Pyth launches 24/7 pricing indexes for stocks and commodities

Pyth Network announced Wednesday it has launched continuous pricing indexes for U.S. stocks and widely traded commodities to support round-the-clock trading. Coinbase, Kraken, dYdX and Nado are using the feeds to power new trading markets.

The indexes provide uninterrupted reference prices for products that trade 24/7, including perpetual futures, tokenized assets, prediction markets, derivatives settlement and benchmarking for exchange-traded products. According to Pyth, the feeds remain available when traditional equity and commodity markets are closed.

The initial lineup includes Nvidia, Tesla, Apple and Circle, along with gold, silver, West Texas Intermediate crude and Brent crude. Pyth partnered with MarketVector, an index provider owned by VanEck, to develop thematic equity index futures covering sectors and themes such as artificial intelligence, defense, technology and China.

Earlier this year Pyth introduced a platform that lets financial institutions publish and monetize market data across blockchain networks. That release expanded the company’s institutional market data offerings.

The continuous indexes address the gap between the fixed hours of primary stock and commodity markets and the nonstop trading on crypto venues. Market participants require reference prices during off-hours for settlement, margining and price discovery when underlying venues in New York or London are closed.

Tokenized stocks expanded 422% year over year and tokenized precious metals rose about 39% over the same period, according to Binance Research. Growth in tokenized securities and commodities has increased demand for around-the-clock price feeds for trading, custody and reporting.

Pyth intends the continuous indexes and its partnerships with established index providers to provide market data for exchanges, derivatives platforms and asset managers operating products that reference traditional financial instruments.