{
  "study": "forex-spread-cost",
  "title": "What Spreads Really Cost: 25 Instruments Measured",
  "description": "EUR/USD averages 0.45 pips - but the spread eats 1.2% of the hourly range at 13:00 UTC and 26.7% at 21:00 UTC. Measured spread cost across 25 instruments.",
  "source": "https://fxbacktest.app/research/forex-spread-cost/",
  "publisher": "FxBacktest",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "FxBacktest, https://fxbacktest.app/research/forex-spread-cost/",
  "datePublished": "2026-07-28",
  "dateModified": "2026-09-08",
  "generated": "2026-09-18",
  "tables": [
    {
      "id": "average-spread-by-instrument-cheapest-first",
      "caption": "Average spread by instrument, cheapest first (as a share of the average daily range)",
      "captionSource": "caption",
      "columns": [
        "#",
        "Instrument",
        "Class",
        "Avg spread (pips)",
        "Median",
        "90th pct",
        "Cost per lot (round turn)",
        "Share of (daily range)"
      ],
      "rowCount": 25,
      "rows": [
        {
          "#": 1,
          "Instrument": "NVDA",
          "Class": "Stock",
          "Avg spread (pips)": 2.79,
          "Median": 2.6,
          "90th pct": 3.8,
          "Cost per lot (round turn)": "$2.79",
          "Share of (daily range)": 0.27
        },
        {
          "#": 2,
          "Instrument": "EUR/USD",
          "Class": "Forex major",
          "Avg spread (pips)": 0.45,
          "Median": 0.4,
          "90th pct": 0.6,
          "Cost per lot (round turn)": "$4.50",
          "Share of (daily range)": 0.5
        },
        {
          "#": 3,
          "Instrument": "USD/JPY",
          "Class": "Forex major",
          "Avg spread (pips)": 0.68,
          "Median": 0.4,
          "90th pct": 0.8,
          "Cost per lot (round turn)": "$5.44",
          "Share of (daily range)": 0.74
        },
        {
          "#": 4,
          "Instrument": "US30 (Dow)",
          "Class": "Index",
          "Avg spread (pips)": 2.68,
          "Median": 2.11,
          "90th pct": 5.41,
          "Cost per lot (round turn)": "$26.80",
          "Share of (daily range)": 0.74
        },
        {
          "#": 5,
          "Instrument": "US100 (Nasdaq)",
          "Class": "Index",
          "Avg spread (pips)": 1.46,
          "Median": 1.17,
          "90th pct": 3.4,
          "Cost per lot (round turn)": "$14.60",
          "Share of (daily range)": 0.74
        },
        {
          "#": 6,
          "Instrument": "GBP/USD",
          "Class": "Forex major",
          "Avg spread (pips)": 0.93,
          "Median": 0.7,
          "90th pct": 1.1,
          "Cost per lot (round turn)": "$9.30",
          "Share of (daily range)": 0.84
        },
        {
          "#": 7,
          "Instrument": "AUD/JPY",
          "Class": "Forex cross",
          "Avg spread (pips)": 1,
          "Median": 0.7,
          "90th pct": 1,
          "Cost per lot (round turn)": "$8.00",
          "Share of (daily range)": 1.05
        },
        {
          "#": 8,
          "Instrument": "EUR/JPY",
          "Class": "Forex cross",
          "Avg spread (pips)": 1.24,
          "Median": 0.9,
          "90th pct": 1.4,
          "Cost per lot (round turn)": "$9.92",
          "Share of (daily range)": 1.07
        },
        {
          "#": 9,
          "Instrument": "TSLA",
          "Class": "Stock",
          "Avg spread (pips)": 13.78,
          "Median": 11.6,
          "90th pct": 24.8,
          "Cost per lot (round turn)": "$13.78",
          "Share of (daily range)": 1.09
        },
        {
          "#": 10,
          "Instrument": "US500 (S&P)",
          "Class": "Index",
          "Avg spread (pips)": 0.6,
          "Median": 0.65,
          "90th pct": 0.72,
          "Cost per lot (round turn)": "$6.00",
          "Share of (daily range)": 1.27
        },
        {
          "#": 11,
          "Instrument": "AUD/USD",
          "Class": "Forex major",
          "Avg spread (pips)": 1.02,
          "Median": 0.9,
          "90th pct": 1.2,
          "Cost per lot (round turn)": "$10.20",
          "Share of (daily range)": 1.32
        },
        {
          "#": 12,
          "Instrument": "GER40 (DAX)",
          "Class": "Index",
          "Avg spread (pips)": 2.95,
          "Median": 2.62,
          "90th pct": 4.76,
          "Cost per lot (round turn)": "$29.50",
          "Share of (daily range)": 1.36
        },
        {
          "#": 13,
          "Instrument": "AAPL",
          "Class": "Stock",
          "Avg spread (pips)": 5.52,
          "Median": 4.8,
          "90th pct": 8.8,
          "Cost per lot (round turn)": "$5.52",
          "Share of (daily range)": 1.37
        },
        {
          "#": 14,
          "Instrument": "GBP/JPY",
          "Class": "Forex cross",
          "Avg spread (pips)": 2.29,
          "Median": 1.7,
          "90th pct": 2.4,
          "Cost per lot (round turn)": "$18.32",
          "Share of (daily range)": 1.52
        },
        {
          "#": 15,
          "Instrument": "EUR/GBP",
          "Class": "Forex cross",
          "Avg spread (pips)": 0.9,
          "Median": 0.7,
          "90th pct": 1,
          "Cost per lot (round turn)": "$9.00",
          "Share of (daily range)": 1.58
        },
        {
          "#": 16,
          "Instrument": "USD/CAD",
          "Class": "Forex major",
          "Avg spread (pips)": 1.41,
          "Median": 1.2,
          "90th pct": 1.6,
          "Cost per lot (round turn)": "$14.10",
          "Share of (daily range)": 1.67
        },
        {
          "#": 17,
          "Instrument": "EUR/CHF",
          "Class": "Forex cross",
          "Avg spread (pips)": 1.2,
          "Median": 0.9,
          "90th pct": 1.3,
          "Cost per lot (round turn)": "$12.00",
          "Share of (daily range)": 2.08
        },
        {
          "#": 18,
          "Instrument": "Brent crude",
          "Class": "Commodity",
          "Avg spread (pips)": 5.23,
          "Median": 5,
          "90th pct": 5,
          "Cost per lot (round turn)": "$52.30",
          "Share of (daily range)": 2.41
        },
        {
          "#": 19,
          "Instrument": "Gold (XAU/USD)",
          "Class": "Commodity",
          "Avg spread (pips)": 66.25,
          "Median": 63,
          "90th pct": 82.3,
          "Cost per lot (round turn)": "$66.25",
          "Share of (daily range)": 2.44
        },
        {
          "#": 20,
          "Instrument": "BTC/USD",
          "Class": "Crypto",
          "Avg spread (pips)": 50.24,
          "Median": 50,
          "90th pct": 50,
          "Cost per lot (round turn)": "$50.24",
          "Share of (daily range)": 2.92
        },
        {
          "#": 21,
          "Instrument": "CAD/CHF",
          "Class": "Forex cross",
          "Avg spread (pips)": 2.02,
          "Median": 1.5,
          "90th pct": 2,
          "Cost per lot (round turn)": "$20.20",
          "Share of (daily range)": 2.97
        },
        {
          "#": 22,
          "Instrument": "NZD/CHF",
          "Class": "Forex cross",
          "Avg spread (pips)": 2.11,
          "Median": 1.6,
          "90th pct": 2,
          "Cost per lot (round turn)": "$21.10",
          "Share of (daily range)": 3.2
        },
        {
          "#": 23,
          "Instrument": "AUD/CAD",
          "Class": "Forex cross",
          "Avg spread (pips)": 2.37,
          "Median": 2,
          "90th pct": 2.5,
          "Cost per lot (round turn)": "$23.70",
          "Share of (daily range)": 3.28
        },
        {
          "#": 24,
          "Instrument": "ETH/USD",
          "Class": "Crypto",
          "Avg spread (pips)": 4.3,
          "Median": 4,
          "90th pct": 5.1,
          "Cost per lot (round turn)": "$4.30",
          "Share of (daily range)": 3.94
        },
        {
          "#": 25,
          "Instrument": "Silver (XAG/USD)",
          "Class": "Commodity",
          "Avg spread (pips)": 60.78,
          "Median": 38,
          "90th pct": 91,
          "Cost per lot (round turn)": "$303.90",
          "Share of (daily range)": 7.57
        }
      ]
    },
    {
      "id": "spread-as-a-percentage-of-that",
      "caption": "Spread as a percentage of that hour's average range, by UTC hour — lower is cheaper",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "00",
        "01",
        "02",
        "03",
        "04",
        "05",
        "06",
        "07",
        "08",
        "09",
        "10",
        "11",
        "12",
        "13",
        "14",
        "15",
        "16",
        "17",
        "18",
        "19",
        "20",
        "21",
        "22",
        "23"
      ],
      "rowCount": 10,
      "rows": [
        {
          "10": 2,
          "11": 2,
          "12": 1,
          "13": 1,
          "14": 1,
          "15": 1,
          "16": 2,
          "17": 2,
          "18": 2,
          "19": 2,
          "20": 4,
          "21": 27,
          "22": 15,
          "23": 5,
          "Instrument": "EUR/USD",
          "00": 3,
          "01": 3,
          "02": 3,
          "03": 4,
          "04": 4,
          "05": 3,
          "06": 2,
          "07": 2,
          "08": 2,
          "09": 2
        },
        {
          "10": 2,
          "11": 2,
          "12": 2,
          "13": 2,
          "14": 2,
          "15": 2,
          "16": 3,
          "17": 3,
          "18": 4,
          "19": 4,
          "20": 6,
          "21": 42,
          "22": 27,
          "23": 8,
          "Instrument": "GBP/USD",
          "00": 5,
          "01": 5,
          "02": 6,
          "03": 7,
          "04": 7,
          "05": 6,
          "06": 3,
          "07": 2,
          "08": 2,
          "09": 2
        },
        {
          "10": 3,
          "11": 3,
          "12": 2,
          "13": 2,
          "14": 2,
          "15": 2,
          "16": 2,
          "17": 3,
          "18": 3,
          "19": 3,
          "20": 5,
          "21": 45,
          "22": 18,
          "23": 4,
          "Instrument": "USD/JPY",
          "00": 2,
          "01": 2,
          "02": 3,
          "03": 3,
          "04": 3,
          "05": 3,
          "06": 3,
          "07": 2,
          "08": 2,
          "09": 2
        },
        {
          "10": 8,
          "11": 7,
          "12": 5,
          "13": 4,
          "14": 4,
          "15": 4,
          "16": 6,
          "17": 6,
          "18": 6,
          "19": 7,
          "20": 9,
          "21": 40,
          "22": 32,
          "23": 18,
          "Instrument": "USD/CAD",
          "00": 11,
          "01": 10,
          "02": 12,
          "03": 15,
          "04": 17,
          "05": 14,
          "06": 10,
          "07": 7,
          "08": 7,
          "09": 8
        },
        {
          "10": 6,
          "11": 7,
          "12": 5,
          "13": 4,
          "14": 4,
          "15": 5,
          "16": 6,
          "17": 7,
          "18": 7,
          "19": 8,
          "20": 10,
          "21": 31,
          "22": 17,
          "23": 9,
          "Instrument": "AUD/USD",
          "00": 5,
          "01": 5,
          "02": 6,
          "03": 7,
          "04": 8,
          "05": 7,
          "06": 6,
          "07": 5,
          "08": 5,
          "09": 6
        },
        {
          "10": 4,
          "11": 4,
          "12": 3,
          "13": 3,
          "14": 3,
          "15": 3,
          "16": 4,
          "17": 4,
          "18": 5,
          "19": 5,
          "20": 8,
          "21": 49,
          "22": 25,
          "23": 8,
          "Instrument": "EUR/JPY",
          "00": 4,
          "01": 4,
          "02": 5,
          "03": 6,
          "04": 6,
          "05": 5,
          "06": 4,
          "07": 3,
          "08": 3,
          "09": 3
        },
        {
          "10": 5,
          "11": 5,
          "12": 4,
          "13": 4,
          "14": 4,
          "15": 4,
          "16": 5,
          "17": 6,
          "18": 6,
          "19": 7,
          "20": 10,
          "21": 69,
          "22": 34,
          "23": 10,
          "Instrument": "GBP/JPY",
          "00": 6,
          "01": 6,
          "02": 8,
          "03": 8,
          "04": 8,
          "05": 8,
          "06": 6,
          "07": 4,
          "08": 4,
          "09": 4
        },
        {
          "10": 14,
          "11": 13,
          "12": 9,
          "13": 7,
          "14": 7,
          "15": 8,
          "16": 11,
          "17": 12,
          "18": 12,
          "19": 13,
          "20": 18,
          "21": 25,
          "22": 23,
          "23": 24,
          "Instrument": "Gold (XAU/USD)",
          "00": 16,
          "01": 13,
          "02": 16,
          "03": 20,
          "04": 22,
          "05": 16,
          "06": 14,
          "07": 12,
          "08": 12,
          "09": 14
        },
        {
          "10": 5,
          "11": 5,
          "12": 4,
          "13": 2,
          "14": 2,
          "15": 2,
          "16": 2,
          "17": 3,
          "18": 2,
          "19": 2,
          "20": 3,
          "21": 6,
          "22": 10,
          "23": 7,
          "Instrument": "US30 (Dow)",
          "00": 5,
          "01": 5,
          "02": 7,
          "03": 8,
          "04": 9,
          "05": 7,
          "06": 6,
          "07": 4,
          "08": 4,
          "09": 5
        },
        {
          "10": 6,
          "11": 6,
          "12": 4,
          "13": 2,
          "14": 2,
          "15": 2,
          "16": 2,
          "17": 2,
          "18": 2,
          "19": 2,
          "20": 3,
          "21": 6,
          "22": 8,
          "23": 7,
          "Instrument": "US100 (Nasdaq)",
          "00": 5,
          "01": 5,
          "02": 6,
          "03": 7,
          "04": 8,
          "05": 6,
          "06": 6,
          "07": 5,
          "08": 5,
          "09": 6
        }
      ]
    },
    {
      "id": "annual-spread-bill-at-5-round",
      "caption": "Annual spread bill at 5 round-turn trades a week (260 a year)",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "0.10 lot",
        "0.50 lot",
        "1.00 lot"
      ],
      "rowCount": 7,
      "rows": [
        {
          "Instrument": "EUR/USD",
          "0.10 lot": "$117",
          "0.50 lot": "$585",
          "1.00 lot": "$1,170"
        },
        {
          "Instrument": "GBP/USD",
          "0.10 lot": "$242",
          "0.50 lot": "$1,209",
          "1.00 lot": "$2,418"
        },
        {
          "Instrument": "USD/JPY",
          "0.10 lot": "$141",
          "0.50 lot": "$707",
          "1.00 lot": "$1,414"
        },
        {
          "Instrument": "AUD/USD",
          "0.10 lot": "$265",
          "0.50 lot": "$1,326",
          "1.00 lot": "$2,652"
        },
        {
          "Instrument": "Gold (XAU/USD)",
          "0.10 lot": "$1,722",
          "0.50 lot": "$8,612",
          "1.00 lot": "$17,225"
        },
        {
          "Instrument": "US30 (Dow)",
          "0.10 lot": "$697",
          "0.50 lot": "$3,484",
          "1.00 lot": "$6,968"
        },
        {
          "Instrument": "US500 (S&P)",
          "0.10 lot": "$156",
          "0.50 lot": "$780",
          "1.00 lot": "$1,560"
        }
      ]
    }
  ]
}