Nasdaq has selected Pyth, the onchain financial data network, to distribute its proprietary market data to blockchain applications and other software platforms, marking a notable step by a legacy exchange operator into decentralized infrastructure.
TotalView Feed Goes Onchain
The partnership initially covers Nasdaq TotalView, the exchange’s depth-of-book data feed. TotalView captures every displayed buy and sell order across all price levels, plus order imbalance data around opening and closing auctions. Professional traders rely on the feed because it offers a more complete picture of market liquidity than standard market quotes, showing the full order book rather than just top-of-book prices.
According to Pyth, its marketplace gives software applications access to first-party market data through a single integration. The company described the service as designed for blockchain applications, digital asset exchanges, prediction markets, trading systems, and other software platforms.
Nasdaq Joins a Growing Publisher List
With this partnership, Nasdaq joins an existing group of data publishers on Pyth that already 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.
The move makes Pyth one of the first onchain platforms to carry Nasdaq’s proprietary exchange data, giving decentralized applications access to institutional-grade order book information that was previously confined to traditional financial infrastructure.
Nasdaq and ICE Deepen Digital Asset Strategies
The Pyth partnership is the latest in a series of blockchain-related moves by Nasdaq. In March, the exchange expanded tokenization efforts through a partnership with crypto exchange Kraken and infrastructure affiliate Backed to develop infrastructure linking traditional equities with blockchain networks.
The following month, the SEC approved Nasdaq’s proposal to list Bitcoin index options tied to the Nasdaq Bitcoin Index, pending further 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.
Other major exchange operators are pursuing parallel strategies. 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. ICE CEO Jeffrey Sprecher subsequently 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 those products.