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U.S. Treasury yields and prices live on Pyth Pro
U.S. Treasury yields and prices are live on Pyth Pro. Two feed types, 2Y through 30Y, contributed by institutions active in the Treasury market.
Onchain products built on U.S. Treasuries have had a data problem. The yields that price rate products and the instrument prices that back collateral often come from different vendors. That data usually sits downstream of the institutions actually trading Treasuries, and it rarely arrives in a form ready for onchain use. Teams building tokenized Treasuries or Treasury-backed collateral have had to assemble the picture themselves.
Pyth Pro now closes that gap. Live U.S. Treasury data is available in two feed types, contributed by institutions active in the Treasury market.
What a Treasury actually is
A U.S. Treasury is a loan to the U.S. government. Buy one and the government pays interest for a set period, then returns the principal at the end. That period is the maturity: a 2-year Treasury pays for two years, a 30-year pays for thirty.
Treasuries are the reference point for almost everything else in finance. Mortgage rates, corporate borrowing costs, and the "risk-free rate" used to value other assets are all priced with reference to Treasury yields. That is why Treasury data matters far beyond Treasuries themselves.
Yields and prices are two different things
Every Treasury has two numbers attached, and they answer different questions.
The yield is the interest rate, written as a percentage. If the 10-year yields 4%, that is roughly what the government is paying per year to borrow at that maturity. Yields are how you compare the cost of money across time, and how rate products get priced.
The price is what the instrument itself is worth to buy or sell right now. It is the number you use to value a Treasury you are holding, or one being posted as collateral.
The key thing: price and yield move in opposite directions. When yields go up, prices go down, and vice versa. So a rate curve is built from yields, while collateral gets marked from prices. Most desks need both, which is why both are now live.
What's live
Treasury yield feeds — 2Y to 30Y
US2Y, US3Y, US5Y, US7Y, US10Y, US20Y, US30Y
Treasury price feeds — 2Y to 30Y
US2Y, US3Y, US5Y, US7Y, US10Y, US20Y, US30Y
Both cover the 2-year through 30-year maturities. The short end of the curve, from one month to one year, is in development.
What desks use them for
Yield feeds support:
Rate curve construction
Lending and interest-rate product pricing
Risk and discounting models
Price feeds support:
Collateral and margin valuation
Marking Treasury positions
Tokenized Treasury products onchain
Where the data comes from
The feeds are contributed by institutions active in U.S. Treasury markets, the kind of firms that trade these instruments as part of their core business. Pyth Pro aggregates their data and delivers them through one integration, alongside equities, FX, metals, and crypto.
Get access to Pyth’s Treasury yields and price feeds via the Terminal.
Live U.S. Treasury data is now on Pyth Pro, in two feed types. Yield feeds give the market yield at each maturity, and rate curves get built from them. Price feeds give what the instrument itself is worth, the number collateral gets marked at. Coverage runs from the 2-year to the 30-year. The short end, one month to one year, is in development.
