{"slug":"market-order-vs-limit-order","qid":"options_vs_stock","label":"AAPL options vs. AAPL stock: median quoted spread, same regular session, July 8, 2026","post_title":"Market Order vs Limit Order, Measured","post_url":"/blog/market-order-vs-limit-order#q-options_vs_stock","columns":["option_median_spread_bps","option_median_spread_cents","stock_median_spread_bps","option_to_stock_ratio","option_quote_updates_millions"],"rows":[{"option_median_spread_bps":606,"option_median_spread_cents":65,"stock_median_spread_bps":1,"option_to_stock_ratio":606,"option_quote_updates_millions":31}],"shape":"scalar","sql":"WITH opt AS (\n    SELECT round(quantileDeterministic(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, cityHash64(ticker, sip_timestamp)), 0) AS option_median_spread_bps,\n           round(quantileDeterministic(0.5)(toFloat64(ask_price - bid_price) * 100, cityHash64(ticker, sip_timestamp)), 0) AS option_median_spread_cents,\n           round(count() / 1e6, 0) AS option_quote_updates_millions\n    FROM global_markets.cache_options_quotes\n    WHERE ticker >= 'O:AAPL26' AND ticker < 'O:AAPL27'\n      AND sip_timestamp >= '2026-07-08 04:00:00' AND sip_timestamp < '2026-07-09 04:00:00'\n      AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60 + toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) BETWEEN 570 AND 959\n      AND bid_price > 0 AND ask_price > bid_price\n),\nstk AS (\n    SELECT round(quantileDeterministic(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, cityHash64(ticker, sip_timestamp)), 1) AS stock_median_spread_bps\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker = 'AAPL'\n      AND sip_timestamp >= '2026-07-08 04:00:00' AND sip_timestamp < '2026-07-09 04:00:00'\n      AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60 + toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) BETWEEN 570 AND 959\n      AND bid_price > 0 AND ask_price > bid_price\n)\nSELECT opt.option_median_spread_bps,\n       opt.option_median_spread_cents,\n       stk.stock_median_spread_bps,\n       round(opt.option_median_spread_bps / stk.stock_median_spread_bps, 0) AS option_to_stock_ratio,\n       opt.option_quote_updates_millions\nFROM opt CROSS JOIN stk","computed_at":"2026-07-26T05:41:25.322515+00:00","elapsed":8.731844437}