{"slug":"one-clearinghouse-many-options-exchanges","qid":"underlying_spreads","label":"Median quoted spread in the underlying stock, one midday hour","post_title":"One Clearinghouse, Many Options Exchanges","post_url":"/blog/one-clearinghouse-many-options-exchanges#q-underlying_spreads","columns":["ticker","spread_cents","spread_bps"],"rows":[{"ticker":"MSFT","spread_cents":10,"spread_bps":2},{"ticker":"KO","spread_cents":1,"spread_bps":1.13},{"ticker":"AAPL","spread_cents":3,"spread_bps":0.91},{"ticker":"NVDA","spread_cents":1,"spread_bps":0.47},{"ticker":"SPY","spread_cents":2,"spread_bps":0.26}],"shape":"ranking","sql":"SELECT\n    ticker AS ticker,\n    round(quantileDeterministic(0.5)(\n        toFloat64(ask_price - bid_price),\n        toUInt64(sequence_number)) * 100, 2)                       AS spread_cents,\n    round(quantileDeterministic(0.5)(\n        20000 * toFloat64(ask_price - bid_price) / toFloat64(ask_price + bid_price),\n        toUInt64(sequence_number)), 2)                             AS spread_bps\nFROM global_markets.cache_stocks_quotes\nWHERE ticker IN ('AAPL', 'MSFT', 'NVDA', 'SPY', 'KO')\n  AND sip_timestamp >= toDateTime('2026-09-15 15:00:00')\n  AND sip_timestamp <  toDateTime('2026-09-15 16:00:00')\n  AND bid_price > 0\n  AND ask_price > bid_price\nGROUP BY ticker\nORDER BY spread_bps DESC","computed_at":"2026-10-07T15:15:13.102387+00:00","elapsed":0.012082142}