Cross-Exchange Comparison
Compare like-for-like order types across all exchanges. Venue-specific order types excluded.
Displayed — Above $1
Standard displayed limit orders that add liquidity to the book.
24X
$-0.0034
CBOE BYX
$0.0025
CBOE BZX
$0.0006
CBOE EDGA
$-0.0025
CBOE EDGX
$-0.0007
IEX
$0.0000
LTSE
$-0.0020
MEMX
$-0.0003
MIAX Pearl
$-0.0009
NYSE
$-0.0019
NYSE American
—
NYSE Arca
—
Nasdaq
$-0.0016
Nasdaq BX
$0.0019
Nasdaq PSX
$-0.0020
Base rateBest rate
Detailed Breakdown
| Exchange | Fee Type | Description | Codes | Base Rate | Best Rate | Tiers |
|---|---|---|---|---|---|---|
| 24X | maker | ["Add displayed liquidity \u2013 order sets new NBBO; Sub-$1.00: 0.15% of dollar value"] | 53 | $-0.0034 | $-0.0034 | 1 |
| 24X | maker | ["Add displayed liquidity \u2013 order joins current NBBO; Sub-$1.00: 0.15% of dollar value"] | 54 | — | $-0.0034 | 1 |
| 24X | maker | ["Add displayed liquidity \u2013 order provides price improvement; Sub-$1.00: 0.15% of dollar value"] | 62 | — | $-0.0034 | 1 |
| CBOE BYX | maker | ["Displayed with price sliding/improvement"] | VI | $0.0030 | $0.0030 | 1 |
| CBOE BYX | maker | ["Add displayed liquidity - Base"] | B, V, Y | $0.0020 | $0.0012 | 5 |
| CBOE BZX | maker | ["Order with price improvement, adds liquidity"] | HI, VI | $0.0000 | $0.0000 | 1 |
| CBOE BZX | maker | ["Displayed order, adds liquidity"] | B, V, Y | $-0.0016 | $-0.0031 | 7 |
| CBOE BZX | taker | ["Directed ISO"] | S | $0.0033 | $0.0033 | 1 |
| CBOE EDGA | maker | ["QDP usage, adds liquidity"] | DQ | $-0.0020 | $-0.0020 | 1 |
| CBOE EDGA | maker | ["Sets Setter NBBO on non-excluded symbols"] | SS | — | $-0.0030 | 1 |
| CBOE EDGA | maker | ["Add liquidity, pre/post market"] | 3, 4 | $-0.0027 | $-0.0027 | 1 |
| CBOE EDGA | maker | ["Add displayed liquidity"] | B, V, Y | $-0.0027 | $-0.0027 | 1 |
| CBOE EDGX | maker | ["Add displayed liquidity - Base"] | B, V, Y | $-0.0016 | $-0.0034 | 8 |
| CBOE EDGX | maker | ["Add displayed liquidity, pre/post market"] | 3, 4 | $-0.0016 | $-0.0016 | 1 |
| CBOE EDGX | maker | ["Tape B+C ADAV \u22656M; SPY Add ADV on EDGX Options \u22650.70% OCV"] | B+XA, V+XA, Y+XA | — | $-0.0029 | 1 |
| CBOE EDGX | maker | ["Displayed with price sliding/improvement"] | VI | $0.0000 | $0.0000 | 1 |
| CBOE EDGX | maker | ["QDP usage, adds liquidity - FEE"] | DQ | $0.0004 | $0.0004 | 1 |
| IEX | maker | ["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"] | MLB | $0.0000 | $-0.0023 | 8 |
| IEX | maker | ["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"] | ML | $0.0000 | $-0.0023 | 8 |
| LTSE | maker | ["Add displayed liquidity"] | 1, 62 | $-0.0020 | $-0.0020 | 1 |
| LTSE | maker | ["Add displayed liquidity - NBBO Setter"] | 53 | — | $-0.0023 | 1 |
| LTSE | maker | ["Add displayed liquidity - NBBO Joiner"] | 54 | — | $-0.0023 | 1 |
| MEMX | maker | ["Options ADAV (Customer/Professional) \u2265 20K contracts; \u2265$1.00: $0.0026/share; <$1.00: 0.15%"] | BO1, DO1, IO1, JO1 | — | $-0.0026 | 1 |
| MEMX | maker | ["NBBO Time \u226525% in avg. 500 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"] | Bq2, Dq2, Iq2, Jq2 | — | $-0.0026 | 1 |
| MEMX | maker | ["NBBO Time \u226550% in avg. 1,000 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"] | Bq1, Dq1, Iq1, Jq1 | — | $-0.0032 | 1 |
| MEMX | maker | ["ADAV \u2265 0.20% TCV (\u2265$1.00); OR ADAV \u2265 0.175% TCV; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"] | B3, D3, I3, J3 | — | $-0.0029 | 1 |
| MEMX | maker | ["No volume qualifier; base rate; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"] | B, D, I, J | $-0.0015 | $-0.0015 | 1 |
| MEMX | maker | ["Tape C Quoting; NBBO Time \u226550% in avg. 500 secs/day; +$0.0002 additive rebate"] | c | — | $-0.0002 | 1 |
| MEMX | maker | ["Tape A Quoting; NBBO Time \u226525% in avg. 500 secs/day; +$0.0002 additive rebate"] | a | — | $-0.0002 | 1 |
| MEMX | maker | ["NBBO Setter; ADAV (Code B) \u2265 0.05% TCV; +$0.0003 additive rebate; appended to base code on invoice"] | S1 | — | $-0.0003 | 1 |
| MEMX | routing | ["Routed to another market; \u2265$1.00: $0.0030/share; <$1.00: 0.30%"] | Z | $0.0030 | $0.0030 | 1 |
| MEMX | taker | ["Tape A ADAV \u2265 10M shares; \u2265$1.00: $0.0029/share; <$1.00: 0.28%"] | Ra1 | — | $0.0029 | 1 |
| MEMX | maker | ["Display-Price Sliding order adds liquidity; \u2265$1.00: $0.0025/share; <$1.00: 0.15%"] | P | $-0.0025 | $-0.0025 | 1 |
| MIAX Pearl | maker | ["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"] | AA, AB, AC, EA, EB, EC, FA, FB, FC | $-0.0016 | $-0.0016 | 2 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 5 Level C; ADAV \u22650.6% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP5C | — | $-0.0032 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 6 Level A; ADAV \u22651.0% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP6A | — | $-0.0032 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 6 Level B; ADAV \u22651.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP6B | — | $-0.0033 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 6 Level C; ADAV \u22651.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP6C | — | $-0.0034 | 1 |
| MIAX Pearl | maker | ["Additive rebate for NBBO first joiners; requires \u22650.015% NBBO Set Volume % of TCV; Regular Trading Session only"] | NSP-FJ | — | $-0.0001 | 1 |
| MIAX Pearl | maker | ["Market Quoting Program: requires \u226550% NBBO time in \u2265900 multi-listed securities; applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC; member receives higher of MQP or NBBO Setter Plus tier rebate"] | MQP | $-0.0026 | $-0.0026 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 5 Level B; ADAV \u22650.6% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP5B | — | $-0.0032 | 1 |
| MIAX Pearl | taker | ["Routing: Routed to NYSE Arca \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"] | XH | $-0.0032 | $-0.0032 | 1 |
| MIAX Pearl | taker | ["Routing: Routed to NYSE American \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"] | XK | $-0.0015 | $-0.0015 | 1 |
| MIAX Pearl | taker | ["Routing: Routed to Cboe BZX \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"] | XN | $-0.0032 | $-0.0032 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 5 Level A; ADAV \u22650.6% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP5A | — | $-0.0031 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 4 Level C; ADAV \u22650.25% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP4C | — | $-0.0029 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 4 Level B; ADAV \u22650.25% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP4B | — | $-0.0029 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 4 Level A; ADAV \u22650.25% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP4A | — | $-0.0029 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 3 Level C; ADAV \u22650.18% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP3C | — | $-0.0027 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 3 Level B; ADAV \u22650.18% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP3B | — | $-0.0027 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 3 Level A; ADAV \u22650.18% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP3A | — | $-0.0027 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 2 Level C; ADAV \u22650.15% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP2C | — | $-0.0026 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 2 Level B; ADAV \u22650.15% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP2B | — | $-0.0025 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 2 Level A; ADAV \u22650.15% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP2A | — | $-0.0024 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 1 Level C; ADAV \u22650.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP1C | — | $-0.0017 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 1 Level B; ADAV \u22650.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP1B | — | $-0.0016 | 1 |
| MIAX Pearl | maker | ["NBBO Setter Plus: Tier 1 Level A; ADAV \u22650.0% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"] | NSP1A | $-0.0016 | $-0.0016 | 1 |
| MIAX Pearl | taker | ["Routing: Routed to Nasdaq \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"] | XQ | $-0.0032 | $-0.0032 | 1 |
| MIAX Pearl | taker | ["Routing: Routed to NYSE \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"] | XE | $-0.0022 | $-0.0022 | 1 |
| MIAX Pearl | taker | ["Routing: Routed \u2013 primary listing exchange execution; Sub-$1.00: 0.30% of dollar value"] | XB | $0.0030 | $0.0030 | 1 |
| MIAX Pearl | taker | ["Routing: Re-routed by primary listing exchange; Sub-$1.00: 0.30% of dollar value"] | XA | $0.0030 | $0.0030 | 1 |
| MIAX Pearl | taker | ["Routing: Routed order; Sub-$1.00: 0.30% of dollar value"] | X | $0.0030 | $0.0030 | 1 |
| Nasdaq | maker | ["Add displayed, pre/post market"] | 2, 5 | $-0.0016 | $-0.0032 | 2 |
| Nasdaq | maker | ["All other firms - Add displayed"] | 7, 8, A, u | $-0.0016 | $-0.0031 | 10 |
| Nasdaq BX | maker | ["RPI orders, accepted price \u2265$10K"] | 4 | $0.0003 | $0.0003 | 1 |
| Nasdaq BX | maker | ["RPI order providing liquidity - Base"] | 1, j | $0.0025 | $0.0018 | 2 |
| Nasdaq BX | maker | ["Add displayed liquidity - Base"] | 7, 8, A, u | $0.0030 | $0.0020 | 2 |
| Nasdaq PSX | maker | ["Add liquidity, shares below $1.00"] | A, V, u | $-0.0020 | $-0.0033 | 5 |
| NYSE | maker | ["Tier 7 + orders setting NBBO: Additional $0.0007 credit"] | ASP | — | $-0.0007 | 1 |
| NYSE | maker | ["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"] | A | $-0.0012 | $-0.0031 | 13 |
| NYSE | other | ["Floor broker cross trades (both sides credited)"] | ZB | — | $-0.0006 | 1 |
| NYSE | maker | ["Floor broker orders adding liquidity (displayed)"] | FB | $-0.0026 | $-0.0026 | 5 |
| NYSE American | maker | ["Formerly AMEX"] | N/A | — | $-0.0022 | 1 |
| NYSE Arca | taker | ["Routing fee for Tier 1-6 qualifiers: $0.0030"] | ROUT | — | $0.0030 | 1 |
| NYSE Arca | maker | ["Adding displayed liquidity \u2265$1.00 -"] | AD | — | $-0.0035 | 12 |
| NYSE Arca | maker | ["Tracking Orders that result in executions: \u22651M ADV"] | TR | — | $-0.0010 | 1 |