xyz:ZMequity & other · growth mode on · 10× max
Over 106 days of 20-level order-book snapshots, xyz:ZM quoted a median spread of 9.78 bps in US regular hours with $141k resting within 25 bps of mid. A $25k market order paid about 7.42 bps in regular hours and 35.41 bps on weekends, when depth within 25 bps fell to $9k. Taker fee is 0.90 bps with growth mode on; funding averaged +6.05% annualised over the last 30 days.
by sessionNew York time · medians over 106 days
| session | snaps | spread | p90 | top | depth ±10 | depth ±25 | depth ±50 | $5k | $25k | $100k | $100k fills | $250k fills |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US regular 9:30–16:00 | 4,829 | 9.78 | 17.14 | $141k | 7.42 | 16.52 | 62% | 3% | ||||
| US extended 4–9:30, 16–20 | 7,043 | 16.60 | 29.54 | $19k | 27.31 | 52.94 | 10% | 0% | ||||
| Overnight 20–4 | 4,860 | 16.63 | 30.01 | $12k | 32.08 | 94.30 | 6% | 0% | ||||
| Weekend / holiday | 9,123 | 19.80 | 33.58 | $9k | 35.41 | 107.83 | 1% | 0% |
bps unless stated · RTH 9:30–16:00 · extended 4:00–9:30 and 16:00–20:00 · overnight 20:00–4:00 on weekdays · weekend runs Friday 20:00 to Monday 4:00 and includes NYSE holidays · slip = mean of the buy and sell side of a market order walking the visible 20 levels · fills = share of snapshots the size fits inside those levels · "—" = not fillable in the median snapshot
slippage curve
hour of week
weekly · spread
weekly · depth ±25 bps
per round trip = 2 × median slippage + 2 × taker fee · funding uses the 30-day mean hourly rate, annualised, charged for a position held all day · slippage between tested sizes is interpolated on a log scale · ignores maker rebates, impact that persists after your fill, and fee tiers
25,855 snapshots · 2026-06-16 18:30 → 2026-09-30 18:18 UTC (106.0 days) · size decimals 3 · raw: /data/xyz/ZM.json · method and caveats: methodology