Tradeweb Joins Pyth Network: Real-Time ETF Fair Value Data on a Modern Distribution Layer

Tradeweb, one of the world's most important fixed income market operators, is joining the Pyth Network as a data publisher. This collaboration makes Tradeweb's indicative net asset value (iNAV) data for exchange-traded funds available through the Pyth Data Marketplace.

Tradeweb is the calculation agent for approximately 1,000 ETFs globally, spanning fixed income, credit, commodities, equities, and digital asset products. Its decision to publish iNAV data through Pyth marks the first time this institutional-grade ETF pricing has been made available through onchain infrastructure.

Tradeweb is one of six institutions that joined Pyth Network as part of the launch of the Pyth Data Marketplace, a new platform enabling institutions to distribute and monetize proprietary datasets through Pyth's global infrastructure.

What Tradeweb Brings

Tradeweb operates the largest electronic fixed income marketplace in the world, connecting dealers, asset managers, and institutional investors across rates, credit, money markets, and ETFs.

Its iNAV product calculates the real-time fair value of an ETF basket based on underlying constituent prices and weightings, providing bid, offer, and mid prices that allow market participants to assess whether an ETF is trading at a premium or discount relative to its underlying portfolio. This is an essential input for execution, portfolio trading, and intraday risk management.

Current coverage spans roughly 900 UCITS ETFs, with growing expansion across US and APAC markets. With additional major issuers expected to onboard, coverage is projected to reach 1,500 ETFs.

Publishing this data through Pyth creates a new distribution channel: institutional ETF fair value data accessible across 100+ blockchains and 700+ applications through a single integration, without intermediaries or legacy redistribution agreements.

Why It Matters

ETFs have become one of the most important instruments in global markets, yet real-time transparency into their true economic value remains uneven. Screen prices often lag underlying portfolio movements, particularly in fixed income, emerging markets, and less liquid asset classes.

Tradeweb's iNAV data addresses this gap. By combining broker-sourced pricing for underlying constituents with precise portfolio weightings, iNAV provides a continuously updated reference point for ETF valuation. This data underpins intraday price discovery, portfolio trading, risk management, mark-to-market processes, and compliance workflows across institutional finance.

Making this data available through Pyth extends these capabilities into programmable environments where ETF pricing can be consumed in real time and integrated directly into trading and risk systems.

"At Tradeweb, we are seeing growing demand for more timely and accessible ETF data. By publishing our iNAVs to the Pyth Network, we are exploring how onchain infrastructure can extend the reach of high-quality, intraday valuations to a broader set of market participants. This complements existing distribution channels and reflects a broader shift toward more open, scalable and programmable access to market data." — Michael Zaladonis, Global Head of Data Products and Analytics at Tradeweb

"ETF markets depend on accurate, continuous valuation. With institutions like Tradeweb publishing directly to Pyth Network, we're moving toward a market data economy where fair value is programmable, global, and available at the speed markets actually move." — Mike Cahill, CEO of Douro Labs and Contributor to Pyth Network

About the Pyth Network

The Pyth Network sources market data directly from the institutions that set prices. More than 120 trading firms, exchanges, banks, and market makers contribute proprietary data to the network, which delivers 3,000+ price feeds across every major asset class. The Pyth Data Marketplace enables institutions to distribute and monetize proprietary datasets through Pyth's global infrastructure.