A data feed fee is a charge for access to market data such as real time price quotes, order book depth, and trade information from exchanges. In futures trading, these fees are set by exchanges like C ME and C BOTand are passed on to traders through brokers or platforms. Data feed fees are recurring costs that may apply to live or historical data, and they vary based on asset class, data level such as Level 1 or Level 2, data speed, and user classification as professional or non professional. Depending on the exchange and data type, costs can range from free to over 100 dollars per month per exchange.The data feed fee structure differs by firm. With most firms, traders do not have to pay separately for basic data access. Some firms provide Level 1 data for free while charging for Level 2. Others may include Level 1 at no cost and offer Level 2 or market depth for one exchange for free, with additional charges for each extra exchange.
Why It Matters
- 1Data feed fees are an often-overlooked cost in prop trading.
- 2Real-time futures data from the CME typically costs $10-$25/ month per exchange.
- 3Some prop firms include data fees in their evaluation or monthly fees, while others pass them through as separate charges.
- 4If you trade instruments across multiple exchanges (e.g., ES on CME and ZB on CBOT), you may need to pay for each exchange's data separately.
- 5These costs add up, especially if you're running multiple evaluation accounts.
Example
- 1You trade ES futures (CME) and need real-time Level 1 data at $11/month.
- 2You also want Level 2 depth-of-market data, adding another $10/month.
- 3If your prop firm doesn't include data fees, you're paying $21/month before making a single trade.
- 4Across 3 evaluation accounts, that's $63/month in data fees alone.
Common Mistakes
- ✖Not budgeting for exchange data fees when calculating total prop trading costs
- ✖Paying for data on exchanges you don't actually trade
- ✖Not realizing that some firms include data fees in the evaluation cost while others charge separately