Nasdaq has partnered with Pyth Network to bring its TotalView order book data on-chain, marking the first time a major exchange distributes such data directly through a decentralized oracle network. Under the agreement, Nasdaq will join the Pyth Data Marketplace as a data publisher, making its TotalView depth ledger and order imbalance information available to blockchain applications, digital asset exchanges, prediction markets, and trading platforms.
The integration gives developers single-point access to institutional-grade market data, eliminating the need for multiple source integrations. Nasdaq TotalView displays every visible buy and sell order across all price levels, along with opening and closing auction imbalance data—tools widely used by professional traders to assess liquidity and market structure.
Mike Cahill, CEO of Douro Labs and a contributor to Pyth, stated that Nasdaq’s choice signals a fundamental shift in how market data is consumed. “Market data resided in terminals designed for humans for many years, but today markets are becoming increasingly software-driven. Data is now being moved directly from the source and under unbiased conditions to where the applications are actually built,” he said.
Following the announcement, the price of Pyth Network’s native token (PYTH) surged approximately 10%. The move expands Nasdaq’s growing digital asset strategy, which already includes tokenization projects with Kraken and Backed, SEC-approved Bitcoin index options, and futures contracts tracking major cryptocurrencies.
