Real-time market data cost calculator

What it computes

The display fee is the number of users or devices multiplied by the exchange's per-subscriber rate for your status. Non-display use adds the exchange's per-firm fee for the number of categories you tick, plus any access fee the schedule attaches to it. Redistribution adds the per-feed licence. The total is exchange fees only, per month and per year; nothing from any vendor's price page is in it.

The default scenario is the most common question: one non-professional reader with full depth from both listing exchanges, NYSE Integrated and Nasdaq TotalView. That is 31 dollars a month at the schedules dated above, and most of what a 30-dollar vendor plan for "real-time Level 2" is paying.

Where the numbers come from

Every rate is read from the exchange's own published schedule, which in US equities and options is a rule filing with the SEC and public. The table printed in this page's Markdown twin lists each figure with its document and that document's date; the same table is what the form multiplies. The dates matter: Nasdaq's list was published in January 2025 with rates stepping up through 2027, and the figure here is the 2026 step, which Nasdaq's filing of 11 September 2026 restates as the current TotalView rates. Every rate in the table was re-read against its schedule on 8 October 2026. The guide on why real-time data is so expensive is the explanation behind each line.

What it leaves out

• The consolidated tape's professional rate. The CTA schedule prices professional display and non-display use in a structure this calculator does not model, so the tape is in the total only for a non-professional. Ticking it as a professional adds a note and nothing to the sum.
• The tape for Nasdaq-listed stocks. Networks A and B are the CTA plan's; Nasdaq-listed stocks are disseminated under the separate UTP plan, whose schedule is not in the table.
• Volume discounts. OPRA's non-professional rate falls from 1.25 to 0.60 dollars at volume; the headline rate is used.
• Nasdaq non-display past 39 subscribers, Nasdaq redistribution, and Cboe non-display. The lines are stated on the schedules in forms this page does not carry; where you tick a use the schedule is not modelled for, the result says so instead of showing a smaller number.
• Non-US venues. The London Stock Exchange waives per-device fees for private investors and charges 8,215 pounds a year to redistribute Level 1 instead; European venues are licensed per venue, not per user. Different shape, different calculator.
• The vendor. Databento, Alpaca and Massive each add a plan or usage charge; this is the floor under it.