specification: FinOps Framework
specificationVersion: '1.0'
schema: https://www.finops.org/framework/
provider: Alpaca
providerId: alpaca-markets
created: '2026-07-11'
modified: '2026-07-11'
reconciled: false
tags:
- Market Data
- Trading
- Brokerage
- FinOps
- Cost Management
- FOCUS
description: >-
  FinOps view of Alpaca spend. Alpaca's cost surface is unusual because trading
  is commission-free and paper trading is free, so the recurring, forecastable
  spend concentrates in market data. The dominant meter is the market-data
  subscription: $0 on the Basic plan or a flat $99/month for Algo Trader Plus
  per account. Options and crypto trading can add per-contract or spread-based
  transaction costs, and the Broker API adds negotiated per-partner platform
  fees for businesses. Because the pricing is mostly flat-subscription rather
  than per-call, the main FinOps lever is right-sizing the market-data tier to
  the feeds (IEX vs SIP, indicative vs OPRA) and symbol counts you actually
  need.
notes: >-
  Trading commissions are $0 for US stocks/ETFs, but regulatory and exchange
  pass-through fees and options/crypto transaction costs still apply; confirm
  current fee schedules. Broker API fees are set by contract and are not public.
sources:
- https://alpaca.markets/data
- https://docs.alpaca.markets/docs/about-market-data-api
- https://docs.alpaca.markets/docs/market-data-faq
- https://focus.finops.org/focus-specification/v1-3/
alignedWith:
  framework: FinOps Foundation Framework
  frameworkUrl: https://www.finops.org/framework/
  dataSpec: FOCUS
  dataSpecVersion: '1.3'
  dataSpecUrl: https://focus.finops.org/focus-specification/v1-3/
publisherName: Alpaca
serviceCategory: Financial Services and Market Data
billingModel:
  pricingCategory: Subscription
  billingFrequency: Monthly
  billingCurrency: USD
  chargeCategories:
  - Purchase
  - Usage
  - Tax
focusColumns:
  ServiceName: Alpaca Market Data
  ServiceCategory: Financial Services and Market Data
  ProviderName: Alpaca
  PublisherName: Alpaca
  InvoiceIssuerName: Alpaca Securities LLC
  BillingCurrency: USD
  ChargeCategory: Purchase
  PricingCategory: Subscription
meters:
- name: market_data_subscription
  description: Flat monthly market-data plan fee ($0 Basic or $99 Algo Trader Plus) per account.
  unit: months
  aggregation: sum
  dimensions:
  - account
  - plan
- name: options_contracts
  description: Per-contract fees on options trades, where applicable.
  unit: contracts
  aggregation: sum
  dimensions:
  - account
  - symbol
- name: crypto_transaction_fees
  description: Spread or percentage-based fees on crypto trades.
  unit: usd
  aggregation: sum
  dimensions:
  - account
  - pair
- name: broker_platform_fees
  description: Negotiated per-partner Broker API platform / per-account fees.
  unit: usd
  aggregation: sum
  dimensions:
  - partner
  - end_account
principles:
- name: Visibility
  description: Track the market-data plan per API key and the transaction fees on options and crypto; on Broker, attribute per-partner platform fees.
- name: Allocation
  description: Map each API key / account to a workload or strategy so the flat market-data subscription and any transaction fees land on the right cost center.
- name: Optimization
  description: Right-size the market-data tier - stay on free Basic (IEX, delayed SIP) unless you genuinely need real-time SIP or OPRA options, and consolidate symbol subscriptions to avoid needing the paid plan prematurely.
- name: Accountability
  description: Review monthly whether each Algo Trader Plus subscription is still justified by active real-time SIP/OPRA usage; downgrade idle accounts to Basic.
maintainers:
- FN: Kin Lane
  email: kin@apievangelist.com