Introducing Pyth Pro: Reinventing the Market Data Supply Chain

Article contributed by Douro Labs

What began in 2021 as a small cohort of trading firms and exchanges publishing their trading data on a blockchain network has rapidly transformed into the world’s most comprehensive source of institutional-grade market data. Pyth Network has completely redesigned the market data supply chain: 125 institutions have earned over $50 million by contributing their proprietary data to the network, and that data has powered $1.7 trillion in transaction volume across 600+ applications. Pyth has collaborated with industry leaders and government agencies like Cboe, Jane Street, Revolut, and the U.S. Department of Commerce to establish a new model 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 simple but deeply significant concept that, once realized, will transform legacy financial systems and expand access to global markets. And now, after achieving category-defining adoption in DeFi and rapidly expanding its footprint across traditional finance, Pyth is reimagining the market data economy for institutions everywhere.

Today marks the release of Pyth Pro, the next major step forward in making Pyth’s mission a reality. Now anyone can access specialized, institutional-grade data directly from the most advanced trading firms in the world. Pyth Pro is designed to give institutions a transparent, holistic view of global markets across every asset class and geography, eliminating the inefficiencies, blind spots, and escalating costs of the legacy market data supply chain. Several major institutions, including Jump Trading Group, are participating in the Pyth Pro early access program, demonstrating strong demand for a new market data solution.

The Problem: A Fragmented, Outdated System

Market data is the backbone of modern finance, powering everything from trading and risk management to settlement and reporting. Its significance has only accelerated as markets have evolved at the levels of speed and accessibility born from the internet itself, becoming more interconnected and data-driven than ever before. Yet, the infrastructure that powers market data today is trapped in the dark recesses of the pre-internet world, with no alternatives to speak of.

As a result, institutions collectively spend more than $50 billion annually on market data, but the system they rely on was never designed for today’s global, multi-asset environment. With little competition across geographies or asset classes, costs have escalated dramatically—rising more than 50% in just the last three years. Clients often pay vastly different amounts for identical products, access is siloed by venue and region, and barriers for new entrants remain prohibitively high.

The historical trend underscores the stark imbalance: over the last 25 years, the cost of market data has outpaced nearly every major asset class. This upward spiral places an increasing burden on the very institutions that provide liquidity and efficiency to financial markets.

Structurally, the flaws are clear:

• Exchanges only see their own order books, which capture just a fraction of global activity.

• Vendors aggregate these partial views, repackage them into broad bundles, and sell them back at significant markups.

• Trading firms and banks, the entities producing the most accurate, high-frequency prices, see little direct participation in the value their data generates.

In practice, this means the most valuable prices are created upstream—before they ever reach an exchange—yet most of the revenue accrues downstream to intermediaries. The result is not the fault of any one actor; market data is at the mercy of an outdated system that unintentionally entrenches incumbents, suppresses competition, and limits innovation.

The Solution: Pyth Pro

Pyth Pro addresses these systemic inefficiencies by rebuilding the market data supply chain from first principles. Instead of relying on fragmented, repackaged feeds downstream, institutions can gain access to prices directly from the firms that generate them—trading firms, exchanges, and banks—delivered through a single, unified integration.

Several leading institutions, including Jump Trading Group, are already engaging with Pyth Pro through early trial access.

"We’re proud to be long-term supporters of Pyth, which has developed one of the most comprehensive and valuable sources of market data ever created. Pyth Pro makes that data accessible to more consumers, including traditional financial firms, and brings competition to the market data economy by providing the purest form of data directly from the source.” — Jump Trading Group

One Source for Every Asset Class and Geography

Pyth Pro consolidates global coverage into one distribution network: more than 2,000 feeds across equities, futures, ETFs, commodities, FX, cryptocurrencies, and fixed income. Data is updated at millisecond frequency with over 99.9% uptime and 95% accuracy vs. NBBO, and new symbols are added every week. The result is not another slice of the market, but a comprehensive view designed to serve as the most robust single source of truth for financial data.

Specialized Data from the Firms that Move Markets

More than 125 leading institutions already contribute proprietary prices to the Pyth Network, including Jane Street, Revolut, Jump, DRW, Optiver, Cboe, and LMAX. These contributions are aggregated transparently with cryptographic verification and supported by staking and slashing mechanisms. The effect is to capture price discovery as it occurs at the source, all while creating a system that rewards accuracy and participation.

A Streamlined and Cost-Effective Model

Legacy vendors often charge upwards of $250,000 per month for incomplete coverage, forcing institutions to manage multiple contracts, redundant integrations, and unpredictable costs. Pyth Pro replaces this with a transparent subscription model that scales with institutional needs:

• Pyth Crypto (Free): Crypto data updated every 1 second

• Pyth Crypto+ ($5,000/mo): Crypto data updated every 1ms

• Pyth Pro ($10,000/mo): Global, cross-asset coverage updated every 1ms with enterprise support and redistribution rights

By eliminating discriminatory pricing, siloed access, and opaque contracts, Pyth Pro does more than reduce costs. It opens the market to broader participation, levels the playing field for institutions of all sizes, and grows the pie for everyone. Exchanges, trading firms, and banks are able to monetize their data more directly; institutions gain access to a fuller, more accurate view of global markets. The outcome is a healthier, more competitive ecosystem—one where data is more accessible, accurate, and transparent than ever before.

How This Is Possible: A Redesign of the Market Data Supply Chain

The ability of Pyth to deliver what legacy vendors cannot rests on structural innovation. The Pyth Netowrk is not another aggregator repackaging downstream feeds; it is fundamentally re-architecting how market data is captured, verified, and distributed on a global scale.

• Upstream Sourcing: Data is contributed directly by trading firms, exchanges, and banks—the entities that set prices—before it even has the chance to be fragmented, averaged, or delayed

• Source Quality: More than 125 leading institutions contribute proprietary data to the network—including Jane Street, Jump, DRW, Optiver, Cboe, LMAX, and the U.S. Department of Commerce

• Transparent Aggregation: Contributions are combined using verifiable methods, with confidence intervals that make the quality of every feed auditable

• High-Performance Delivery: Updates are distributed globally with <100ms end-to-end latency, co-located aggregation, and millisecond-level resolution

• Aligned Incentives: Through staking, slashing, and the economic design of the network, publishers are rewarded for accuracy while the system penalizes misconduct.

• Sustainable Model: Subscription revenue flows back to the Pyth DAO, reinforcing publisher incentives and compounding the network’s value over time

While Pyth Pro is designed to replace the fragmented and outdated infrastructure that market data is built on today, it is not designed to simply displace existing players. Exchanges, trading firms, and banks remain at the heart of it all: their data is what makes the system valuable. Pyth Pro functions to broaden participation and remove structural constraints. By creating a unified, open distribution network, it enables more institutions to access the data they need, while giving publishers a direct economic stake in the value they create.

The result is a market data model that is more inclusive, more accurate, and more sustainable than any other in existence today. Fundamentally, Pyth Pro is designed to grow the pie for everyone: contributors are rewarded fairly, institutions gain a fuller and more cost-efficient view of global markets, and the entire financial system benefits from greater transparency and competition.

The next wave of finance is here; Pyth Pro is just the first step. By bringing the price of everything, everywhere, this new product aims to empower builders, innovators, institutions, and leaders to create a financial system that’s as open, trustworthy, and accessible as the internet. After all, infrastructure is just the first layer; now, it’s up to everyone else to build the skyscraper.

Start your journey with Pyth Pro here to experience more accurate, streamlined, and affordable market data.