What It Costs to Trade a Stock, Measured
The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bpstable ·
2026-10-04 · 5×6
NVDA vs SOXS: median quoted spread over the window, with the smallest single-session gapscalar ·
2026-10-04 · 1×50.87
NVDA vs SOXS: median quoted spread by session (bps of the midpoint)series ·
2026-10-04 · 5×4
The cost-to-trade ladder: median quoted spread in bps of the midpoint, regular hours, recent completed sessionstable ·
2026-10-04 · 12×5
The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bps
The one-cent floor: share price, percent of quotes exactly one cent wide, and what a penny costs in bps
| ticker | typical_share_price | pct_quotes_at_one_cent | one_cent_in_bps | typical_spread_bps | dist_from_floor_bps |
|---|---|---|---|---|---|
| SPY | 767.06 | 29.5 | 0.13 | 0.26 | 0.13 |
| AAPL | 337.32 | 15.7 | 0.3 | 0.89 | 0.59 |
| KO | 87.36 | 81.3 | 1.14 | 1.15 | 0.01 |
| SOXS | 33.53 | 92.6 | 2.98 | 2.99 | 0.01 |
| F | 12.5 | 99.7 | 8 | 8.01 | 0.01 |
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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