OpenYield Joins Pyth, Bringing Firm Bond Pricing to the Network

PYTH ·

OpenYield joins Pyth as a data publisher, bringing real-time, firm US Treasury pricing from its automated bond marketplace to the network. Bond data has historically been expensive, fragmented, and hard to reach. Much of it is indicative or modeled, sourced from fragmented venues, and locked behind legacy vendor infrastructure. Even as other asset classes moved to fast, automated, electronic trading, much of fixed income has stayed manual and relationship-driven, and the data has stayed just as hard to reach. OpenYield takes a different approach. The automated bond marketplace is joining the Pyth Network as a data publisher, bringing real-time, firm US Treasury pricing derived from its orderbook to Pyth Pro, with room to extend across the broader fixed income markets OpenYield covers. It adds a modern, execution-quality source of bond data to the network, available through a single integration, and strengthens Pyth's coverage of one of the most important markets in global finance. OpenYield operates an automated bond marketplace built to bring equity-like efficiency to fixed income. As an SEC-registered Alternative Trading System, it delivers firm, executable quotes across US Treasuries, corporates, and municipals, rather than the indicative or modeled prices common elsewhere in the market. Its coverage spans the full US Treasury curve, thousands of corporate bonds, and tens of thousands of municipals. By rebuilding bond trading around firm quotes, an orderbook, and a modern technology stack, OpenYield brings the structure of mature electronic markets to an asset class that has resisted it. The result is pricing drawn directly from a live marketplace, at the point where bonds actually change hands. The quality of bond data depends on where it comes from. Much of the pricing available across fixed income is indicative, modeled from related instruments, or quoted without a commitment to trade. Firm, executable pricing is different. It reflects prices a participant is willing to transact on, in real time, which makes it a far stronger input for valuation, risk, and the products built on top. For US Treasuries, the foundation of global rates and collateral, that distinction is especially valuable. Real-time firm pricing derived from OpenYield's orderbook strengthens Pyth's US Treasury coverage and gives downstream systems a cleaner, more accurate view of the most consequential market in fixed income. The same model extends deeper into corporate and municipal markets, which have historically been among the hardest to price in modern software systems. Publishing through Pyth puts that data within reach of the trading systems, risk engines, RWA platforms, and financial applications that increasingly run across digital and onchain markets. "Bond data has always trailed equities - expensive, fragmented, hard to reach. As fixed income goes electronic, OpenYield is closing that gap: equity-like execution, and now equity-like data. We're proud to work with Pyth to put real-time Treasury, corporate, and municipal data in front of a global base of applications and institutions." — Jonathan Birnbaum, Founder & CEO, OpenYield OpenYield joins a growing roster of institutions publishing market data directly through Pyth. The network already sources prices from leading exchanges, trading firms, banks, and market makers across equities, futures, FX, crypto, and commodities, and fixed income extends that coverage into one of the largest asset classes in the world. The pattern is consistent. The institutions closest to price formation are choosing to publish through infrastructure built for continuous markets, programmable applications, and real-time risk systems, rather than the closed terminals and bilateral redistribution that defined the previous era of market data. OpenYield's firm, marketplace-sourced bond pricing is a strong addition to that model. "Fixed income pricing underpins global financial markets. Bringing firm, executable bond pricing into the same network that already distributes equities, futures, FX, crypto, and commodities is a structural step toward a unified, modern market data standard." — Mike Cahill, CEO of Douro Labs and Contributor to Pyth Network OpenYield's data is available through Pyth Pro, one more institutional source extending Pyth's reach across fixed income, and one more sign of how market data is moving from the institutions that create it to the software systems that increasingly run markets.

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OpenYield has joined the Pyth Network to provide reliable bond price data. This collaboration is expected to significantly improve market transparency by enabling accurate bond pricing within the decentralized finance ecosystem. Investors can now utilize bond-related derivatives and DeFi services based on more reliable on-chain data.

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