{"url":"https://etfiq.com/funds/btcl/trading/","section":"funds","title":"BTCL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 21, 2026, BTCL\u2019s median bid-ask spread over 30 days was 0.20%. A $10,000 order costs about $10 one way.","as_of":"Oct 21, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/btcl/trading/#data","name":"BTCL trading costs and liquidity","description":"As of Oct 21, 2026, BTCL\u2019s median bid-ask spread over 30 days was 0.20%. A $10,000 order costs about $10 one way.","url":"https://etfiq.com/funds/btcl/trading/","dateModified":"2026-10-21","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is BTCL\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.20% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 3\u00a2 a share at the Oct 21 close."}},{"@type":"Question","name":"Does BTCL trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed 0.00% from its NAV on Oct 21, 2026. On 95% of the 6 days to then it was within \u00b10.21%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for BTCL?","acceptedAnswer":{"@type":"Answer","text":"BTCL\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Cantor Fitzgerald & Co. (89.9%), Virtu Americas LLC (4.4%), Macquarie Capital (USA) Inc. (2.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for BTCL?","acceptedAnswer":{"@type":"Answer","text":"BTCL\u2019s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of BTCL?","acceptedAnswer":{"@type":"Answer","text":"About $10 one way, 0.10%: half its 30-day median spread. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for BTCL?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 3\u00a2 to buy, or the midpoint \u2212 3\u00a2 to sell, in your broker\u2019s quote. At the Oct 21 close of $20.20, that\u2019s $20.23 to buy and $20.17 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/btcl#fund","name":"T-REX 2X LONG BITCOIN DAILY TARGET ETF","alternateName":"BTCL","url":"https://etfiq.com/funds/btcl","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"BTCL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/btcl#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"BTCL","item":"https://etfiq.com/funds/btcl"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/btcl/trading/"}]},{"@type":"WebPage","name":"BTCL Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 21, 2026, BTCL\u2019s median bid-ask spread over 30 days was 0.20%. A $10,000 order costs about $10 one way.","url":"https://etfiq.com/funds/btcl/trading/","dateModified":"2026-10-21","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5255,"truncated":false,"content":"ETFIQ / BTCL / Trading \n \n As of Oct 21, 2026. Rebuilt every trading night.\n BTCL bid-ask spread and liquidity\n As of Oct 21, 2026, BTCL\u2019s median bid-ask spread over 30 days was 0.20%.\n IQ Liquidity Score\n Not scored, 2 of 6 measured.\n A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built \n Flags: One dealer.\n Cost to trade, 50.0 0.20% median spread, 30 days to Oct 21, 2026 Capacity Not measured: its reference, Bitcoin, is neither a listed stock nor a fund ETFIQ reads the holdings of Price fidelity Not measured: 6 days of closing premium are held, under the 20 needed Primary market, 70.0 5 active dealers of 5; largest 90% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 6 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Cost for your order\n BTCL one-way cost at each order size: half its 30-day median spread to Oct 21, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $1.00 0.10% spread \n $10,000 $10 0.10% spread \n Premium or discount to NAV\n Latest close, Oct 21, 2026: 0.00%\n 95% of days within: \u00b10.21%\n Days more than 1% from NAV: 0 of 6\n Widest: +0.21%, Oct 15, 2026\n Close against the NAV its issuer struck the same day, 6 days from Sep 10, 2026 to Oct 21, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: its reference, Bitcoin, is neither a listed stock nor a fund ETFIQ reads the holdings of.\n Dealers\n 5 active of 5 authorized participants; the largest did 90% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 16, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Cantor Fitzgerald & Co. (89.9%), Virtu Americas LLC (4.4%), Macquarie Capital (USA) Inc. (2.7%), Jane Street Capital, LLC (2.3%), ABN AMRO Clearing USA LLC (0.7%).\n How to trade BTCL\n Order type Limit: midpoint + 3\u00a2 to buy, midpoint \u2212 3\u00a2 to sell. At the Oct 21 close of $20.20, that\u2019s $20.23 to buy and $20.17 to sell. When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Watch The premium. On 95% of days it is within \u00b10.21%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n What is BTCL\u2019s bid-ask spread? 0.20% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 3\u00a2 a share at the Oct 21 close. Does BTCL trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 21, 2026. On 95% of the 6 days to then it was within \u00b10.21%, and it closed more than 1% from NAV on 0 of them. Who is the AP for BTCL? BTCL\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Cantor Fitzgerald & Co. (89.9%), Virtu Americas LLC (4.4%), Macquarie Capital (USA) Inc. (2.7%) of the dollars its APs created and redeemed. Who is the LMM for BTCL? BTCL\u2019s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of BTCL? About $10 one way, 0.10%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for BTCL? Set the limit at the midpoint + 3\u00a2 to buy, or the midpoint \u2212 3\u00a2 to sell, in your broker\u2019s quote. At the Oct 21 close of $20.20, that\u2019s $20.23 to buy and $20.17 to sell. Sources and dates\n Spread: T-REX (fund page), 30 days to Oct 21, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 10, 2026 to Oct 21, 2026.\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001396092-26-000196.\n Where to next\n BTCL fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare BTCL with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, BTCL trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/btcl/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, BTCL trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/btcl/trading/ APA ETFIQ. (Oct 21, 2026). BTCL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/btcl/trading/ Markdown [BTCL trading: cost, capacity, premium and dealers (ETFIQ, Oct 21, 2026)](https://etfiq.com/funds/btcl/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, BTCL trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/btcl/trading/"}