MBP-1
MBP-1 (Market by Price, 1 level) is the top-of-book market data feed from CME, showing only the best bid and best ask. It is the most basic level of futures market depth data and is sufficient for price monitoring but not for order flow or DOM analysis.
MBP-1 (Market by Price: 1 level) is the CME’s top-of-book data feed. It provides only the single best bid price and quantity and the single best ask price and quantity at any moment: the minimum depth needed to know the current market.
What MBP-1 includes
| Field | Description |
|---|---|
| Best Bid Price | Highest resting buy limit order price |
| Best Bid Size | Quantity at the best bid |
| Best Ask Price | Lowest resting sell limit order price |
| Best Ask Size | Quantity at the best ask |
| Last Trade | Most recent transaction price and size |
MBP-1 limitations
MBP-1 shows only the top of the book. You cannot see:
- How much depth exists below the best bid or above the best ask
- Whether a large bid or ask wall exists one or two levels away
- The overall balance of supply and demand across the visible book
For casual price monitoring or simple execution, MBP-1 is adequate. For DOM trading, tape reading, or any order flow analysis, it is insufficient.
MBP-1 vs MBP-10
| MBP-1 | MBP-10 | |
|---|---|---|
| Levels shown | 1 (best bid/ask only) | 10 levels each side |
| DOM usable? | No | Yes |
| Cost | Lower | Higher |
| Use case | Price feeds, charting | Active DOM trading |
Most active futures day traders subscribe to MBP-10 or deeper. MBP-1 is typically included in basic broker data packages and sufficient for chart-based traders who do not use the DOM.