Walking the books…
Venues advertise volume; books don't lie. This league ranks every book-bearing instrument by what a $100k order would actually cost — walked from order-book snapshots, with an honest “not fillable” where the book is too thin.
| # | Underlying | Venue | Instrument | Mid | Spread | Depth ±10bps (bid/ask) | $100k buy slip | $100k sell slip |
|---|---|---|---|---|---|---|---|---|
| 1 | CRCL | hl | CRCL | $148.60 | 1.6 bps | $262K / $498K | 2.4 bps | 3.9 bps |
| 2 | HL_SEMIS | hl | HL_SEMIS | $718.53 | 2.5 bps | $458K / $656K | 2.5 bps | 3.0 bps |
| 3 | HL_NUCLEAR | hl | HL_NUCLEAR | $485.70 | 3.0 bps | $365K / $577K | 2.9 bps | 3.7 bps |
| 4 | MSFT | hl | MSFT | $462.10 | 3.0 bps | $453K / $591K | 2.9 bps | 3.3 bps |
| 5 | STRC | hl | STRC | $91.15 | 3.8 bps | $737K / $688K | 3.1 bps | 3.0 bps |
| 6 | BIRD | hl | BIRD | $293.30 | 3.6 bps | $436K / $535K | 3.3 bps | 3.6 bps |
| 7 | IWM | hl | IWM | $755.82 | 2.1 bps | $455K / $343K | 3.4 bps | 2.8 bps |
| 8 | QQQ | hl | QQQ | $521.22 | 3.2 bps | $887K / $449K | 3.4 bps | 2.5 bps |
| 9 | USAR | hl | USAR | $107.06 | 2.8 bps | $333K / $376K | 3.5 bps | 3.8 bps |
| 10 | DRAM | hl | DRAM | $392.96 | 3.6 bps | $154K / $429K | 3.7 bps | 7.0 bps |
| 11 | HL_GLDMINE | hl | HL_GLDMINE | $463.07 | 1.7 bps | $313K / $276K | 3.8 bps | 3.4 bps |
| 12 | QNTX | hl | QNTX | $135.90 | 5.7 bps | $419K / $829K | 3.8 bps | 4.8 bps |
| 13 | HIMS | hl | HIMS | $266.37 | 6.2 bps | $551K / $879K | 4.0 bps | 4.6 bps |
| 14 | ORCL | hl | ORCL | $724.19 | 5.0 bps | $607K / $539K | 4.0 bps | 3.8 bps |
| 15 | BABA | hl | BABA | $523.54 | 4.8 bps | $654K / $479K | 4.1 bps | 3.6 bps |
| 16 | ANTHROPIC | hl | ANTHROPIC | $355.00 | 3.2 bps | $307K / $299K | 4.3 bps | 4.2 bps |
| 17 | VOL | hl | VOL | $74.90 | 4.7 bps | $598K / $387K | 4.4 bps | 3.7 bps |
| 18 | NIKKEI225 | hl | NIKKEI225 | $473.87 | 6.3 bps | $651K / $566K | 4.6 bps | 4.4 bps |
| 19 | ZHIPU | hl | ZHIPU | $808.22 | 5.2 bps | $457K / $398K | 4.6 bps | 4.4 bps |
| 20 | EWJ | hl | EWJ | $313.72 | 2.9 bps | $539K / $238K | 4.8 bps | 2.9 bps |
| 21 | MINIMAX | hl | MINIMAX | $504.61 | 6.3 bps | $297K / $490K | 4.8 bps | 5.8 bps |
| 22 | TENCENT | hl | TENCENT | $629.76 | 7.1 bps | $387K / $506K | 5.1 bps | 5.6 bps |
| 23 | SNDK | hl | SNDK | $205.02 | 7.7 bps | $592K / $585K | 5.2 bps | 5.2 bps |
| 24 | TSLA | hl | TSLA | $318.90 | 7.5 bps | $327K / $533K | 5.3 bps | 6.2 bps |
| 25 | KIOXIA | hl | KIOXIA | $280.80 | 5.9 bps | $716K / $332K | 5.4 bps | 4.1 bps |
| 26 | VIX | hl | VIX | $283.18 | 8.3 bps | $399K / $661K | 5.4 bps | 6.2 bps |
| 27 | EWY | hl | EWY | $569.68 | 9.5 bps | $674K / $670K | 5.9 bps | 5.9 bps |
| 28 | LITE | hl | LITE | $338.72 | 4.1 bps | $338K / $210K | 5.9 bps | 4.4 bps |
| 29 | HL_GOLDJM | hl | HL_GOLDJM | $181.60 | 9.3 bps | $114K / $606K | 6.0 bps | 11.7 bps |
| 30 | BE | hl | BE | $687.36 | 9.3 bps | $625K / $554K | 6.1 bps | 5.9 bps |
| 31 | MRVL | hl | MRVL | $803.77 | 8.1 bps | $286K / $378K | 6.2 bps | 6.8 bps |
| 32 | EBAY | hl | EBAY | $124.53 | 9.2 bps | $578K / $481K | 6.3 bps | 6.0 bps |
| 33 | PURRDAT | hl | PURRDAT | $405.22 | 9.7 bps | $295K / $517K | 6.4 bps | 7.6 bps |
| 34 | RKLB | hl | RKLB | $509.50 | 10.5 bps | $657K / $680K | 6.4 bps | 6.5 bps |
| 35 | SPACEX | hl | SPACEX | $212.50 | 9.2 bps | $361K / $398K | 6.6 bps | 6.8 bps |
| 36 | CBRS | hl | CBRS | $642.79 | 12.0 bps | $541K / $802K | 7.0 bps | 7.5 bps |
| 37 | ARM | hl | ARM | $559.32 | 11.5 bps | $656K / $573K | 7.1 bps | 7.0 bps |
| 38 | AMZN | hl | AMZN | $218.75 | 10.2 bps | $469K / $380K | 7.2 bps | 6.8 bps |
| 39 | LLY | hl | LLY | $139.31 | 11.9 bps | $502K / $557K | 7.4 bps | 7.5 bps |
| 40 | INTC | hl | INTC | $703.60 | 12.4 bps | $724K / $575K | 7.6 bps | 7.3 bps |
Top 40 of 96 book-bearing instruments — the full league is free via the API.
Coverage is sparse by design: bookless synthetics have no book, and CEX incremental books are still being wired. Correct wherever a row exists; never padded with reported volume.