{"slug":"spacex-spcx-first-month","qid":"options_nbbo","label":"What it cost to trade the busiest contract: NBBO spread over its three sessions","post_title":"SPCX: SpaceX's First Month on the Public Market","post_url":"/blog/spacex-spcx-first-month#q-options_nbbo","columns":["session","nbbo_updates","dropped_bad_quotes","avg_spread_cents","med_spread_cents","avg_spread_pct_of_mid"],"rows":[{"session":"2026-06-16","nbbo_updates":23567,"dropped_bad_quotes":0,"avg_spread_cents":10.3,"med_spread_cents":10,"avg_spread_pct_of_mid":6.7},{"session":"2026-06-17","nbbo_updates":62486,"dropped_bad_quotes":0,"avg_spread_cents":6.5,"med_spread_cents":5,"avg_spread_pct_of_mid":7.68},{"session":"2026-06-18","nbbo_updates":93198,"dropped_bad_quotes":37,"avg_spread_cents":7.7,"med_spread_cents":5,"avg_spread_pct_of_mid":5.23}],"shape":"series","sql":"SELECT\n    toDate(sip_timestamp) AS session,\n    count() AS nbbo_updates,\n    countIf(bid_price <= 0 OR ask_price < bid_price) AS dropped_bad_quotes,\n    round(avgIf(toFloat64(ask_price) - toFloat64(bid_price), bid_price > 0 AND ask_price >= bid_price) * 100, 1) AS avg_spread_cents,\n    round(quantileDeterministicIf(0.5)(toFloat64(ask_price) - toFloat64(bid_price), toUInt64(sequence_number), bid_price > 0 AND ask_price >= bid_price) * 100, 1) AS med_spread_cents,\n    round(100 * avgIf((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2), bid_price > 0 AND ask_price >= bid_price), 2) AS avg_spread_pct_of_mid\nFROM global_markets.cache_options_quotes\nWHERE ticker = 'O:SPCX260618P00175000'\n  AND sip_timestamp >= toDateTime64('2026-06-16 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-06-19 00:00:00', 9)\nGROUP BY session\nORDER BY session","computed_at":"2026-07-27T00:08:46.848319+00:00","elapsed":0.003015553}