Ideal Partners with Pyth for Crypto Analytics via API
Posted by Colin Lambert. Last updated: February 2, 2022
Another step forward for the crypto asset industry seeking to attract institutional traders has been taken with news that decision intelligence firm Ideal has launched what it says is the first crypto analytics API using Pyth Networks on-chain market data.
Last week, TCA firm BestX announced it was adding crypto to its offering and creating a benchmark mid-rate, and now Ideal’s Impact API, which empowers crypto trading firms with institutional-grade analytics and total transparency on their transaction costs and profitability, has been made available as a standard version for free on Ideal’s website, with Professional and Enterprise versions available that offer additional features under a premium access plan.
Ideal says the release of Impact API, brings an essential feature of healthy markets — transaction transparency — to crypto, a market where costs and spreads are often opaque today.
The Pyth Network is a oracle platform designed to provide trusted and verifiable market data to decentralised finance (DeFi) applications. Pyth’s coalition of market data publishers includes many players in crypto and traditional finance, including Cumberland DRW, Galaxy Digital Holdings, Genesis Global Trading, Jump Trading, and Talos.
“The high-quality, real-time market data provided by the Pyth Network opens up a world of opportunity for crypto trading firms,” says John Crouch, CEO of Ideal. “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,” he adds
“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,” says Michael Cahill, director at Pyth Data Association. “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.”