spread_ladder
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 2026-09-26, from what-is-liquidity.
| ticker | median_spread_cents | median_spread_pct | round_trip_cost_per_1000_usd | quotes_seen | pinned_label |
|---|---|---|---|---|---|
| SPY | 2 | 0.0026 | 0.03 | 2.74 million | Sep 10, 2026 |
| KO | 1 | 0.0113 | 0.11 | 291.13 thousand | Sep 10, 2026 |
| AAPL | 4 | 0.0123 | 0.12 | 849.29 thousand | Sep 10, 2026 |
| HOG | 3 | 0.1119 | 1.12 | 45.17 thousand | Sep 10, 2026 |
| NATH | 46 | 0.4702 | 4.7 | 361.00 | Sep 10, 2026 |
| DJCO | 565 | 0.8716 | 8.72 | 9.90 thousand | Sep 10, 2026 |
- Rows × columns
- 6 × 6
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
ticker |
text | 6 distinct values (AAPL, DJCO, HOG…) | |
median_spread_cents |
number | 1 to 565 | |
median_spread_pct |
number | 0.0026 to 0.8716 | percent |
round_trip_cost_per_1000_usd |
number | 0.03 to 8.72 | US dollars |
quotes_seen |
text | 6 distinct values (2.74 million, 291.13 thousand, 361.00…) | |
pinned_label |
text | 1 distinct value (Sep 10, 2026) |
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 , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
SELECT
ticker,
round(quantileDeterministic(0.5)(spread_usd, det) * 100, 1) AS median_spread_cents,
round(quantileDeterministic(0.5)(spread_pct, det), 4) AS median_spread_pct,
round(quantileDeterministic(0.5)(spread_pct, det) * 10, 2) AS round_trip_cost_per_1000_usd,
formatReadableQuantity(count()) AS quotes_seen,
formatDateTime(min(sip_timestamp), '%b %e, %Y', 'America/New_York') AS pinned_label
FROM
(
SELECT
ticker,
sip_timestamp,
toFloat64(ask_price) - toFloat64(bid_price) AS spread_usd,
(toFloat64(ask_price) - toFloat64(bid_price))
/ ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 100 AS spread_pct,
cityHash64(toString(sip_timestamp), ifNull(toString(sequence_number), '')) AS det
FROM global_markets.cache_stocks_quotes
WHERE ticker IN ('SPY', 'AAPL', 'KO', 'HOG', 'NATH', 'DJCO')
AND sip_timestamp >= toDateTime('2026-09-10 08:00:00', 'UTC')
AND sip_timestamp < toDateTime('2026-09-11 01:00:00', 'UTC')
AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60
+ toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) >= 570
AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60
+ toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) < 960
AND bid_price > 0
AND ask_price > bid_price
)
GROUP BY ticker
ORDER BY median_spread_pct ASC
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