Compare
Alpaca vs Public
The same facts side by side. Swap a broker from the menu under its logo; the best value in each row is marked.
- Alpaca leads
- 0
- Public leads
- 4
- Level
- 4
Of 8 scored facts, Alpaca leads on 0, Public on 4, and 4 are level. Countries and the offer are not scored.
Head-to-head
The best value in each row is marked; rows where every broker matches carry no mark.| Fact |  Alpaca |  Public |
|---|---|---|
| Fee per contract | $0 per contract | $0 per contract |
| Alpaca, Partner, index and professional rates differ | Public, Index options $0.35 plus exchange fees | |
| Exercise and assignment | Not published | Not published |
| Approval | Spreads | NakedBest |
| Alpaca, Up to defined-risk spreads | Public, Up to naked short options | |
| 0DTE | Yes | Yes |
| Index options (SPX) | Yes | Yes |
| Options on futures | No | Not published |
| Spreads in an IRA | No | No |
| Portfolio margin | Not published | No |
| Margin rate | 6.25% | 5.15%Best |
| Platforms | Web, API | Web, Mobile, APIBest |
| Paper trading | Yes | Not published |
| 24/7 support | Not published | No |
| Countries | US and worldwide; support confirms if your country is supported | US only (SSN, US address; citizen, permanent resident or valid visa) |
| QuantWheel | Sync · Trade soon | Trade & SyncBest |
| Alpaca, Reads the account; placing orders from QuantWheel is coming soon | Public, Reads the account and places the orders you approve | |
| Offer |
Facts from each broker's fee schedule and options agreement, checked 8 October 2026. Best marks the lowest cost or the widest allowance in a row.
The two brokers
One paragraph each.Alpaca$0 per contract · exercise fee not published · spreads
Alpaca opens options accounts for residents of the United States and the United Kingdom, among the 9 countries this directory covers. It charges $0 per contract (Partner, index and professional rates differ). It does not publish its exercise and assignment fees. It approves up to defined-risk spreads. It trades on Web, API. QuantWheel syncs positions and trades from the account and suggests; placing orders from QuantWheel is coming soon, so today you place them at the broker.
Public$0 per contract · exercise fee not published · naked
Public opens options accounts for residents of the United States only. It charges $0 per contract (Index options $0.35 plus exchange fees). It does not publish its exercise and assignment fees. It approves up to naked short options. It trades on Web, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; with Trade & Sync the orders you approve go to the broker from QuantWheel.
What each costs for the way you trade
A year of fees from each broker's published prices, checked 7 and 8 October 2026.
- Alpaca$0.07 a trade, 10% of your premium, fee not published
- $1,194 a year
- Public$0.06 a trade, under 0.1% of your premium, fee not published
- $5.70 a year
Public is $1,189 a year lower on the fees it publishes, and it does not publish every fee this strategy needs
Not counted because Alpaca does not publish them: assignment fee, platform fee, inactivity fee. Not counted because Public does not publish them: SEC fee printed in a way that cannot be read as a rate, assignment fee, live options quote price.
Estimates from published fees. Your broker statement can differ, and brokers change fees. A fee a broker does not publish is never counted as $0.
Questions people ask
Alpaca vs Public