Nasdaq Brings Depth-of-Book Data Onchain via Pyth Network

Nasdaq has selected Pyth, an onchain financial data network, to distribute its proprietary market data to blockchain applications and other software platforms.

The partnership initially covers Nasdaq TotalView, the exchange’s depth-of-book data feed, which includes every displayed buy and sell order across all price levels as well as order imbalance data around the opening and closing auctions. The feed is widely used by professional traders because it provides a more complete view of market liquidity than standard market quotes by displaying the full order book.

According to Pyth, the marketplace gives software applications access to first-party market data through a single integration. The company said the service is intended for blockchain applications, digital asset exchanges, prediction markets, trading systems and other software platforms.

Nasdaq joins a group of publishers on Pyth that includes exchanges Euronext and OTC Markets, electronic trading platforms Tradeweb and Kalshi, market data provider Exchange Data International, Singapore Exchange’s SGX FX and the US Department of Commerce.

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Nasdaq’s partnership with Pyth is the latest in a series of moves by established exchange operators to expand their digital asset businesses through cryptocurrency products, blockchain infrastructure and new market services.

In March, Nasdaq has expanded its tokenization efforts through a partnership with crypto exchange Kraken and its infrastructure affiliate Backed to develop infrastructure linking traditional equities with blockchain networks. The initiative builds on the exchange operator’s broader push to integrate tokenized assets with traditional market infrastructure.

The following month, the SEC approved Nasdaq’s proposal to list Bitcoin index options tied to the Nasdaq Bitcoin Index, paving the way for trading pending approval from the Commodity Futures Trading Commission. Nasdaq also partnered with CME Group to launch cryptocurrency index futures tracking a basket of seven digital assets, including Bitcoin, Ether, Solana and XRP, expanding its regulated crypto derivatives lineup.

Other exchange operators have pursued similar initiatives. ICE, the parent company of the New York Stock Exchange, partnered with crypto exchange OKX in May to launch perpetual futures tied to its Brent crude and West Texas Intermediate oil benchmarks, marking the first product announced under the companies' broader partnership.

Source: OKX

Source:

OKX

Later, ICE CEO Jeffrey Sprecher called on regulators to allow traditional exchanges to offer 24/7 onchain perpetual futures, arguing regulated venues should be able to compete with crypto-native platforms already offering the products.

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