A Practical & Transparent Breakdown for Commercial Clients
Disclosure: This is not legal advice and any business or individual looking to onboard OPRA data should do their own research.
Overview
OPRA (Options Price Reporting Authority) fees are mandated licensing costs required for consuming real-time U.S. options NBBO and trades. These fees are not set by Theta Data—they are defined by OPRA and enforced through strict reporting and audit requirements. The information in this article is derived from their publicly available fee schedule.
The key driver of cost is not access to data—but how you or your business uses it. Understanding this distinction is critical to controlling costs and ensuring compliance.
Delayed Data Use
There are currently no OPRA fees for using or redistributing data that is over 15 minutes delayed. However, you may need to still register as a data vendor with OPRA if you are redistributing delayed data. Additionally, redistribution of any data from Theta Data is prohibited unless there is a commercial agreement between your firm and Theta Data that permits it.
Internal Use
Internal use applies when you or your organization consumes data strictly for internal purposes such as trading, analytics, or research. Fees differ depending on whether the data recipient is a firm or individual.
In some cases, Theta Data pays the fees on behalf of the user and in others, OPRA bills the user directly.
| Fee Type | Typical Pricing |
|---|---|
| Professional | $31.50 per user/month |
| Non-Professional | $1.25 per user/month (paid on user’s behalf by Theta Data) |
| Non-Display (Systems) | $2,000/month per category |
- Non-Professional: A “natural” person using OPRA data for their personal, non-business use. Anyone who falls inside this category can subscribe to receive real-time options data from Theta Data on our pricing page.
- Professional: A “natural” person that is using OPRA data for trading as a business but is not redistributing the data to other processes, machines, or users.
- Non-Display: Includes algorithmic trading, risk systems, and portfolio analytics where OPRA data can be accessed not just by one person and machine but by many. OPRA defines multiple categories of non-display usage, and fees can stack depending on system complexity.
If you fall in either the Professional or Non-Display category, you cannot simply sign up for a non-professional license on our pricing page. You must reach out to sales to obtain a commercial use license for Theta Data and register your firm with OPRA.
The delineation between professional and non-display is often nuanced, which is why we often recommend firms speak with OPRA directly to properly classify themselves to assure compliance.
Redistribution
Redistribution applies when your firm provides real-time, raw OPRA data to clients, customers, or end users. This is common for trading platforms, SaaS tools, and APIs. In this context, raw OPRA data refers to quotes, trades, and possibly open interest. If your firm is redistributing data to non-professionals, you must pay the non-professional fee for each user receiving OPRA data.
| Fee Type | Pricing |
|---|---|
| Redistributor License | $1,500/month or $650/mo for a query-only service |
| Non-Professional Users | $1.25/user/month |
This category requires strict user classification and monthly reporting. Misclassification can significantly increase costs or trigger compliance issues.
A query-only service is a way for firms to benefit from reduced fees. Instead of pushing data to a client continuously, the client must trigger an event (i.e. API call or mouse-click) for data to be transmitted.
Summary Cost Structure
| Component | Typical Cost |
|---|---|
| Redistributor License | ~$1,500/month |
| Professional Users | ~$31.50/user/month |
| Non-Professional Users | ~$1.25/user/month |
| Non-Display Fees | ~$2,000/month per category |
How Theta Data Helps
Theta Data simplifies the complexity of OPRA fees by helping you:
- Properly classify your use case with OPRA
- Minimize unnecessary costs
- Ensure compliance with exchange requirements
We work directly with clients to design optimal architectures that reduce fee exposure while maintaining full data capability and compliance.
Bottom Line
OPRA fees are directly tied to your product architecture. Small structural decisions can result in significant cost differences—often thousands of dollars per month.
With the right approach, these costs can be optimized without sacrificing performance or capability.