Market data platform Pyth Network has launched Pyth Pro, something the firm says is a “next generation subscription service designed to deliver institutional-grade market data across cryptocurrencies, equities, fixed income, commodities, and foreign exchange.

The new service has been designed with Douro Labs and the firm says “several large banks” as well as long-term backer Jump Trading, are participating in an early access programme. It also marks a move on the institutional market data segment by Pyth, which has previously largely been involved in delivering off-chain market data to DeFi applications.

Pyth points to the fragmented market data landscape currently dominating institutional markets and claims the new service has been designed to “resolve these inefficiencies directly”, by delivering a single, service for institutions and other market participants. While Pyth’s crypto data at one second frequency is free and its one millisecond crypto data+ solution costs $5,000 per month, Pyth Pro will be priced at $10,000 per month as a “limited time offer”. It will also price at “up to” one millisecond. This is, the firm claims, much cheaper than existing solutions, citing legacy vendors who “often charge upwards of $250,000 per month for incomplete coverage”.

As with the original Pyth model, prices are contributed directly from trading firms, exchanges and banks and backed by Pyth’s confidence Intervals, which seeks to measure price uncertainty. Firms contributing will be receive redistribution rights and data will be delivered through on- and off-chain channels.

“Pyth Pro sets a new standard for how institutions access market data, creating a single source of truth across asset classes, venues, and geographies,” says Mike Cahill, CEO of Douro Labs. “This launch represents a significant step forward in reshaping the market data economy, closing the gap to true price discovery with broad coverage, transparent economics, and a service designed to become the most comprehensive financial data layer in the world.”