Median quoted spread in basis points, regular hours: index ETFs, megacaps, and the memory names

Name: Median quoted spread in basis points, regular hours: index ETFs, megacaps, and the memory names
Creator: Strasmore
Published: 2026-07-26
License: https://www.strasmore.com/terms/

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 2026-07-26, from Market Recap: July 2, 2026, The Day in Numbers.

as of 2026-07-26 table 8×6read in context →

Median quoted spread in basis points, regular hours: index ETFs, megacaps, and the memory names — 8 rows by 6 columns, computed 2026-07-26 from US exchange, SIP and OPRA data.
ticker	median_spread_bps	median_spread_cents	times_the_spy_spread	rth_updates_m	invalid_quotes_dropped
SPY	0.27	2	1	4.98	19064
QQQ	0.83	6	3.1	6.03	5934
NVDA	1.03	2	3.8	2.55	20398
AAPL	1.62	5	6	1.91	5193
TSLA	2.29	9	8.5	0.85	2699
MU	5.52	55	20.4	0.92	2442
SNDK	10.4	189	38.5	0.26	163
WDC	10.79	60	40	0.14	83

Rows × columns: 8 × 6
Computed: 2026-07-26
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

Column definitions for Median quoted spread in basis points, regular hours: index ETFs, megacaps, and the memory names, derived from the stored result.
Column	Type	Range
`ticker`	text	8 distinct values (AAPL, MU, NVDA…)
`median_spread_bps`	number	0.27 to 10.79
`median_spread_cents`	number	2 to 189
`times_the_spy_spread`	number	1 to 40
`rth_updates_m`	number	0.14 to 6.03
`invalid_quotes_dropped`	number	83 to 20,398

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 2026-07-26, and the query below is what returned them.

the exact SQL behind every number

SELECT
    ticker,
    round(med_bps, 2) AS median_spread_bps,
    round(med_dollars * 100, 1) AS median_spread_cents,
    round(med_bps / min(med_bps) OVER (), 1) AS times_the_spy_spread,
    round(quote_updates / 1e6, 2) AS rth_updates_m,
    invalid_quotes_dropped
FROM (
    SELECT
        ticker,
        quantileExactIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000,
                             toFloat64(bid_price) > 0 AND toFloat64(ask_price) > toFloat64(bid_price)) AS med_bps,
        quantileExactIf(0.5)(toFloat64(ask_price) - toFloat64(bid_price),
                             toFloat64(bid_price) > 0 AND toFloat64(ask_price) > toFloat64(bid_price)) AS med_dollars,
        count() AS quote_updates,
        countIf(NOT (toFloat64(bid_price) > 0 AND toFloat64(ask_price) > toFloat64(bid_price))) AS invalid_quotes_dropped
    FROM global_markets.cache_stocks_quotes
    WHERE ticker IN ('SPY', 'QQQ', 'AAPL', 'TSLA', 'NVDA', 'MU', 'SNDK', 'WDC')
      AND sip_timestamp >= '2026-07-02 13:30:00' AND sip_timestamp < '2026-07-02 20:00:00'
    GROUP BY ticker
)
ORDER BY median_spread_bps ASC

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