Pyth Network launches 24/7 indices to enter $50B data market

Pyth Network launched 24/7 indices earlier this week covering metals, oil and U.S. equities. The network reported that Coinbase and Kraken have adopted the new feeds, and that exchanges and financial firms including Euronext, Fidelity and Tradeweb have begun publishing market data through Pyth.

The indices provide continuous reference prices for U.S. equity baskets, gold and silver, and WTI and Brent crude. The lineup includes Coinbase-specific equity index futures created with index provider Marketvector. Pyth described the feeds as benchmarks that supply live prices for assets that historically traded only during set market hours.

Early users named by Pyth include Coinbase, Kraken, decentralized trading platform dYdX and derivatives firm Nado. The network said it has expanded coverage to major U.S. exchange-traded funds, the United Kingdom’s top 100 public companies, Hong Kong and Chinese equities, and U.S. government economic data.

Six financial institutions have started publishing data on Pyth. The network also announced seven additional institutional publishers as part of a new distribution product called the Pyth Data Marketplace. The marketplace allows publishers to distribute and monetize datasets across multiple blockchains and applications, the company said.

Pyth has developed commercial products for traditional finance clients. Its subscription service, Pyth Pro, passed $1 million in annual recurring revenue. Pyth also released a version for autonomous AI agents that consolidates more than 3,000 institutional price feeds in a single integration.

Mike Cahill, chief executive of Douro Labs and a contributor to Pyth, called the indexes an ‘inflection point in access to 24/7 markets’ and added that ‘market close no longer means the end of trading.’ Boris Ilyevsky, head of derivatives at Coinbase, said ‘institutional-grade, 24/7 markets are becoming the standard.’ John Palmer, Kraken’s global head of derivatives, described the indices as ‘a continuous benchmark for assets where the underlying market doesn’t trade round the clock.’

Pyth’s native token, PYTH, is central to how supporters describe the project’s long-term value. The company said it expects revenue from institutional and offchain data services to drive future monetization. Pyth has identified converting data publishers and index adopters into paying customers as an immediate test of its strategy.

Industry estimates put the global market for financial market data at roughly $50 billion. Pyth publishes prices in real time on public ledgers and offers distribution tools that allow data producers to send feeds to multiple blockchains and applications.