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The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bps

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 2026-08-22, from What It Costs to Trade a Stock, Measured.

as of table 5×6read in context →
The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bps — 5 rows by 6 columns, computed from US exchange, SIP and OPRA data.
tickertypical_share_pricepct_quotes_at_one_centone_cent_in_bpstypical_spread_bpsdist_from_floor_bps
SPY773.4537.40.130.260.13
AAPL304.9516.90.330.980.65
KO87.6641.141.150.01
SOXS40.1776.82.492.550.06
F13.9899.37.157.160.01
Rows × columns
5 × 6
Computed
Completeness
No missing values
Source
US exchange, SIP and OPRA market data
Licence
Strasmore terms · free, no signup
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bps, derived from the stored result.
ColumnTypeRangeNotes
ticker text 5 distinct values (AAPL, F, KO…)
typical_share_price number 13.98 to 773.45 US dollars
pct_quotes_at_one_cent number 16.9 to 99.3 percent
one_cent_in_bps number 0.13 to 7.15
typical_spread_bps number 0.26 to 7.16
dist_from_floor_bps number 0.01 to 0.65

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.

the exact SQL behind every number 
SELECT ticker,
       typical_share_price,
       pct_quotes_at_one_cent,
       round(100 / typical_share_price, 2) AS one_cent_in_bps,
       typical_spread_bps,
       round(abs(typical_spread_bps - 100 / typical_share_price), 2) AS dist_from_floor_bps
FROM (
    SELECT ticker,
           round(quantileExactIf(0.5)((toFloat64(ask_price) + toFloat64(bid_price)) / 2, bid_price > 0 AND ask_price > bid_price), 2) AS typical_share_price,
           round(100 * countIf(bid_price > 0 AND ask_price > bid_price AND abs(toFloat64(ask_price - bid_price) - 0.01) < 0.001) / countIf(bid_price > 0 AND ask_price > bid_price), 1) AS pct_quotes_at_one_cent,
           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 typical_spread_bps
    FROM global_markets.cache_stocks_quotes
    WHERE ticker IN ('SPY', 'AAPL', 'KO', 'F', 'SOXS')
      AND sip_timestamp >= toDateTime(today() - 10)
      AND sip_timestamp < toDateTime(today() - 3)
      AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199
    GROUP BY ticker
)
ORDER BY typical_share_price DESC

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