Ideal launches crypto analytics API using Pyth Network’s market data

Rick Steves

The Standard version of Impact API is available for free on Ideal’s website. Professional and Enterprise versions provide premium access and features.

Ideal has launched a crypto analytics API using Pyth Network’s real-time on-chain market data to empower crypto trading firms with institutional-grade analytics and total transparency on their transaction costs and profitability.

The decision intelligence firm developed Impact API to bring much-needed transaction transparency to crypto, a market where costs and spreads are often opaque today.

Transaction transparency in Crypto

Turning data analytics into clear actions for success, Ideal provides traders in crypto and traditional finance markets with performance insights that help them better understand their true execution costs and optimize their trading decisions.

John Crouch, Chief Executive Officer at Ideal, commented: “The high-quality, real-time market data provided by the Pyth Network opens up a world of opportunity for crypto trading firms. We are thrilled to build upon Pyth’s innovation with our plug-and-play analytics.

“Our Impact API uses Pyth’s data to instantly calculate market impact costs and reveal what spreads traders are actually paying — we’ve seen cases where crypto spreads are 10 to 100 times higher than they would be in traditional markets. In the coming months, we’ll expand the range of available market data sources and add new analytics functionality.”

Michael Cahill, Director at Pyth Data Association, said: “As the Pyth ecosystem continues to gain momentum with over 40 data providers contributing real-time pricing, and over 120 projects using the oracle, we are thrilled to see Ideal building advanced analytics using Pyth Network data.

“With our network of the world’s most prominent trading firms, several regulated exchanges, and foundational crypto companies, we are proud to make financial data freely accessible to all. Ideal shares our desire to bring greater transparency and insight to both crypto and traditional markets.”

The Pyth Network of market data publishers – including big names such as Cumberland DRW, Galaxy Digital Holdings, Genesis Global Trading, Jump Trading, Talos – provides trusted and verifiable market data to decentralized finance (DeFi) applications.

The network was built on the Solana blockchain and enables data owners to contribute their data on-chain and in a sub-second timescale. Pyth plans to publish high fidelity, streaming, and readily accessible market data through all other major blockchains at their fastest block times.

In 2021, Virtu Financial and LMAX were a few of the many industry names that pledged their FX and cryptocurrency data to the Pyth Network.

Read this next

Digital Assets

Binance upgrades Bahrain license to offer full-suite of crypto services

The Central Bank of Bahrain (CBB) has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

Digital Assets

BitMEX spot exchange hits $24 million in daily volume

The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.

Retail FX

Financial Commission certifies offering of trade copier 4X Solutions

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.

Industry News, Inside View

LIVE from Devexperts webinar for brokers on Fractional Trading

Finance Feeds is providing live coverage of the event that aims to help brokers discover fractional shares as a key tool for a successful brokerage business in today’s trading industry.

Industry News, Retail FX

ASIC celebrates retail ban on binary options as 68% of wholesale clients lose money

In the 13 months before the ban, between 74% and 77% of active retail clients lost money trading binary options. The product intervention order does not apply to wholesale clients.

Crypto Insider

Investing in crypto: how to stay away from weak players

The main reason behind the hacks of crypto exchanges is weak key management. For example, all 4 hacks that took place in 2021 were caused by the ability of hackers to obtain access to hot wallets. 

Retail FX

Vantage launches swap-free gold XAUUSD trades for all clients until end of July

“As the greenback continues to strengthen, we want to support traders who remain bullish on gold or seek short term trading opportunities amid the volatility”

Industry News

Broadridge launches ESG reporting solution ahead of European regulation SFDR

The Broadridge managed solution for EET adds to existing Broadridge services, including European PRIIPs Template, European MiFID Template, Solvency II Tripartite Template and many more across the European jurisdictions.

Industry News

iCapital to acquire embedded structured investment platform SIMON

SIMON’s platform, SPECTRUM, is a multi-dimensional allocation analysis and portfolio construction tool designed to evaluate how structured investments and/or annuities may fit into a portfolio. 

<