{"slug":"multi-agent-ai-trading-systems","qid":"cost_floor","label":"The cost floor: median quoted spread in basis points of the midpoint, regular hours, June 22-26 2026","post_title":"Multi-Agent AI Trading Systems: What Is Real","post_url":"/blog/multi-agent-ai-trading-systems#q-cost_floor","columns":["ticker","spread_bps","round_trip_bps","quote_updates_m"],"rows":[{"ticker":"SPY","spread_bps":0.27,"round_trip_bps":0.55,"quote_updates_m":27},{"ticker":"AAPL","spread_bps":1.01,"round_trip_bps":2.03,"quote_updates_m":7.2},{"ticker":"KO","spread_bps":1.25,"round_trip_bps":2.49,"quote_updates_m":1.8},{"ticker":"MSFT","spread_bps":1.35,"round_trip_bps":2.7,"quote_updates_m":3.4},{"ticker":"F","spread_bps":7.08,"round_trip_bps":14.17,"quote_updates_m":0.6},{"ticker":"RIOT","spread_bps":7.09,"round_trip_bps":14.19,"quote_updates_m":4.4}],"shape":"ranking","sql":"SELECT ticker,\n       round(quantileExactIf(0.5)(toFloat64(ask_price - bid_price) / (toFloat64(ask_price + bid_price) / 2), bid_price > 0 AND ask_price > bid_price) * 10000, 2) AS spread_bps,\n       round(2 * quantileExactIf(0.5)(toFloat64(ask_price - bid_price) / (toFloat64(ask_price + bid_price) / 2), bid_price > 0 AND ask_price > bid_price) * 10000, 2) AS round_trip_bps,\n       round(count() / 1e6, 1) AS quote_updates_m\nFROM global_markets.cache_stocks_quotes\nWHERE ticker IN ('SPY', 'AAPL', 'MSFT', 'KO', 'F', 'RIOT')\n  AND sip_timestamp >= toDateTime('2026-06-22 00:00:00')\n  AND sip_timestamp < toDateTime('2026-06-27 00:00:00')\n  AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199\nGROUP BY ticker\nHAVING countIf(bid_price > 0 AND ask_price > bid_price) > 0\nORDER BY spread_bps","computed_at":"2026-07-31T03:10:03.503733+00:00","elapsed":0.016339032}