - bid_price) * 100, bid_price > 0 AND ask_price > bid_price), 1) AS spread_cents,\n       round(quantileExactIf(0.5)(toFloat64(ask_price - bid_price) * 50, bid_price > 0 AND ask_price > bid_price), 2) AS half_spread_cost_100sh_usd,\n       round(count() / 23400, 1) AS quote_updates_per_sec\nFROM global_markets.cache_stocks_quotes\nWHERE ticker IN ('SPY', 'IWM', 'AAPL', 'KO', 'CATO')\n  AND sip_timestamp >= '2026-07-08 04:00:00'\n  AND sip_timestamp < '2026-07-09 04:00:00'\n  AND toTimeZone(sip_timestamp, 'America/New_York') >= toDateTime('2026-07-08 09:30:00', 'America/New_York')\n  AND toTimeZone(sip_timestamp, 'America/New_York') < toDateTime('2026-07-08 16:00:00', 'America/New_York')\nGROUP BY ticker\nORDER BY quote_updates_per_sec DESC","computed_at":"2026-07-26T05:41:11.594108+00:00","elapsed":5.662330817}