Why market data costs money separately from software

Market data costs money separately from software because the exchange that runs the market owns the real-time prices and charges for them. A platform licence pays for the program that draws the data. A data subscription pays the exchange, and usually a feed provider, for the right to see it. This note splits one month of costs into those parts, using a Liquivue setup and two other platforms. The prices come from the vendor and broker pages in this site's cost audit, which this site checked in early October 2026.

Who charges for what

Three parties can appear on one bill.

1. The exchange sets a fee for each user who views its real-time data. CME Group runs four exchanges, CME, CBOT, NYMEX and COMEX, and prices each one alone or the four as a bundle.
2. The feed provider or broker collects that fee and may add a charge of its own, such as a user fee for the connection.
3. The platform vendor charges for the software.

A depth feed costs more than a top of book feed. Top of book is the best bid and best offer only. Depth adds the resting size at the prices behind them, and a heatmap or a DOM needs that depth. On CQG's October 2026 rate card, CME top of book costs US$2 per exchange per month and CME depth costs US$13. The note on level 1 and level 2 data explains the difference.

How professional status changes the price

A nonprofessional subscriber is an individual who uses the data for their own trading under the exchange's definition. Anyone else pays the professional rate. Your provider asks you to declare a status when you subscribe.

On the CQG rate card, CME depth costs a nonprofessional US$13 per exchange per month and a professional US$145, about 11 times as much. BookmapData lists US$34 per CME Group exchange for a nonprofessional and US$159 for a professional.

One month in Liquivue, worked through

Liquivue costs €20 billed monthly after a 7-day trial. The yearly plan costs €192, which works out to €16 a month. The licence covers the Liquivue workspace. Live data needs your own Rithmic or NinjaTrader connection and an exchange entitlement, and the Liquivue terms list those charges as separate.

Here is an example that uses one broker's published June 2026 nonprofessional schedule, from AMP. Your broker's prices can differ.

This subtotal leaves out commissions, routing at US$0.10 per side on that schedule, and taxes. This note does not convert the euros, because the Liquivue checkout sets the final currency. ES and NQ both list on CME, so one exchange covers both. Adding crude oil from NYMEX adds a second exchange, and the four-exchange bundle on that schedule costs US$45.

If you already run NinjaTrader with a data feed, the Liquivue NinjaTrader bridge can reuse that data without a separate Rithmic login. The bridge needs NinjaTrader 8 on Windows, with Chrome or Edge on the same computer.

The same month on two other platforms

Liquivue has the smallest software line of the three. Its total then depends on what your broker charges for data and the Rithmic connection.

Each subtotal comes with conditions. The Bookmap figure is before tax and excludes commissions. The Sierra Chart Denali rate needs a verified live funded futures account, and evaluation accounts do not qualify. A professional on Denali pays US$145 per exchange per month, which raises the same Sierra Chart subtotal to US$191.

Some providers tie data to one application or one login. The dxFeed CME depth sold for ATAS works only in the chosen application. On AMP's schedule, a second username brings a second set of data fees, so two platforms on two logins can double the data line.

What to write down before you subscribe

The note on how CME MDP 3.0 delivers market data covers the feed itself. For cost, write down four things before you buy.

1. Your professional status, as your provider defines it.
2. The exchanges you need. ES and NQ need CME, and gold futures need COMEX.
3. Whether you need depth or top of book. A heatmap needs depth.
4. Whether the provider ties the data to one application or one username.

A check you can run

Open last month's statement from your broker or data provider. Put each line into one of three columns, software, exchange data and connection. If the same exchange appears twice in the data column, look for a second username that is paying for it again.