Pyth Network Adds FX Indices for EUR/USD, GBP/USD, and USD/JPY, Completing Traditional Asset Class Coverage

Pyth Network PYTH$0.044+2.8% has launched continuous 24/7 price indices for EUR/USD, GBP/USD, and USD/JPY, the three most traded currency pairs in global foreign exchange markets. The indices, listed as live on pyth.network/indices and announced via official channels on June 18, add FX to an asset-class roster that already covers US equities, crude oil, precious metals, and equity index futures.

The launch completes Pyth's coverage of all five major traditional asset classes under its Indices product. As we covered last week, Pyth brought WTI and Brent crude oil pricing on-chain on June 17, with dYdX and Nado already running perpetuals against those feeds. FX rounds out the set.

Why FX Is the Hardest Asset Class to Price On-Chain

Foreign exchange is the world's most liquid market, with daily turnover of around $7.5 trillion per the Bank for International Settlements' 2022 Triennial Survey. Yet the traditional forex market has a structural gap: it closes on Friday afternoon and reopens Sunday evening. Crypto and DeFi derivatives markets do not.

That mismatch creates a real infrastructure problem for perpetuals exchanges and structured product issuers that want to offer FX-referenced products on-chain. During the weekend close, there is no continuously updating reference price. Exchanges either halt the product, rely on their own internal pricing logic, or carry a stale rate through to Sunday, and each option introduces settlement risk.

"Traditional data feeds were built for a world where trading stopped at the closing bell," said Mike Cahill, CEO of Douro Labs, the company behind Pyth Network. Pyth's approach is to source prices from the venues where actual price discovery continues to happen, even when regulated exchanges are dark.

How Pyth Indices Source Continuous FX Prices

Pyth Indices are proprietary 24/7 products constructed from the network's price feeds, each with a defined basket, custom methodology, and continuous operation. The key difference from conventional FX data is the source layer: more than 125 trading firms, exchanges, and market makers publish first-party prices directly to the Pyth network, with no intermediary repackaging.

When traditional venues are closed, the network draws on wherever real markets are still moving: OTC desks, offshore platforms, and 24/7 trading venues that operate outside regulated exchange hours. The index price reflects the aggregate of those inputs rather than a single exchange's last print.

Coinbase, Kraken, dYdX, and Nado Already Integrated

Coinbase cbBTC$62,347.24+0.0% and Kraken are among the first major exchanges using Pyth Indices, with both citing the continuous benchmark as a prerequisite for 24/7 derivative markets.

Boris Ilyevsky, Head of Derivatives at Coinbase, framed the broader shift: "Institutional-grade, 24/7 markets are becoming the standard."

Coinbase is using Pyth's equity index framework to run a suite of custom thematic baskets (AI10, Defense10, China10, and Tech100) co-developed with MarketVector Indexes, a VanEck company. Coinbase's deeper integration with Pyth, which also includes Jupiter for DeFi routing, was reported separately last week.

dYdX and Nado are running perpetuals against Pyth's oil indices and are named integration partners for the broader Indices product.

Full Pyth Indices Roster Across Five Asset Classes

The current Pyth Indices roster, all marked available now on the product page:

• Oil: WTI and Brent
• US Equities: nine individual names including NVDA, TSLA, AAPL, MSFT, and GOOGL
• Metals: gold (XAU) and silver (XAG)
• Equity Index Futures: E-mini S&P 500, DOW, Emerging Markets
• FX: EUR/USD, GBP/USD, USD/JPY

With FX now live, a DeFi exchange on Solana can reference a Pyth index for a EUR/USD perpetual the same way it references a crypto price feed: with continuous updates, no weekend gap, and no reliance on a single exchange's closing price.

That parity with crypto feeds is what makes on-chain FX derivatives tractable at institutional scale. The rapid growth of tokenized equities on Solana, which crossed $187.9 million in daily volume earlier this month, reflects appetite for exactly this kind of continuously priced traditional-asset exposure on-chain.

Custom Index Development Open to Institutional Partners

Pyth also lists custom index development as available, with the Coinbase thematic baskets (AI10, Defense10, China10, Tech100) serving as the current template for bespoke institutional offerings. MarketVector's involvement as an IOSCO-compliant index administrator provides the governance framework needed for more regulated-product use cases.

Whether additional FX pairs or other asset classes follow was not disclosed. The immediate milestone is that all five major traditional asset class categories now have continuous on-chain reference prices, a foundation that did not exist on any decentralized network at the start of this year.