{"slug":"what-it-costs-to-trade-a-stock","qid":"penny_floor","label":"The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bps","post_title":"What It Costs to Trade a Stock, Measured","post_url":"/blog/what-it-costs-to-trade-a-stock#q-penny_floor","columns":["ticker","typical_share_price","pct_quotes_at_one_cent","one_cent_in_bps","typical_spread_bps","dist_from_floor_bps"],"rows":[{"ticker":"SPY","typical_share_price":773.45,"pct_quotes_at_one_cent":37.4,"one_cent_in_bps":0.13,"typical_spread_bps":0.26,"dist_from_floor_bps":0.13},{"ticker":"AAPL","typical_share_price":304.95,"pct_quotes_at_one_cent":16.9,"one_cent_in_bps":0.33,"typical_spread_bps":0.98,"dist_from_floor_bps":0.65},{"ticker":"KO","typical_share_price":87.6,"pct_quotes_at_one_cent":64,"one_cent_in_bps":1.14,"typical_spread_bps":1.15,"dist_from_floor_bps":0.01},{"ticker":"SOXS","typical_share_price":40.17,"pct_quotes_at_one_cent":76.8,"one_cent_in_bps":2.49,"typical_spread_bps":2.55,"dist_from_floor_bps":0.06},{"ticker":"F","typical_share_price":13.98,"pct_quotes_at_one_cent":99.3,"one_cent_in_bps":7.15,"typical_spread_bps":7.16,"dist_from_floor_bps":0.01}],"shape":"table","sql":"SELECT ticker,\n       typical_share_price,\n       pct_quotes_at_one_cent,\n       round(100 / typical_share_price, 2) AS one_cent_in_bps,\n       typical_spread_bps,\n       round(abs(typical_spread_bps - 100 / typical_share_price), 2) AS dist_from_floor_bps\nFROM (\n    SELECT ticker,\n           round(quantileExactIf(0.5)((toFloat64(ask_price) + toFloat64(bid_price)) / 2, bid_price > 0 AND ask_price > bid_price), 2) AS typical_share_price,\n           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,\n           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\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker IN ('SPY', 'AAPL', 'KO', 'F', 'SOXS')\n      AND sip_timestamp >= toDateTime(today() - 10)\n      AND sip_timestamp < toDateTime(today() - 3)\n      AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199\n    GROUP BY ticker\n)\nORDER BY typical_share_price DESC","computed_at":"2026-08-22T04:35:50.449695+00:00","elapsed":14.230563367}