Nasdaq Basic is now distributed through Pyth, the data network building “the price of everything”

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Nasdaq Basic, Nasdaq’s proprietary real-time quote and trade product for US equities, is now being distributed through the Pyth Data Marketplace. Pyth has been approved as an external distributor to offer Nasdaq Basic via data feeds.

The addition gives a concrete example of the broader market-data model Pyth is building: Institutions distribute proprietary data through a single integration to reach software and blockchain-native destinations while retaining attribution and commercial control.

The addition

Nasdaq Basic is the exchange’s real-time top-of-book product for US equities. It carries Nasdaq’s best bid and offer with associated size, drawn from liquidity in the Nasdaq market center, together with last sale price and size from Nasdaq’s US venues and from trades reported to the FINRA/Nasdaq Trade Reporting Facility.

Coverage extends to all US exchange-listed securities, regardless of which venue a security is listed on. The product also carries the Nasdaq Official Opening Price and Nasdaq Official Closing Price, the reference prices from Nasdaq’s Opening, Closing, and IPO/Halt Crosses that much of the industry uses to value positions at the start and end of the trading day.

For firms that need real-time US equity quotes and trades, Nasdaq Basic has been the answer for well over a decade. It is used across brokerages, banks, fintech platforms, and consumer investing apps.

The new element is the distribution channel. Nasdaq Basic will be distributed through the Pyth Data Marketplace product, a channel built for software and blockchain-native destinations. Clients of the Pyth Data Marketplace may now license directly with Nasdaq to receive Nasdaq Basic via Pyth. Any client interested in using Pyth as their Nasdaq Basic provider must have prior written approval from Nasdaq before consuming the Nasdaq Basic market data feed.

“More of the market runs on software every year, and that means data has to reach a wider and more varied set of applications than ever before,” said Mike Cahill, core contributor to Pyth. “Nasdaq has been ahead of that curve for a long time, with Nasdaq Basic existing precisely because they wanted their data in more hands. Adding Pyth’s Data Marketplace as a channel is a natural extension of that.”

One integration, every asset class

Pyth’s broader proposition to data publishers and applications is a common distribution and access layer across asset classes. Publishers distribute their proprietary data through a single integration while attribution and commercial control are retained. Applications can use the same infrastructure to discover and consume data across equities, FX, commodities, digital assets, and more.

Nasdaq Basic is one example of how an established market-data product can reach software and blockchain-native destinations through an additional channel. Its own licensing terms remain in place: Clients license directly with Nasdaq, and prior written approval from Nasdaq is required before consumption.

That distinction is central to the Pyth Data Marketplace. Pyth provides the distribution channel; the data publisher retains control over how its data is licensed and used.

Why market data needs another distribution channel

Market data distribution has historically relied on a layered model of exchanges, vendors, terminals, and proprietary infrastructure. That model was built around financial professionals working through established market-data systems. Trading systems, fintech platforms, and blockchain-native applications increasingly need data that is programmable, scalable, and easier to integrate.

The Pyth Data Marketplace is built for that shift. Institutions distribute their proprietary data through a single integration, with attribution and commercial control retained throughout. For Nasdaq Basic, it is another distribution channel into modern financial applications.

The broader Pyth network

The Nasdaq Basic addition sits within Pyth’s wider effort to build a shared data layer across financial markets. Pyth’s publisher network includes exchanges, market-making firms, banks, and fintechs contributing pricing data that is aggregated and redistributed across a growing set of feeds.

Each institution contributes a different piece of the same broader market-data challenge, making proprietary pricing data available to the applications that need it through infrastructure that software can access directly.

Three trends are shaping how market data gets bought and used:

1. Market data is becoming API-first

The traditional model of terminals, sales teams, negotiated contracts, and bespoke integrations is giving way to a workflow built around discovery, testing, credentials, integration, and deployment. That shift gives software teams a more direct path to the financial data they need.

Pyth is extending this model to machine consumers, including AI agent tooling that allows systems to query live prices, historical data, and candlestick data through machine-readable interfaces.

2. Finance is moving toward longer trading hours

As financial products operate across longer and more continuous trading windows, applications need pricing infrastructure that can support those workflows. Pyth has been building toward this environment with continuously updated pricing across a growing range of equities, indices, and other asset classes.

3. Always-on markets need always-on data

An always-on trading environment requires more than longer hours. It requires data infrastructure that can deliver timely, transparent pricing as market conditions change. Delayed or fragmented data creates friction for automated systems, risk models, and applications operating across multiple venues and time zones.

“The price of everything”

“The price of everything” is Pyth’s central mission, making the price of assets across markets available through a shared integration. That can include an equity, a currency pair, a commodity, a digital asset, or a prediction-market contract.

Nasdaq Basic adds a US equities market-data product to that broader picture. It sits alongside the other asset classes and datasets available through Pyth, giving applications another way to access institutional market data through a common distribution layer.

The value of the model grows as the network expands: Each additional publisher makes the distribution layer more useful to applications, and each additional application creates another route for publishers to reach software-native users.

Why this matters beyond one distribution addition

Nasdaq Basic’s distribution through Pyth adds another channel for Nasdaq data while keeping Nasdaq’s existing licensing and approval process in place. For Pyth, the addition demonstrates how a proprietary institutional dataset can reach software and blockchain-native applications through the Data Marketplace.

The broader direction is clear. Financial data is being delivered to a wider range of software, automated systems, and machine consumers. Pyth is building the infrastructure for that shift across asset classes, with Nasdaq Basic serving as one concrete example of the model in practice.

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