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Spot instances are the unused cloud computing capacity that is available at steep discounts compared to the on-demand instances and reserved instances. Spot instances in AWS use the unutilized EC2 (Elastic Compute Cloud) instance facilitating them in optimizing their cloud costs. These unused EC2 instances have a variable price in the AWS Spot Market depending on the supply and demand of these instances. The pricing of spot instances on AWS is done on an hourly basis and is known as the **spot price**