When trading futures, having access to the right market data is just as important as your strategy. One of the most common questions we receive at GFF Brokers is: “What’s the difference between Level 1 and Level 2 Market data—and which one do I actually need?”
Market data is the real-time information that powers your charts, order execution, and decision-making. In this article, we break down the different levels of market data provided by the CME Group, how they work, and how to choose the right level for your trading style.
Not all data is created equal—CME offers different levels of market data, each providing a deeper view into the market.
Level 1 (Top of Book): The Essentials
Level 1 data is the most basic—and most commonly used—market data package.
What You Get:
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Best bid (highest price buyers are willing to pay)
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Best ask (lowest price sellers are willing to accept)
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Last traded price
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Volume and basic trade information
This is often referred to as “Top of Book” data.
For most traders, especially those using charts or placing standard orders, Level 1 is sufficient. It provides real-time pricing and is all you need for directional trading.
Commonly Used By:
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Swing traders
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Position traders
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Chart-based traders
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Beginners
Level 2 (Depth of Market / DOM): Seeing Liquidity
Level 2 data goes beyond just the best bid and ask—it shows the depth of the order book.
What You Get:
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Multiple bid and ask price levels (not just the best)
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Order sizes at each price level
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Real-time view of supply and demand
This is commonly displayed through a DOM (Depth of Market) or ladder interface.
Level 2 allows traders to see where orders are stacked, helping identify potential support/resistance, liquidity zones, and short-term order flow dynamics.
Commonly Used By:
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Intraday traders
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Scalpers
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Order flow traders
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Traders using DOM/ladder trading
Important: Level 2 does not make your charts “more real-time”—it simply gives you more detail beneath the surface.
CME Market Data Levels — Side-by-Side Comparison
| Feature | Level 1 | Level 2 |
|---|---|---|
| Price Data | Best bid/ask | Multiple levels |
| Market Depth | ❌ | ✅ |
| Order Detail | Basic | Aggregated |
| Use Case | Charts & basic trading | DOM / order flow |
| Cost | Lowest | Moderate |
Final Thoughts
At GFF Brokers, many new traders start with Level 1 and upgrade to Level 2 as they become more active and begin incorporating order flow into their strategy.
Understanding CME market data levels is critical to optimizing both your trading performance and your costs.
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Level 1 keeps things simple and efficient
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Level 2 adds a powerful layer of insight into liquidity
The key is aligning your data with your strategy—not overpaying for data you don’t need, and not under-equipping yourself if you rely on deeper market insight.
Need Help Choosing the Right Data?
At GFF Brokers, we work closely with our traders to ensure they are set up with the right market data, platforms, and execution environment.
If you’re unsure which CME data level is right for you, our team is happy to help.
Visit us at https://www.gffbrokers.com or reach out to discuss your setup.
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