Scalping asks more of an execution stack than almost any other style. Hold times are measured in seconds, the edge on any single trade is small, and the same position is opened and closed hundreds of times a month. That changes what matters. At that frequency, cost per share and the quality of the fill stop being line items and start being the strategy itself.
Not every brokerage is built for it. Ours is — the routing, the platform, and the locate desk were assembled for traders who are in and out all day, and we are glad to have them.
Where you route decides whether you pay or get paid
Most traders think of commission as the cost of a trade. For a scalper it is only half the picture. Every venue also charges or credits you for the liquidity you bring: take liquidity off the book and you generally pay a fee, add liquidity by resting an order and many venues pay you a rebate instead.
Our per-share commission starts at $0.0020. On some routes the rebate for adding liquidity is larger than that. Posting on ARCAC (CODA NYSE ARCA) currently credits $0.0022 per share for adding, and CMND (CODA SOR) credits $0.0025 — against a commission of $0.0020. Take liquidity on that same ARCA route and you pay $0.0035 instead.
That spread between adding and taking is roughly six tenths of a cent per share. On one trade it is noise. On a few hundred thousand shares a month it is the difference between routing being a cost centre and routing being an edge — which is exactly why we publish the whole table rather than a headline rate.
Rebates and fees vary by venue, liquidity type, and market conditions, and are subject to change. Positive values in the route table are rebates; negative values are charges. See the full route table for current figures and footnotes.
Held and not-held, and why a scalper should care
Every route in our table is marked held or not held. A held order must be executed immediately at the best available price. A not-held order gives the routing logic discretion over timing and price in pursuit of a better overall fill. Neither is better in the abstract — they are different tools, and which one suits a given entry depends on whether you are paying for speed or working an order. Knowing which you are sending is part of trading the spread rather than being traded by it.
The rest of the stack
- 20+ routes — including rebate venues, dark pools, and algo destinations, selectable per order rather than chosen for you.
- DAS Trader Pro — Level 2, time and sales, and hot keys, so an exit is a keystroke rather than a menu.
- Locates from 4:00 AM EST — 13 electronic sources, for anyone scalping the short side before the bell.
- A live desk, 7 AM – 7 PM EST — people who understand routing and borrows, on the phone, during the session.
What we ask in return
We are selective, and it would be dishonest to bury that under a welcome. Opening an account requires $50,000 in funding, and the account must remain over $25,000 at all times. This is built for traders already operating at size, not for someone testing the water.
If that is you, and your current broker has made it clear that your style is not welcome there, answer a few questions and we will tell you quickly whether we are a fit.
Nothing here is investment advice or a recommendation of any strategy. Active and high-frequency trading carries substantial risk of loss and is not suitable for every investor. Rates shown are current at the time of writing and subject to change.