> The feed fidelity battery pointed at your own broker: publication cadence, two-sided coordination, per-side staleness, and spread regimes. - Canonical: https://hadalinstruments.com/instruments/broker-feed-auditor/ --- [Back to Instruments](https://hadalinstruments.com/instruments/) P1 Feed & Execution # Broker Feed Auditor What does your broker's feed actually do when you measure it instead of trusting it? Anticipated price Anticipated · not ratified · not an offer £149/mo — includes the Microstructure Dashboard - **Annual term** — £1,490/yr Twelve months of service for the price of ten. - **Billed monthly** — £1,788/yr £149/mo × 12. Monthly billing costs twenty per cent more than the annual term — the uplift is on monthly, it is not a discount on annual. - **The difference** — £298/yr Two months in twelve. Paying annually saves two months, not twenty per cent — the two are different numbers and only one of them is true. Nothing on this site is on sale. There is no checkout, no cart and no payment link on any page. Prices publish pre-launch so they can be read, compared and checked rather than requested — [seat bands, group licences and multi-year terms are set out in full below](#commercial). here would have added one landmark per placement, which on the homepage means a landmark list that is mostly disclaimer. --> Standing policy — read this beside the figure - **No promise of profit, ever.** Hadal makes no performance claims and carries no implied edge. Past measurements describe instrument behaviour — never future returns. - **You own risk management.** Hadal cannot control it and does not insure it. Good tools do not fix bad discipline — and this site says so. - **Analytical tools, for discretionary use.** Nothing here is investment advice or a recommendation to trade. Every decision, and every outcome, is yours. The same statement stands in the footer of every page.[Terms](https://hadalinstruments.com/terms/) [Privacy](https://hadalinstruments.com/privacy/) [How it measuresThe Feed & Execution suite methodology](https://hadalinstruments.com/methodology/feed/)[BoundsWhat it does not establish](#what-it-does-not-do) Published measurements NOT YET PUBLISHED Specification | Value | Catalogue no. | P1 | Suite | [Feed & Execution](https://hadalinstruments.com/suites/feed/) | Methodology | [How the Feed & Execution suite measures](https://hadalinstruments.com/methodology/feed/) | Availability | Pre-launch — not on sale | Anticipated price | [£149/mo · £1,490/yr](#anticipated-price) | Delivery | Marketplace SKU · hub subscription | Published measurements | NOT YET PUBLISHED | Provenance artifact | NOT YET PUBLISHED | Your broker’s feed is the substrate under every decision you make, and almost nobody measures it. Quote arrival, spread behaviour, and the moments when a price simply stops moving are treated as background conditions rather than as data. The Broker Feed Auditor treats the published quote stream as a measurable object: it runs the full fidelity battery against the feed you personally receive, and reports what that feed does, dimension by dimension, with the sample behind every statement visible. ## What it measures The battery describes feed behaviour and stops there, establishing no intent and certifying no broker. - **Publication cadence.** The inter-tick interval distribution of your feed — its floor, its percentiles, and how the shape changes by session. A feed with a hard cadence floor has been sampled somewhere between the market and your screen, and the floor is where that becomes visible. - **Two-sided coordination.** Whether bid and ask update jointly or independently. Genuinely independent sides and rigidly coordinated sides are different objects with different execution consequences, and the coordination structure separates them. - **Per-side staleness.** The age of each side of the quote at every tick, as a distribution rather than an average. [Quote staleness](https://hadalinstruments.com/glossary/quote-staleness/) that concentrates in particular sessions or around particular events is structure, not noise. - **[Spread regimes](https://hadalinstruments.com/glossary/spread-regime/).** Change-point detection on the spread series, so widening is reported as a regime with a start, an end and a context — not as an anecdote you half-remember from a bad fill. - **Freeze and rollover behaviour.** What the feed does at contract boundaries and during the intervals when it stops publishing: how long those intervals run, how often they occur, and where in the session they fall. - **Locked and crossed books.** How often your feed publishes an ask equal to its bid — a zero quoted spread — and how often it publishes an ask below its bid. Both are counted and reported rather than repaired, because a zero spread averaged into a cost estimate makes your trading look cheaper than it was. Every dimension publishes with its sample. Where the sample cannot support a dimension, the battery publishes the honest null — “insufficient ticks in sample” is a result, not a failure, and it is printed as one. The reference side of that last dimension is measured and published: **21,158,845 top-of-book rows across seventeen exchange-traded roots, and zero locked books** — with the same census returning 33.9% locked on a decoded retail spot tape. A comparison is what makes a feed measurement mean anything, and this is the first one on the shelf. The census, the per-root counts and the honest refusal of the one root that could not be scored are in [is my broker’s feed honest](https://hadalinstruments.com/research/is-my-brokers-feed-honest/), downloadable with its content hash. What traders call stop hunting is, on the tape, a set of feed behaviours: the spread opens up, one side of the quote stops refreshing, and the price on the screen stops being the price that is available. Each of those is one of the dimensions above — the widening as a regime with a start and an end, the staleness as a per-side distribution, the freeze as an interval with a length and a place in the session. Whether anyone was hunting anything is not a question a quote stream can answer, and this instrument does not pretend otherwise: it publishes what the feed did and leaves the account of it to you. ## What it does not do The Broker Feed Auditor does not establish intent. A measured cadence floor, a coordinated spread or a burst of staleness is a description of feed behaviour, not a finding of misconduct, and this instrument never converts one into the other. It does not certify a broker as honest or dishonest, it is not a regulatory finding, and it holds no opinion on whether you should keep your account where it is. It also measures the feed *as it arrives at you* — your connection and your platform sit inside that measurement — and the report states that beside every result rather than quietly attributing the whole path to the broker. ## Who it is for Traders and small desks who suspect their execution environment is not what the brochure describes, and who would rather hold a distribution than a suspicion. The [Microstructure Dashboard](https://hadalinstruments.com/instruments/microstructure-dashboard/) is included in the same subscription, because per-pair analytics are only worth reading once the feed underneath them has been audited. ## The ship gate No instrument is sold until it does what this page says it does. Where a page is written in the future tense, that tense is a statement about timing rather than a hedge about capability: the instrument is not finished, so it is not listed as available, not priced as available, and not sold. It waits. Nothing described in this catalogue is a placeholder that will quietly disappear. An instrument that turns out to be wrong gets a [kill-ledger entry](https://hadalinstruments.com/kill-ledger/), not a deletion — which is the only version of that promise anyone can check. ## Commercial terms Published in full, pre-launch, so they can be read and checked rather than requested. Every figure is an anticipated indication I have set and not yet ratified, and every derived figure is the arithmetic of the one above it — shown, not asserted. Nothing here is purchasable: there is no checkout on this site. ### Why Broker Feed Auditor is priced the way it is - **What the figure buys** — The subscription points the full fidelity battery at the quote stream arriving at your own account: publication cadence and its floor, whether bid and ask move jointly or independently, per-side staleness as a distribution, change-point detection on the spread, and what the feed does at contract boundaries and in the intervals when it stops publishing. Every dimension is designed to publish with the sample behind it, and to print the honest null where the sample cannot carry the claim. The edge is firm: this describes feed behaviour and stops there — it establishes no intent, certifies no broker, and is not a regulatory finding. Because it measures the feed as it arrives at you, with your connection and platform inside the measurement, the report says so beside each result rather than attributing the whole path to the broker. - **Why it is priced this way** — It is licensed per account, on a recurring basis, because a feed is not a document you audit once. Cadence, staleness and spread regimes shift with sessions, with contract rollovers, and with upstream changes nobody announces, so the measurement has to keep running to stay true. The subscription is bound to one account's stream because that stream is the object: a different account, platform or route is a different feed, and pooling them would describe none of them. The Microstructure Dashboard sits inside the same subscription rather than beside it, because those per-pair analytics are only worth reading once the feed underneath them has been audited. - **What the alternative costs** — You could do part of this yourself, and it is worth being clear about which part. Capturing your own tick stream with local timestamps and building an inter-tick interval histogram from it is within reach of a spreadsheet; the cadence floor is the dimension that surfaces most readily by hand. What that route costs is the capture itself — continuous, gapless, session-aware — and then the dimensions that resist hand-work: two-sided coordination, per-side staleness as a distribution rather than an average, and change-point detection that reports a widening as a regime with a start and an end. Your platform's own charts render the quote but do not measure it, which is a different job; and doing nothing leaves the feed as a background assumption, so a bad fill stays an anecdote you half-remember instead of a sample you can read. Every figure on this page is an anticipated indication awaiting ratification, and nothing here is purchasable. The reasoning above is published for the same reason the arithmetic below is: a price you can interrogate is worth more than a price you have to accept. ### The two-SKU split Two routes, side by side, with the standing rule rendered as a rule: the hub tier is priced at or below its marketplace equivalent, so the hub is always the better of the two. No marketplace SKU has been listed anywhere yet, so that cell says so instead of showing a figure nobody has set. Route | What it is | Anticipated | Marketplace SKU | Where this instrument ships through a platform marketplace, that SKU is the fully-functional standalone tier — the complete battery, running natively on your platform, no external account required. Never paid-but-crippled. | NOT YET LISTED | Hub subscription (this site) | The deepening: hosted runs, the published methodology behind them, and the content-hashed artifacts that let a stranger re-derive the result. This is the tier the figure on this page prices. | £149/mo · £1,490/yr | The price rule The hub tier is priced at or below its marketplace equivalent. That is a standing rule the pricing table is rendered against, not an offer: a marketplace platform takes a percentage of every sale it processes, and that saving goes to the hub subscriber rather than to Hadal, so a platform fee can never invert your margin. No marketplace SKU has been listed yet, so the cell above reads NOT YET LISTED and the rule stands as a commitment rather than a comparison you can run today. ### The commitment ladder One month less paid per year of service, per step, taken off this instrument's own anticipated annual rate of £1,490/yr . The rate is held at the figure you sign for the whole term, so a multi-year commitment fixes the price as well as reducing it. Term | Months paid per year | What it means | Anticipated | Monthly billing | 12 | £149/mo × 12. Twenty per cent more than the annual term — that is the uplift for paying monthly, not a discount for paying annually. | £1,788/yr | 1-year term | 10 | Twelve months of service for the price of ten. This is the annual rate every band below is taken off. | £1,490/yr | 2-year term | 9 | Ten per cent off the annual rate, held at that figure for the whole term. | £1,341/yr | 3-year term | 8 | Twenty per cent off the annual rate, held at that figure for the whole term. | £1,192/yr | Three years for what two years of monthly billing costs Eight months paid per year, across three years, is 24 months paid for 36 months of service — one year in three carries no charge. On this instrument the three-year term totals £3,576 . That is 24 × £149 = £3,576 , and two years billed monthly is £1,788 × 2 = £3,576 . The same money. It buys three years instead of two, and the arithmetic is on the page so you can check it rather than take it. ### Group licences, across entities Licensing here is per account or per desk, not per seat, so a seat band does not apply and none is offered — applying one would be a category error dressed as a discount. The scaling axis here is **entities**: where the same instrument is run by more than one legal entity, desk, fund or network inside a group, the licence is negotiated as a single group licence rather than replicated entity by entity. Multi-network clients are exactly the case this exists for, and the commitment ladder above applies to a group licence on the same terms it applies to a single one. ### Commercial routes Pricing scales on entities and on term — one negotiated group licence across desks, funds and legal entities, never a seat band. [Licensing — seat bands, group licences and multi-year terms in full](https://hadalinstruments.com/licensing/) ### Support - Tier **Priority** at this instrument’s base contract — ticket, prioritised, first response targeted at one business day . Support tier follows the annual contract value, not the price of a single unit — more seats, a suite licence or a group agreement raise the contract value and can raise the tier with it. [Support — the tiers, the ticket-only channel model, and what a target does and does not promise](https://hadalinstruments.com/support/) ### Trial mechanics The trial runs on the hub tier — thirty days, a full natural proof cycle, disclosed in plain words before you start it and cancellable in one step; none of it is live yet. [Trial mechanics in full, by delivery class](https://hadalinstruments.com/licensing/#trial). ### Read before you commit The documentation is published ahead of the product on purpose — intended behaviour is only a commitment if it exists first. Start with [installation and first run](https://hadalinstruments.com/docs/install/), then [the limits](https://hadalinstruments.com/docs/limits/): the conditions under which this instrument refuses to produce a number are the part worth reading before you pay. The full centre is at [/docs/](https://hadalinstruments.com/docs/), and the [support model](https://hadalinstruments.com/support/) states what a ticket does and does not cover. ## Questions and answers Answered from what this instrument publishes about itself. Nothing below is attributed to a customer, because there are none yet. ### Does a measured cadence floor mean my broker is manipulating the feed? No. A cadence floor says the quote stream was sampled somewhere between the market and your screen. It is a description of feed behaviour, not a finding of intent or misconduct, and the battery never converts one into the other. ### Whose feed is being measured — the broker’s, or mine? The feed as it arrives at you. Your connection and your platform sit inside that measurement, and the report states it beside every result rather than quietly attributing the whole path to the broker. ### What happens when there are not enough ticks to answer a dimension? The null publishes. “Insufficient ticks in sample” is a result, and it is printed as one instead of being filled in with an estimate. ### Can I buy this instrument today? No. Nothing on this site is on sale — there is no checkout, no card capture, and no product account to create. Every figure on this page is an anticipated indication I have set so it can be read and compared, not an offer, and final pricing awaits my ratification. The launch list is the only thing you can join today. ## Change log NOT YET PUBLISHED Broker Feed Auditor has not shipped, so there is nothing to record. When it does, every version lands here — dated, append-only, written by a person, and including the changes that removed a capability rather than added one. ## Where this sits Broker Feed Auditor is one of the instruments in the [Feed & Execution suite](https://hadalinstruments.com/suites/feed/). How that suite measures — the per-instrument battery, and the receipts each measurement will carry — is set out in the [Feed & Execution methodology](https://hadalinstruments.com/methodology/feed/), part of the site-wide [measurement methodology](https://hadalinstruments.com/methodology/). ### Also in the Feed & Execution suite Broker Feed Auditor shares the Feed & Execution suite with two other instruments. - P6 [Microstructure Dashboard](https://hadalinstruments.com/instruments/microstructure-dashboard/) Bundled inside P1's subscription. Never standalone. - P9 [Execution Cost Auditor](https://hadalinstruments.com/instruments/execution-cost-auditor/) Statement-import truth about what your execution actually cost. ### Research behind this instrument Broker Feed Auditor draws on ten research notes on this site. - [Do brokers hunt your stop losses?](https://hadalinstruments.com/research/do-brokers-hunt-your-stop-losses/) Asked as: "do brokers hunt stop losses by widening the spread" - [Why do my forex orders get rejected?](https://hadalinstruments.com/research/why-do-my-forex-orders-get-rejected/) Asked as: "why do my forex orders get rejected" - [What can a trading statement prove?](https://hadalinstruments.com/research/what-can-a-trading-statement-prove/) Asked as: "what can a trading statement prove" - [Why do two data feeds give different backtests?](https://hadalinstruments.com/research/why-do-two-data-feeds-give-different-backtests/) Asked as: "why does my backtest give different results with different data feeds" - [Why does my EA work on demo but not live?](https://hadalinstruments.com/research/why-does-my-ea-work-on-demo-but-not-live/) Asked as: "why does my ea work on demo but not on a live account" - [Is my broker trading against me?](https://hadalinstruments.com/research/is-my-broker-trading-against-me/) Asked as: "is my broker trading against me" - [Is my broker's feed honest? How to test it](https://hadalinstruments.com/research/is-my-brokers-feed-honest/) Asked as: "is my broker's feed honest" - [What is slippage really costing me?](https://hadalinstruments.com/research/what-is-slippage-really-costing-me/) Asked as: "what is slippage really costing me" - [Why is my live spread wider than my backtest?](https://hadalinstruments.com/research/why-is-my-live-spread-wider-than-my-backtest/) Asked as: "why is my live spread wider than my backtest" - [How much does the range actually widen at NFP?](https://hadalinstruments.com/research/the-nfp-range/) --- ## Raw artifact — NOT PUBLISHED FOR THIS PAGE No downloadable artifact ships with this page. Eight published measurements do, each content-hashed so a reader can verify the figures independently. Where a measurement is published here without one, that is a gap rather than a policy, and it is stated rather than left to be noticed. [Measurements that ship their data](https://hadalinstruments.com/research/) [Join the launch list](https://hadalinstruments.com/pricing/#waitlist)[How this suite measures](https://hadalinstruments.com/methodology/feed/)