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