OPRA improvements coming soon

We’re rolling out several major upgrades to OPRA data over the coming weeks, including 10 years of additional history, faster release times, more efficient NBBO formats, and more flexible pricing options.

Starting May 21, 2025, the OPRA.PILLAR dataset will include additional history from April 1, 2013, onwards for:

• Trades
• OHLCV aggregates
• Statistics
• Instrument definitions
• CBBO-1m (new schema described below)

We're adding four streamlined formats to improve working with NBBO in both real-time and historical OPRA data:

• CMBP-1—Publishes NBBO updates and trades. From March 28, 2023, onwards.
• TCBBO—Snapshots NBBO immediately before each trade. From March 28, 2023, onwards.
• CBBO-1m—NBBO and last sale at 1-minute intervals. From April 1, 2013, onwards.
• CBBO-1s—NBBO and last sale at 1-second intervals. From March 28, 2023, onwards.

CMBP-1 and TCBBO, as covered in our previous announcement, replace MBP-1 and TBBO, respectively, and help reduce the processing burden from regional quotes while improving our OPRA feed latency.

The new consolidated BBO on interval (CBBO) schemas publish the most recent NBBO and last sale at fixed time intervals. They provide a lightweight alternative to CMBP-1 when NBBO updates are more frequent than your use case requires. They’re also useful for analyzing illiquid instruments, where the NBBO may become stale between executions in on-trade snapshots like TCBBO.

We've made infrastructure upgrades to ensure historical data is released with greater consistency and predictability. Starting May 21, 2025, OPRA historical data will be available within 10 hours of publication on the real-time feed for licensed users.

Many historical OPRA days are currently marked as "Degraded" due to minor packet loss—typically fewer than 1 in 10 billion packets—caused by generating historical data solely from A-side captures. This workaround was necessary to meet release timelines, as processing both A and B sides previously took too long.

The impact is minimal on an active top-of-book-only feed like OPRA, since the book is naturally refreshed on the next packet. Nonetheless, our policy is to mark any day with gaps as "Degraded."

With recent performance improvements, we can now process and arbitrate both A and B sides within 10 hours. Historical data will now include both sides, eliminating these gaps. We’ll also backfill older dates, upgrading most “Degraded” days to “Available.”

We'll be making several latency optimizations to our OPRA gateways, focused on reducing tail latency of our real-time feed. Latency statistics can be found on our dashboard here.

On June 3, 2025, we'll be launching a new Standard plan for OPRA at $199/month, providing a cost-effective option that bridges the gap between usage-based and enterprise pricing. This follows the successful rollouts of similar Standard plans for equities and futures, which have seen significant uptake.