Rithmic vs. CQG: Which Data Feed for Prop Traders?
Rithmic and CQG are the two dominant market data feeds in futures trading, and most prop firm traders will use one or both during their career. The choice between them affects your data granularity, execution latency, platform compatibility, and monthly costs. Understanding the differences is not optional; it is infrastructure knowledge that directly impacts your trading.
This comparison covers everything a futures prop firm trader needs to know: how each feed works, what it costs, which platforms support it, and which prop firms use which feed.
What Are Data Feeds and Why Do They Matter?
A data feed delivers real-time market data (prices, order book depth, trade prints) from the exchange to your trading platform. In futures, the exchange is CME Group (for NQ, ES, MNQ, MES, and most contracts prop firm traders use). The data feed is the pipeline between CME’s matching engine and your screen.
Two things make the data feed choice significant:
- Data granularity: How much detail you see in the order book
- Latency: How quickly that data reaches your platform
For scalpers and order flow traders, these differences are measurable and affect P&L. For swing traders who hold positions for hours, both feeds are functionally equivalent.
Quick Comparison
| Feature | Rithmic | CQG |
|---|---|---|
| Data Type | Market By Order (MBO) | Market By Price (MBP) |
| Latency | Ultra-low (co-location options) | Low (data compression) |
| Exchange Coverage | CME Group focused | 75+ global exchanges |
| Platform Fee | Included in prop firm fees | $25/month + $0.10/contract |
| Level 2 Data | ~$11/exchange or ~$33 all four | Varies by exchange |
| Built-in Platform | R|Trader, R|Trader Pro | CQG Desktop, QTrader |
| Prop Firm Usage | Majority of futures prop firms | Topstep, select others |
| Best For | Order flow traders, scalpers | Global markets, analytics |
Rithmic: The Prop Firm Standard
Rithmic is the dominant data feed in the futures prop firm industry. If you trade with Apex Trader Funding, Bulenox, or most other futures prop firms, you are using Rithmic by default.
How Rithmic Pricing Works
During prop firm evaluations, Rithmic data is typically included in your evaluation fee. You do not pay separately for the feed. After you are funded and trading a live account, exchange fees apply:
- Level 2 data: ~$11 per exchange or ~$33 for all four CME Group exchanges (CME, CBOT, NYMEX, COMEX)
- Live funded accounts: ~$140/month per exchange for live market data
- Some prop firms (e.g., Phidias) include Rithmic data free on all accounts
The cost structure means Rithmic is effectively free during evaluations and becomes a cost factor after funding.
Market By Order (MBO) Data
Rithmic’s key technical advantage is Market By Order (MBO) data granularity. MBO shows you every individual order in the book, not just the aggregate volume at each price level.
What this means in practice: at a price level showing 500 contracts on the bid, MBO data tells you whether that is one large order or 500 separate one-lot orders. This distinction matters for order flow analysis because:
- One large order at a level often represents institutional interest and is more likely to hold
- Many small orders at a level are easier to absorb and more likely to break
For traders who use footprint charts, volume delta analysis, or DOM trading, MBO data provides deeper insight into the order book structure. This is the primary reason serious order flow traders prefer Rithmic.
Platform Compatibility
Rithmic connects to the platforms most prop firm traders use:
- NinjaTrader
- Sierra Chart
- ATAS
- Quantower
- Bookmap
- MultiCharts
- Jigsaw daytradr
- R|Trader and R|Trader Pro (Rithmic’s own platforms)
Rithmic Strengths
- MBO data granularity provides the deepest view of order book structure
- Ultra-low latency with co-location options
- Included in most prop firm evaluation fees at no additional cost
- Broadest prop firm adoption, making it the default for most traders
- Direct market access for execution
Rithmic Limitations
- CME Group focused, limited coverage of non-CME exchanges
- Exchange fees add up on funded accounts (~$140/month per exchange)
- No built-in advanced analytics; relies on third-party platforms for charting
- R|Trader platform is functional but not competitive with NinjaTrader or Sierra Chart
CQG: The Global Analytics Platform
CQG takes a different approach than Rithmic. Where Rithmic focuses on raw data depth and speed for CME, CQG provides the broadest exchange coverage in the industry with built-in analytics and charting tools.
How CQG Pricing Works
- Platform fee: $25/month
- Routing fee: $0.10 per contract (capped at $495/month)
- Exchange data fees: vary by exchange and data level
- Some brokers (e.g., Optimus Futures) offer CQG free to clients
The per-contract routing fee is a consideration for high-volume scalpers. A trader executing 100 contracts per day pays $10/day or roughly $200/month in routing fees alone. For low-frequency traders, the fees are negligible.
Market By Price (MBP) Data
CQG delivers Market By Price (MBP) data, which shows aggregate volume at each price level rather than individual orders. At a level showing 500 contracts, MBP tells you the total is 500 but does not reveal whether that is one order or many.
For most charting and analysis purposes, MBP data is sufficient. Volume Profile, footprint charts, and basic order flow analysis work with MBP data. The MBO-vs-MBP difference is primarily relevant for traders who analyze individual order behavior in the book.
Exchange Coverage
CQG connects to 75+ global exchanges, which is vastly broader than Rithmic’s CME focus. This matters if you trade:
- International futures (Eurex, ICE, SGX, HKEX, etc.)
- Energy futures on NYMEX through CQG’s direct connections
- Agricultural futures across multiple exchanges
- Any product outside the CME ecosystem
For traders who exclusively trade NQ, ES, and their micro counterparts on CME, CQG’s global coverage is unnecessary.
Platform Compatibility
CQG connects to:
- NinjaTrader
- Sierra Chart
- MultiCharts
- TradingView (for data)
- Quantower
- CQG Desktop and QTrader (CQG’s own platforms)
- Tradovate (CQG provides data to Tradovate)
CQG Strengths
- 75+ global exchange coverage, the broadest in the industry
- Built-in analytics and charting in CQG Desktop and QTrader
- Extensive historical data for backtesting
- Data compression for efficient delivery
- Free through some brokers like Optimus Futures
CQG Limitations
- MBP data lacks individual order visibility that Rithmic’s MBO provides
- Per-contract routing fee adds up for high-volume scalpers
- Less common among prop firms than Rithmic
- $25/month platform fee adds to costs even before data fees
Prop Firm Compatibility
This is often the deciding factor. Most traders use whatever data feed their prop firm provides:
Rithmic-based prop firms (majority):
- Apex Trader Funding
- Bulenox
- Phidias Proptrading
- Most newer prop firms
CQG-based prop firms:
- Topstep (uses CQG for TopstepX platform)
- Select other firms
Both supported:
- Some firms let you choose between Rithmic and CQG
If your prop firm uses Rithmic, you use Rithmic. If they use CQG, you use CQG. The choice is made for you during evaluations in most cases.
The decision becomes relevant when:
- You are choosing between prop firms and data feed is a factor
- You have a funded account and can select your data feed
- You trade both prop firm and personal accounts with different feeds
When to Choose Rithmic
- You trade exclusively on CME Group exchanges (NQ, ES, MNQ, MES, CL, GC, etc.)
- You are an order flow trader who reads the DOM, tape, or footprint charts and wants MBO granularity
- Your prop firm uses Rithmic (the majority do)
- You want the lowest latency for scalping strategies
- You want to avoid per-contract fees that CQG charges
When to Choose CQG
- You trade on multiple exchanges beyond CME (Eurex, ICE, etc.)
- You want built-in analytics without depending entirely on third-party platforms
- Your prop firm uses CQG (Topstep, others)
- You value extensive historical data for backtesting
- You trade low volume and the per-contract fee is negligible
- Your broker offers CQG free (Optimus Futures, others)
What About Other Data Feeds?
Two alternatives worth knowing:
dxFeed ($19/month): Budget-friendly data feed that powers Bookmap and Optimus Flow. Provides tick-level and aggregated historical data since 2010. Good for traders who want affordable CME data for analysis without paying Rithmic or CQG premiums.
Kinetick (Free EOD, $78.75/month intraday): NinjaTrader’s native data feed. Free end-of-day data is useful for backtesting. Intraday pricing is competitive but adds up with exchange fees. Limited to NinjaTrader users.
For most prop firm traders, Rithmic or CQG is the practical choice because that is what your firm provides.
Verdict
Rithmic is the right choice for the majority of futures prop firm traders. It is the industry standard, included in most evaluation fees, and provides MBO data that order flow traders value. If you trade NQ or ES on CME through a prop firm, Rithmic is almost certainly your data feed.
CQG is the right choice for traders who need global exchange coverage, prefer CQG’s built-in analytics, or trade with a CQG-based prop firm like Topstep. The per-contract routing fee is a real cost for high-volume traders but negligible for others.
For most traders reading this, the choice has already been made by your prop firm. Focus your attention on mastering the tools built on top of your data feed (your trading platform, your journal) rather than debating data feed selection.
Key Takeaways
- Rithmic is the industry standard for futures prop firm traders, offering Market By Order (MBO) data and sub-millisecond latency for order flow analysis
- CQG provides broader global exchange coverage and built-in analytics, making it the better choice for traders who need access beyond CME markets
- For most prop firm traders, the data feed choice is already made by the firm; focus on mastering your platform tools rather than debating feed selection
- Rithmic data is typically included in prop firm evaluation fees at no additional cost; after funding, exchange data fees apply separately
- MBO data (Rithmic) shows individual orders at each price level, which is significantly more valuable for DOM and tape reading than MBP aggregate data (CQG)
Frequently Asked Questions
Does the data feed I use affect my execution speed?
Yes, but the difference matters only for specific strategies. For manual discretionary trading, both Rithmic and CQG provide execution fast enough that the difference is imperceptible. For automated strategies that trigger on market microstructure events, Rithmic’s lower latency provides a measurable (though small) edge.
Can I switch between Rithmic and CQG?
If your broker or prop firm supports both, yes. The switch requires reconfiguring your trading platform’s data connection settings. You cannot run both simultaneously on the same platform instance, but you can run separate platform instances connected to different feeds.
Why does MBO vs. MBP data matter for order flow trading?
MBO (Market By Order) shows individual orders, revealing whether large sizes at a price level are one institutional order or many small retail orders. MBP (Market By Price) only shows the aggregate. For DOM trading and tape reading, knowing the composition of liquidity at a level provides additional context for reading support and resistance. For chart-based trading, the difference is irrelevant.
Is Rithmic data free during prop firm evaluations?
In most cases, yes. The data feed cost is included in your evaluation fee. You do not pay Rithmic directly. After funding, exchange data fees apply, and the cost depends on which exchanges you need data for and your prop firm’s specific arrangements.
Which data feed does NinjaTrader work best with?
NinjaTrader works well with both Rithmic and CQG. Rithmic is more commonly used with NinjaTrader in the prop firm context because most firms default to Rithmic. NinjaTrader also has Kinetick as its native data feed, which provides free end-of-day data for backtesting and strategy development.