@PythNetwork, the $SOL-based oracle network behind $PYTH, said its price data supported more than $2 trillion in trading volume on stocks, commodities and currencies across offshore derivativ
@PythNetwork, the $SOL-based oracle network behind $PYTH, said its price data supported more than $2 trillion in trading volume on stocks, commodities and currencies across offshore derivatives venues in the third quarter. About $1.3 trillion of that came from equity perpetual futures, or perps.
Pyth's figures are part of a wider tally of real-world asset (RWA) perpetuals. Pyth Network data priced $2.04 trillion of the $2.16 trillion in tracked real-world asset perpetual volume during Q3, representing 94.4% of that market. A separate breakdown put volume priced with Pyth data at $1.26 trillion for equity perpetuals, $458 billion for commodity perpetuals and $317 billion for index perpetuals.
The numbers describe activity on venues that use Pyth as their price source. They do not measure trading in the PYTH token itself. Perpetuals are contracts that track an asset's price with no expiry date, and RWA perps reached $2.16 trillion in notional volume across 22 venues in Q3, according to ETHNews' summary of Pyth's data.
Pyth argues these offshore venues support U.S. exchanges rather than compete with them. In its view, market makers on those venues hedge their stock exposure on U.S. exchanges, especially overnight. That claim comes from Pyth and has not been independently verified.
The data arrives as traditional venues extend their own hours. Nasdaq, NYSE Arca, 24X National Exchange and Cboe EDGX have plans to add an overnight session from 9 p.m. to 4 a.m. in New York, according to Bloomberg. The expansion, set for Dec. 6, seeks to capture growing demand from foreign investors while competing with crypto and prediction markets.
Law firm WilmerHale notes that the SEC has conditionally approved 23x5 trading on five exchanges: 24X, Cboe EDGX, MEMX, Nasdaq and NYSE Arca. Jones Day describes the change as incremental, noting that exchanges have offered extended-hours trading for years, though the new session shrinks the daily quiet window to one hour.
For now, U.S. cash equities still pause nightly, which is why offshore perps have become a venue for continuous stock price exposure. Pyth's data suggests that demand is already substantial, while the December launch will test how much of it moves onto regulated U.S. platforms.
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