Data feed — The service delivering real-time price and volume data to a trading platform, licensed from the exchange.
How data feed works in prop trading
A futures platform needs two connections: one to route orders and one to receive prices. In the prop-firm world the feed is usually supplied through an infrastructure provider such as Rithmic or CQG, and the underlying exchange data is licensed from the CME. Some firms absorb the cost, others pass through a monthly market data fee.
Two properties matter more than brand. Whether the feed is unfiltered — every trade and quote update — or aggregated, which changes what footprint and order-flow tools can show. And your data classification: retail CME data is inexpensive, professional classification is many times more, and it can be triggered by how you are registered rather than by how you trade.
Key points
- Order routing and market data are separate services, often from different providers.
- Exchange data is licensed from the CME; the firm or the trader pays for it.
- Unfiltered feeds carry every tick; aggregated feeds do not, which affects order-flow tools.
- Retail versus professional classification changes the monthly cost by an order of magnitude.
Also known as
- market data
- price feed
- market data feed
Frequently asked questions
What data feed do prop firms use?
Rithmic and CQG are the two most common infrastructure providers in futures prop trading, with some firms using a platform's own connectivity such as Tradovate's. The firm states which one your account connects through.
Do I have to pay for market data at a prop firm?
It depends on the firm. Some absorb exchange data costs entirely, some include a basic package and charge for additional exchanges or professional-tier data. The fee schedule is normally in the funded-account terms rather than on the pricing page.
Put this into practice
Data feed is described here as a plain-language educational definition. Firms, platforms, and account programs may apply different conditions or calculations. Verify the current official terms before using this definition to make an account decision.