Article provided by Douro Labs
Back in 2021, only a handful of trading firms and exchanges published their trading data to blockchain networks. Today, this experiment has rapidly evolved into the world’s most comprehensive institutional-grade market data source.
As a global universal price layer, Pyth Network has completely reshaped the market data supply chain: 125 institutions have contributed their proprietary data to the network, earning a cumulative total of over $50 million; this data has supported $1.7 trillion in trading volume across 600+ applications. Pyth has also partnered with industry leaders and government agencies such as Cboe, Jane Street, Revolut, and the U.S. Department of Commerce to jointly establish a new paradigm that makes market data more accessible, accurate, and transparent.
Pyth’s mission has always been to establish a “single source of truth” for market data—a concept that may seem simple, but is deeply significant. Once realized, it will reshape the traditional financial system and expand access to global markets. Now, after pioneering adoption in DeFi and rapidly extending into traditional finance, Pyth is reimagining the market data economy for global institutions.
Today, with the official launch of Pyth Pro, Pyth takes an important step toward fulfilling its mission, enabling anyone to directly access professional, institutional-grade data from the world’s most advanced trading firms.
Pyth Pro aims to provide institutions with a transparent and comprehensive data perspective, covering all asset classes and geographic regions in global markets, eliminating inefficiencies, blind spots, and rising costs in the traditional market data supply chain. Several major institutions, including Jump Trading Group, are participating in Pyth Pro’s early access program, demonstrating strong demand for new market data solutions.
Problem Analysis: Fragmented and Outdated Systems
Market data is the backbone of modern finance, powering everything from trading and risk management to clearing and reporting. As the internet continues to evolve in terms of speed and accessibility, the financial system is more interconnected and data-driven than ever, and the importance of market data only increases. However, the infrastructure supporting market data today remains mired in the dark ages of the pre-internet era, with almost no viable alternatives.
Statistics show that institutions spend over $50 billion annually on market data, yet the systems they rely on are not suited to today’s global, multi-asset financial environment. The scarcity of market data competitors across regions and asset classes has led to a sharp rise in data costs, with prices increasing by more than 50% in the past three years alone. Institutions pay vastly different fees for the same products, access is restricted by geography, and new entrants still face extremely high barriers.
Historical trends highlight this severe imbalance: over the past 25 years, the cost of market data has outpaced nearly all major asset classes. This upward spiral places an increasing burden on the institutions that provide liquidity and efficiency to financial markets.
Structurally, the flaws are obvious:
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Exchanges can only see their own order books, which cover just a small fraction of global trading activity.
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Vendors aggregate this partial data, repackage it into large bundles, and sell it at high prices.
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Trading firms and banks, which provide the most accurate and high-frequency prices, rarely participate directly in the value creation of data.
This means the most valuable price data is created upstream (before it enters the exchange), but most of the revenue flows downstream to intermediaries. This outcome is not the fault of any one party; market data is constrained by outdated systems that inadvertently reinforce the status quo, suppress competition, and limit innovation.
Solution: Pyth Pro
Pyth Pro addresses these systemic inefficiencies at their root by rebuilding the market data supply chain.
Institutions no longer need to rely on fragmented, repackaged downstream data. Instead, they can obtain prices directly from the companies that generate them (trading firms, exchanges, and banks) through a single, unified integration platform.
Several leading institutions, including Jump Trading Group, have already partnered with Pyth Pro through early trial versions. As a Jump Trading Group representative stated:
“We are honored to be a long-term supporter of Pyth, which has developed one of the most comprehensive and valuable market data sources ever. Pyth Pro enables more consumers, including traditional financial firms, to access this data, and by providing the purest data directly from the source, brings competition to the market data economy.”
One Source: Covering All Asset Classes and Regions
Pyth Pro integrates global data into a single distribution network: over 2,000 data streams covering equities, futures, ETF, commodities, forex, cryptocurrencies, and fixed income. Data is updated at millisecond frequency, with uptime exceeding 99.9%, accuracy relative to NBBO reaching 95%, and new data categories added weekly.
Pyth Pro aims to provide comprehensive market data insights and become the most reliable single source of truth for financial data.
Professional Data: From Companies That Truly Drive the Market
Over 125 leading institutions have contributed proprietary price data to the Pyth Network, including Jane Street, Revolut, Jump, DRW, Optiver, Cboe, and LMAX. These contributions are aggregated with cryptographic verification and subject to staking and slashing mechanisms, creating a system that captures the source of price discovery while rewarding accuracy and participation.
Simplified and Cost-Effective Model
Traditional data vendors often charge up to $250,000 per month, yet their data coverage is incomplete, forcing institutions to manage multiple data agreements, make redundant purchases and integrations, and face unpredictable costs. Pyth Pro solves this dilemma with a transparent subscription model that scales with institutional needs:
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Pyth Crypto (Free): Crypto data updated every second
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Pyth Crypto+ ($5,000/month): Crypto data updated every millisecond
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Pyth Pro ($10,000/month): Global cross-asset coverage, updated every millisecond, with enterprise support and redistribution rights
By eliminating discriminatory pricing, isolated access, and opaque contracts, Pyth Pro not only reduces costs but also opens the market to broader participation, creating a level playing field for institutions of all sizes and allowing everyone to share in the benefits. Exchanges, trading firms, and banks can monetize their data more directly; institutions gain more comprehensive and accurate global market data. This will result in a healthier and more competitive ecosystem: one where data is more accessible, accurate, and transparent than ever before.
Implementation: Redesigning the Market Data Supply Chain
Pyth is able to offer capabilities that traditional vendors cannot, thanks to its structural innovations. Pyth Network is not just another aggregator repackaging downstream data streams; it fundamentally reconstructs how market data is captured, verified, and distributed globally.
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Upstream Data Sources: Data is contributed directly by pricing entities such as trading firms, exchanges, and banks—even before it is fragmented, averaged, or delayed.
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Source Quality: Over 125 leading institutions contribute proprietary data to Pyth, including Jane Street, Jump, DRW, Optiver, Cboe, LMAX, and the U.S. Department of Commerce.
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Transparent Aggregation: Data is aggregated using verifiable methods and confidence intervals are set, ensuring all data quality is auditable.
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High-Performance Delivery: Data is distributed globally with end-to-end latency below 100 milliseconds, supporting co-located low-latency aggregation mechanisms and millisecond-level precision.
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Collaborative Incentives: Through staking, slashing, and the Pyth ecosystem incentive model, publishers are rewarded for accuracy, while the system penalizes misconduct.
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Sustainable Model: Subscription revenue flows back to the Pyth DAO, strengthening publisher incentives and increasing network value over time.
Pyth Pro aims to replace the fragmented and outdated infrastructure that today’s market data relies on, but it does not simply displace existing participants. Exchanges, trading firms, and banks remain at the core: their data is the source of value. By creating a unified, open distribution network, Pyth Pro enables more institutions to access the data they need, while allowing data publishers to directly capture the value they create, further broadening participation and eliminating structural constraints.
Pyth Pro’s market data model is more inclusive, accurate, and sustainable than any existing alternative. Fundamentally, Pyth Pro aims to grow the pie for everyone: contributors receive fair rewards, institutions gain more comprehensive and lower-cost insights into global markets, and the entire financial system benefits from greater transparency and a healthier competitive cycle.
The next wave of finance is already here; Pyth Pro is just the first step.
Under Pyth’s core vision as the “global universal price layer,” Pyth Pro aims to empower builders, innovators, institutions, and leaders by building an open, trusted, and easily accessible financial system that benefits all participants.
Infrastructure is just the first layer—now everyone will have the opportunity to participate in building the next generation of financial skyscrapers.
Welcome to your Pyth Pro journey and experience more accurate, convenient, and cost-effective market data.
