{"slug":"what-is-liquidity","qid":"spread_ladder","label":"spread_ladder","post_title":"what-is-liquidity","post_url":"/blog/lang/pcm/what-is-liquidity#q-spread_ladder","columns":["ticker","median_spread_cents","median_spread_pct","round_trip_cost_per_1000_usd","quotes_seen","pinned_label"],"rows":[{"ticker":"SPY","median_spread_cents":2,"median_spread_pct":0.0026,"round_trip_cost_per_1000_usd":0.03,"quotes_seen":"2.74 million","pinned_label":"Sep 10, 2026"},{"ticker":"KO","median_spread_cents":1,"median_spread_pct":0.0113,"round_trip_cost_per_1000_usd":0.11,"quotes_seen":"291.13 thousand","pinned_label":"Sep 10, 2026"},{"ticker":"AAPL","median_spread_cents":4,"median_spread_pct":0.0123,"round_trip_cost_per_1000_usd":0.12,"quotes_seen":"849.29 thousand","pinned_label":"Sep 10, 2026"},{"ticker":"HOG","median_spread_cents":3,"median_spread_pct":0.1119,"round_trip_cost_per_1000_usd":1.12,"quotes_seen":"45.17 thousand","pinned_label":"Sep 10, 2026"},{"ticker":"NATH","median_spread_cents":46,"median_spread_pct":0.4702,"round_trip_cost_per_1000_usd":4.7,"quotes_seen":"361.00","pinned_label":"Sep 10, 2026"},{"ticker":"DJCO","median_spread_cents":565,"median_spread_pct":0.8716,"round_trip_cost_per_1000_usd":8.72,"quotes_seen":"9.90 thousand","pinned_label":"Sep 10, 2026"}],"shape":"table","sql":"SELECT\n    ticker,\n    round(quantileDeterministic(0.5)(spread_usd, det) * 100, 1)             AS median_spread_cents,\n    round(quantileDeterministic(0.5)(spread_pct, det), 4)                    AS median_spread_pct,\n    round(quantileDeterministic(0.5)(spread_pct, det) * 10, 2)               AS round_trip_cost_per_1000_usd,\n    formatReadableQuantity(count())                                          AS quotes_seen,\n    formatDateTime(min(sip_timestamp), '%b %e, %Y', 'America/New_York')      AS pinned_label\nFROM\n(\n    SELECT\n        ticker,\n        sip_timestamp,\n        toFloat64(ask_price) - toFloat64(bid_price)                                   AS spread_usd,\n        (toFloat64(ask_price) - toFloat64(bid_price))\n            / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 100               AS spread_pct,\n        cityHash64(toString(sip_timestamp), ifNull(toString(sequence_number), ''))    AS det\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker IN ('SPY', 'AAPL', 'KO', 'HOG', 'NATH', 'DJCO')\n      AND sip_timestamp >= toDateTime('2026-09-10 08:00:00', 'UTC')\n      AND sip_timestamp <  toDateTime('2026-09-11 01:00:00', 'UTC')\n      AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60\n           + toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) >= 570\n      AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60\n           + toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) < 960\n      AND bid_price > 0\n      AND ask_price > bid_price\n)\nGROUP BY ticker\nORDER BY median_spread_pct ASC","computed_at":"2026-09-26T22:53:19.449104+00:00","elapsed":6.51401112}