Nasdaq activates Pyth as its new distribution channel for core market data.

Pyth, a decentralized data distribution network, has been approved as an external distributor for the Nasdaq-exclusive real-time U.S. stock quotation and trading product, Nasdaq Basic. Through this partnership, clients of the Pyth Data Marketplace will be able to obtain clearance directly from Nasdaq for the use of Nasdaq Basic and access the data via Pyth’s infrastructure. However, any client intending to use Pyth as their Nasdaq Basic provider must receive written approval from Nasdaq before utilizing the market data.

Nasdaq Basic is the Nasdaq exchange’s real-time market quote product, providing the best bid and offer prices on Nasdaq as well as their volumes, the latest trade prices from all Nasdaq U.S. trading venues, and trade information reported to the FINRA/Nasdaq Trade Reporting Facility. This product covers all securities listed on U.S. exchanges, regardless of their trading venue. Furthermore, Nasdaq Basic supplies the official Nasdaq opening and closing prices, which are reference prices derived from Nasdaq’s opening, closing, and IPO/halt cross mechanisms—tools widely relied upon by the financial industry to value positions at the start and end of each trading day. For over a decade, the product has served brokerages, banks, fintech platforms, and consumer investment apps, helping them obtain real-time U.S. stock data without the high costs of comprehensive data sources.

A New Distribution Channel for Software-Native Finance

This integration positions the Pyth Data Marketplace as a distribution channel tailored for software and blockchain-native applications. In this model, data publishers can distribute proprietary datasets through a single integration while retaining ownership and commercial control of their data. For Nasdaq, the partnership offers a new pathway to deliver its market data to modern finance applications.

Michael Cahill, a core contributor to Pyth, noted in a public statement that more and more markets today rely on software, which demands that data be applied to more diverse and widespread use cases than ever before. He sees the launch of the Pyth Data Marketplace as a natural extension of Nasdaq’s existing strategy to make the Nasdaq Basic platform accessible to a broader audience.

This move aligns with Pyth’s grand goal of building coverage for price data across all asset classes. The Data Marketplace is the primary channel for the network to source and distribute unique datasets beyond its core oracle products, enabling institutions to deliver data directly to applications that need it. By integrating a mature product from one of the world’s largest exchanges, Pyth reinforces its role as an intermediary between traditional market data vendors and emerging decentralized, software-driven financial platforms.