Real-time market data tools

Exchange-live prices rather than delayed or end-of-day — and the three very different things vendors mean by "real-time".

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Three things called real-time

Every tool on this page ships prices that are live rather than delayed or end-of-day. That is one field — data_latency: realtime — and it hides a distinction worth more than most of the others on a card.

One venue. Alpaca's free tier is real-time IEX data. It is genuinely live and genuinely from an exchange; it is also one venue out of many, so the last price you see is the last price there.

The consolidated tape. Every trade and quote from every US venue, through the SIP. This is what most people mean by real-time and it is where the price steps up — on Alpaca, Massive and Twelve Data alike, the full-tape plan is a different plan.

A direct exchange feed. Databento sells per dataset, straight from the venue, with the order book rather than a summary of it. Different product, different bill, and the only one of the three that answers questions about queue position.

Platforms bundle it; APIs sell it

Roughly half this page is charting platforms and screenersTradingView, Bookmap, Sierra Chart, NinjaTrader — where real-time comes bundled with the software and the exchange fees arrive as a separate line you agree to inside the product.

The other half is market data APIs, where real-time is the product and the licence is the fine print. The practical difference: a platform's real-time is for your eyes, and an API's real-time may or may not be, depending on what you signed.

The question before the price

Redistribution. Showing live prices to anyone but yourself is licensed separately, per venue and often per end user, and it is the clause that stops more side projects than any rate limit does. Every card here states the vendor's terms as the vendor states them; where a plan is explicitly display-only, the card says so.

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FAQ

What does "real-time" mean on a pricing page?

One of three things, and the gap between them is two orders of magnitude in price. It can mean one venue — Alpaca's free tier is real-time IEX, which is genuine live data from an exchange carrying a small share of volume. It can mean the consolidated tape, every trade and quote from every US venue through the SIP. Or it can mean a direct feed from a single exchange, billed per dataset. All three are truthfully called real-time and none is a substitute for another.

Why does the same data cost more for some users?

Because exchanges charge per user, and they charge professionals more. Whether you are professional is the exchange's definition, not yours — registered advisers, anyone trading for a firm, and in several cases anyone who redistributes the data. Vendors pass those fees through, which is why a plan can list one price and bill another. The cards carry the vendor's own price; the exchange fee sits underneath it.

Can I show real-time prices to my own users?

Usually not on the plan you bought. Displaying data to third parties is redistribution and it is licensed separately, per venue, and often per end user — the single most common reason a project that works fine in testing cannot ship. Check the redistribution terms before the latency numbers, because that is the clause that decides whether a plan is usable at all.

Do I need real-time at all?

For backtesting, screening on daily bars, portfolio valuation or fundamental research — no, and paying for it is the most common avoidable cost in this catalogue. End-of-day data is cheaper by an order of magnitude and is what most strategies are actually tested on. Real-time earns its price when a decision happens inside the trading day.