Nasdaq Leverages Blockchain Infrastructure to Enhance Market Data Access

The exchange operator plans to bring its TotalView data feed to Pyth’s marketplace, as financial firms increasingly develop applications on blockchain-based infrastructure.

Nasdaq is expanding the reach of its market data by offering one of its flagship equity products through the Pyth Network, reflecting a broader shift toward blockchain-powered trading and settlement systems.

On Tuesday, Nasdaq said it will stream its TotalView data via the Pyth Data Marketplace, a platform that distributes institutional-grade datasets to blockchain networks, financial platforms, and developers. The move opens access to one of Nasdaq’s core data products through a programmable interface, moving beyond traditional distribution methods.

TotalView provides full depth-of-book visibility, capturing buy and sell orders at every price level for securities traded on Nasdaq, including those listed on Nasdaq, NYSE, and regional exchanges. It also includes Nasdaq’s Net Order Imbalance Indicator, offering real-time insight into order imbalances ahead of opening and closing auctions.

The partnership broadens how Nasdaq delivers its data as financial infrastructure transitions from legacy trading terminals and dedicated feeds to cloud-based environments and blockchain-enabled applications.

The development underscores a broader push among traditional financial institutions to make market infrastructure compatible with tokenized assets and onchain financial services. Nasdaq joins a growing group of contributors to the Pyth Data Marketplace, including Tradeweb, SGX, OTC Markets, Kalshi, and the U.S. Department of Commerce.

Pyth said the data will allow developers and institutional users to evaluate market depth, enhance execution strategies, and build quantitative trading models.