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• What the Hell Happened? What the Hell Happened? The tweet, if X does not embed it. The reply, if X does not embed it. That was the first hour of Thursday's session. It got worse. By the close the Nasdaq-100 was down 6.36%. In twenty years it has had six worse days. Three were Covid. Three were 2008. Liberation Day isn't on the list. Neither is the Monday after America lost its AAA. The worst Nasdaq-100 closes since 2006. Nov 5 is seventh. Semis fell 12.25%, worse than any day of the dot-com crash. SanDisk lost 22%. Micron lost 17.5%. By Friday morning it had reached Seoul, where KOSPI hit its circuit breaker three minutes after the open. The night before, the at-the-money SPY put cost $2.80. The options market was pricing a 0.76% day. By Thursday's close that put was worth $35.35. The Nov 6 SPY 767 put: $2.80 to $35.35 in one session. Note: this is a stub of the full piece on Hypercall Insights. X can't carry the interactive charts, the expandable days or the live tools, so read the full version here. Everyone has a reason for it: data center moratoriums, AI capex, the Democrats. We don't think any of them explains the day. Here's ours. After a big event passes, traders do the same thing: the risk is gone, so they sell options and buy stocks back. Funds that size their positions off volatility do it automatically. We think that's a large part of why the VIX closed at 16.6 on Wednesday. It wasn't a forecast. It was a lot of money positioned for nothing to happen, and when something did, that money all had to sell in the same session. The Anthropic IPO is the next big date on the calendar, and we think the same setup is forming around it. What happened Tuesday was the midterms. Democrats took both chambers, and in Texas Gina Hinojosa beat Greg Abbott after calling for a data center moratorium. Wednesday the S&P rallied 1.6%, the VIX fell 20% to 16.61, and the one-day VIX halved. It was already splitting under the surface: that morning Microsoft was up 5.5% and Amazon 7% while CoreWeave fell about 4%. Thursday the S&P fell 4.36%, the Nasdaq-100 6.36%, and the Philadelphia Semiconductor Index 12.25%. It went well past chips. CNBC's tally had Iren down 17%, Nebius 15% and CoreWeave 10%. Anything with data center exposure got sold. Memory led: the bigger the AI beta, the bigger the fall. SanDisk fell 22%. Micron fell 17.5%. If you read our SanDisk piece in August, that ordering won't surprise you: memory is the highest-beta way to own AI capex, and it gives it all back first. Nvidia fell 9%. Apple barely moved. How bad was it? Depends what you're measuring, and most of the coverage got this a bit wrong. The worst SOX closes since May 1994. For semis this was nearly a record. Only March 16, 2020 was worse. Thursday beat every day of the dot-com crash and every day of 2008. For the S&P it wasn't close to a record. It ranks 43rd since 1970. The S&P's fall was 6.6 times its recent daily volatility, the largest multiple of anything on the list. The index had been so quiet that a medium-sized bad day looked like an extreme one. That's the first clue. The vote wasn't the surprise Start with the obvious suspect. If the election had shocked anyone, that would explain Thursday. It didn't. On Polymarket a Democratic sweep had climbed steadily for months, from about 44% in August to 74.5% by election day. Options priced the event about as well as you can: the VIX1D closed Tuesday at 23.22, an implied S&P move of 1.46% for Wednesday. The S&P moved 1.58%. So the market got the event right. The mistake came next. It decided that once the vote was done, the risk was done, and all the premium came out in one session. The volatility curve through the week of the vote. On Tuesday the front of the curve sits above everything, because the vote is the only thing being priced. On Wednesday it collapses and the curve slopes up. Saxo called the biggest one-session falls in the VIX and 9-day VIX in its data set. The one-day VIX closed at 12.08, 27% below the VIX. That priced Thursday at 0.76%. Priced the vote, then priced nothing: implied versus actual S&P moves. The S&P did 4.36%. That's 5.7 times the implied move. Goldman's desk put it at about five times Wednesday's straddle, so we're in the same place. One nuance worth being fair about. Skew barely moved on Wednesday. Cboe's skew index went from 150.0 to 150.9. So people kept paying for the crash tail. What got sold was the middle of the distribution: the ordinary, boring 2% day. Saxo's line was that the market "stopped paying for the vote but not for the chip debate." We'd go further. It stopped paying for anything that wasn't on the calendar. The moratorium story doesn't hold up The headline explanation for Thursday was data centers, and there's a real case for it. Democrats won Congress. Hinojosa won Texas, where Wells Fargo puts 27% of planned data center gigawatts. Dozens of local measures restricting data centers were on ballots in 10 states. Top Democrats called for a national moratorium after the sweep, and the Sanders and Ocasio-Cortez bill from March was back in circulation. Dan Ives said the buildout would slow and that Big Tech capex growth now likely peaks in 2027. If that's what moved the market, you'd expect the people betting directly on moratoriums to care. They didn't. The state moratorium contracts barely moved. Indiana's contract has traded $5.1M. It went from 18.5% to 18.0%. Texas is the sharper test: the candidate who wanted a moratorium won, and the December 2027 contract stayed at 21.5%. Yes needs a statewide law, and Abbott's August pause was already blocking new grid connections during a state audit. There's a limit to this test, and we should say it. These contracts only pay on a statewide law. Local fights can make the buildout slower and pricier without ever resolving Yes. Barclays' Dominique Toublan called the pushback "bipartisan but local, making the buildout pricier rather than stalling it." So flat odds don't prove nothing changed. They do show that the thing people said happened on Thursday, a sudden jump in the odds of a statewide stop, didn't happen. And semis were already leaving. Semis broke before the vote. From October 1 to the vote the SOX fell 17% and Micron 22%, while the S&P was down about 1%. On Wednesday, the day of the relief rally, the SOX fell 3.1% and Micron 7% while the S&P rose 1.6%. It was breaking before anyone posted about data centers. It wasn't an election trade on the way down, either. Daily changes in sweep odds and SOX returns had a correlation of 0.06 from August to the vote. The headline gave people a reason. The trade was already leaving. The capex version has the same timing problem. Thursday's scariest line was Elon Musk saying SoftBank was defaulting on turbine orders, which nobody has confirmed. The serious version came from Capital.com's Kyle Rodda, who told CNBC the AI trade was already fragile because big tech earnings had fallen short of growth expectations. We agree with that, and it's our point. Fragile describes positioning. Apart from that unconfirmed claim, we can't find anything about capex that was known on Thursday and not on Wednesday, when the same stocks were already being sold into an index rally. The cheapest thing in the market was the index This is the part we think most people missed. Everything was underpriced. But it wasn't evenly underpriced. Implied versus actual on Thursday. The index missed by the most. SPY missed by 5.5x. The single names missed by 3 to 4x. The thing that fell the least was the most mispriced. That sounds backwards, so here's the mechanism. An index is a basket. If one stock falls 5% and another rises 5%, each had a wild day and the basket had none. The VIX prices the basket, so it only sees moves that happen together. Wednesday is the cleanest example you'll get. Micron fell 7% and the SOX fell 3.1%, and the S&P rose 1.6%. If you were long chips it was an awful day. If you were looking at the VIX, it was a relief rally. From October 1 to the vote the SOX fell 17% while the S&P lost about 1%. Money leaving AI went into the rest of the index, so the basket barely noticed. Traders call that low correlation, and the trade built on it is dispersion. For most of this year AI went one way and everything else went the other, so single-stock vol stayed high while index vol stayed low. We wrote about how much of this term structure was AI back in April. Here's a toy version. Toy market: the stocks stay as wild, only the index changes. Take a market that's 40% AI stocks running at 45% vol and 60% everything else at 14%. If the two halves barely move together, a correlation of 0.1, the index runs about 20.6% vol. Push that to 0.9 and it runs about 25.8%. No stock got any more volatile. They just started moving the same way, and the index went up by a quarter. So a low VIX in a market like this isn't telling you the market is safe. It's telling you the market has a big short position in correlation, and it's been right for a while. Anyone holding the index at 16 vol was on the short side of that bet, whether they knew it or not. Thursday everything fell together. The best hedge for an AI crash turned out to be the boring one: a Wednesday SPY put went up 12.6 times, and an Nvidia put went up 5.8 times on a stock that fell twice as much. Some of that is mechanical, because cheaper options have bigger multiples. Implied versus actual is the honest number, and it says the same thing. If you want to hedge a crowded trade, don't buy protection on the crowded trade. It's already expensive. Buy it on the thing that looks safe because of the crowded trade. Who was actually selling The obvious answer on Twitter was GEX and vol sellers. That's only half right, and the wrong half is interesting. Dealers ended Wednesday estimated long gamma, about +$32.7B per 1%. In that state they buy dips, so you'd expect them to slow a selloff. They never got the chance. Wednesday's close of 7,689 sat only about 30 points above the 7,659 flip. The S&P opened near 7,646, already under it, and by 09:35 it was under Thursday's 7,634 flip too. That cuts against the tidy version of this story, where dealers absorb the first leg and then give up. On these estimates they were adding to the fall almost from the first trade. GEX doesn't explain why the market gapped lower, but it explains more of the day than the Wednesday number suggests. And dispersion trades didn't blow up: Risk.net reports some gamma-weighted versions made almost 7%, because single-stock vol rose more than index vol. The S&P against the estimated gamma flips on Nov 5. Who was selling, hour by hour, on the Nasdaq-100 perp. What the tape looks like to us: discretionary longs started it. Nomura's Charlie McElligott called it "shooting the generals," funds protecting 2026 gains in the year's best names. He wrote that the unwind had been "wildly acute" for more than a month and was nearing "round trip" levels in some trades, which fits a market that had been leaving since October. The perp fell 4.3% in the first 90 minutes, with no dealer cushion under it. The mechanical sellers were in there too, though as you'll see, we can't time them. Estimated forced selling that never shows up in a GEX chart. Two of those belong next to GEX, and one of them comes with a problem. Leveraged ETFs have to sell after a down day. That's how they work: a 3x fund holds a fixed multiple of its assets, so when it loses money it's over-exposed and has to cut. It's short gamma by design, and it was sold to retail. SpotGamma's estimate, posted at 12:44 ET, was about $42B into the close, $19B of that in semis. Nvidia's share alone was about $4.4B, roughly 20% of its 20-day average volume. For just SOXL, SOXS and TQQQ, SpotGamma's figures add up to about $29B, and our own arithmetic below gets about $32B. Both are estimates, not reported trades. None of it shows up in a GEX chart built on options open interest. The SOXL perp on Hyperliquid fell 38% in a day. Here's the problem. We expected this selling to show up as heavier volume at the close, and it didn't. The last 30 minutes were busy, but the whole day was busier, so the close was a smaller share of the day's volume than normal. The size estimates hold up. The timing doesn't: we can't show this landed at the close, and some of it may have traded earlier. How a 3x ETF turns a bad day into forced selling. Vol-control funds are the cleanest example of the thesis. They hold more equity when realized vol is low and less when it's high. As an illustration, a fund targeting 10% vol runs about 125% exposure when the market is realizing 8%. If realized jumps to 20%, it wants 50%. So weeks of calm literally built the position, and a vol spike is literally the sell order. Bloomberg's estimate was about $61B over this episode. Calm wasn't a description of the market. It was on their books. CTAs, for what it's worth, were already short. Citadel Securities had them at -3.3 standard deviations before Thursday. Not them. A caution on the numbers: estimates of dealer gamma ranged from about -$7B to -$95B per 1% depending on who and when. Every one of those models guesses who's long what. Use the direction. Don't quote the number like it's a fact. Method, data sources and what we did not measure are in the full piece. The day after gets priced like any other day We went in believing the day after a known event is the least protected day of the month. We tested it, and that's too strong. The day after is usually fine. Thursday was the worst miss in 889 sessions. VIX1D has about three and a half years of history, so we ran all 29 Fed decisions since it started, plus the last two elections. After a Fed day the next session was priced at a median 0.95%, above the 0.80% of a normal day, and it moved 0.58%. It beat its price 10 times out of 29, or 34%, against 26% for all sessions. Wednesday's 12.08 wasn't cheap either. It sat in the middle of the last three years and above most of the prior 60 sessions. So selling the day after has been a good trade, and that's the point. It works often enough that it gets crowded. The event premium goes out in one session, VIX1D fell 48% on Wednesday, and what's left is an ordinary price for an ordinary day. Nothing is left over for the second-order risk, the thing that follows from the event and has no date. Thursday moved 5.7 times its price. That's the largest miss in all 889 sessions we have. The next largest is 4.0 times, on June 5, 2026. Two elections and one blowup is not a law. It's a reminder of what an ordinary price buys you. The trade flipped just as fast the other way. By Thursday's close VIX1D was 36.8, an implied 2.32% move for Friday. The S&P closed up 0.3%, about a seventh of that. If you bought protection at Thursday's close you paid the top. Options are cheapest when you don't want them, and that isn't a coincidence. Our call: Anthropic is the same setup There's another date on the calendar. Anthropic filed its S-1 on October 26, for what would be the largest IPO ever, with a roadshow planned for the week of November 9 and a valuation target of $1.5T or more. The filing showed $16.3B of first-half revenue, $9B of compute spending, and five customers making up about 25% of revenue through September. The filing lifted the whole chain: Benzinga called it a $570 billion order book for chipmakers, and the SOX rose about 3% that day. Ten days later that same chain had its second-worst day since 1994. This time you can watch it being priced, in public, around the clock. Polymarket odds Anthropic lists by each date. The date came back, the price did not. The ANT perp on Hyperliquid, a synthetic bet on the expected share price, fell about 20% over Thursday and Friday, from 117 to around 94. It lost another 12.6% on Friday while the SOX bounced 4%. Polymarket's odds of a listing by Nov. 30 fell from 82% at Wednesday's close to about 51% early Friday, then came all the way back to about 81% by Friday night. We found no report that explains the rebound. The Block saw Kalshi's odds of a listing before Dec. 1 fall from about 88% to 60% during the drop. The most likely valuation bucket dropped from $1.50T to $1.75T down to $1.25T to $1.50T. All of that happened while Reuters was reporting investors asking for a lower price, and Bloomberg had buyers talking about $1.2T to $1.3T. Nobody needed a banker to tell them where it was clearing. So here's the call. The date may move, and the price certainly has. But whenever this prices, everyone is going to hedge into it, and everyone is going to take those hedges off after. If it goes fine, the market will treat that as the all-clear, the way it treated the vote. Vol comes in, the front of the curve collapses, and the day after will be priced like any other day. We think the risk is the day after, not the day of. We could be wrong. If vol stays bid after pricing, or the AI trade just rallies through it, this call was bad and we'll say so. The bull case is real too: TrendForce still has Q4 DRAM contract prices up 10 to 15%, hyperscaler capex plans haven't changed, and the SOX is on its lowest forward multiple since 2019. With CTAs this short, a squeeze wouldn't be strange. Friday's chip rally was a preview. Who bought it here We checked our own tape. Almost nobody bought the hedge here either, and the numbers are small, because we're small. Between Wednesday's close and Thursday's open, three traders bought puts on our stock and S&P options, about $55,000 of notional, nearly all of it Microsoft and Apple. A normal weekday in October saw about $452,000 of puts bought. At Thursday's close those puts were worth about 3.8 times what they cost, on intrinsic value alone. Most of that wasn't collected. The largest buyer sold within half an hour of the open at about 1.35 times cost. Held to the close, the same puts were worth about 4 times. Almost nobody bought the hedge here either. Then the flow turned the other way. During Thursday's session customers bought $526 of put notional and sold $67,000, and they bought $161,000 of calls. On the second-worst day for semis since 1994, the tape here sold fear and bought the dip. It's a tiny sample, but it's the same trade at a smaller size. The hedge was cheap the night before, and hardly anyone wanted it. Why we care Back to Seoul. When KOSPI stopped for 20 minutes on Friday, with SK Hynix leading it down, the SK Hynix perp on Hyperliquid kept trading. It went up about 4% during the halt. KOSPI on Friday morning, with the halt marked. SK Hynix kept trading while Korea was halted. Where the price was while the exchanges were shut. These names trade around the clock now. Hyperliquid's equity perps gave you a price on Friday morning when Korea couldn't. We wrote about what that looks like in the S&P in September. One twenty-minute window isn't proof of anything, but a halt doesn't stop people wanting out. It just moves where they go. Perps give you price. They don't give you convexity. A perp short on Wednesday night would have made money. A Wednesday SPY put made 12 times its cost, with a known maximum loss and no liquidation price. The lesson from this week is that the time you need a hedge isn't the time you know you need one, and it might not be during New York hours. That's the gap we're building for: options on these names, on the same rails as the perps, margined together, open when the rest of the market isn't. It's early and the books are thin next to the listed market. But Wednesday night was a pretty good demonstration of why it should exist. What to watch on Monday Everything above is a claim about how the market treats a date. Monday is the first live test of it, and the place to watch is the ANT perp. Here's where it sits. It closed Friday's UTC session at 94.29, down 19.7% from Wednesday's 117.41. Friday's low was 93.06. Realized vol over the past week ran about 101% annualized, up from 72% the week before. Open interest is about 610,000 contracts, roughly $58M, and funding is close to flat, so nobody is paying up to hold either side. The perp trades through the weekend, so there will be an answer before New York opens. Three things matter. 93. That's Friday's low. If it breaks with the roadshow about to start, the market is saying the $1.2T to $1.3T talk was the ceiling. 105 to 108. Thursday's low was 104.89 and its close was 107.86. Getting back above that says Friday was a flush, not a repricing. The option curve. Our ANT options are expected to start trading Monday, so we have a stake in this and you should read it that way. The perp tells you the price. Options tell you what people will pay for the path. Compare what the market charges for the listing with what it charges for the days after it. If ANT options price a big listing day and a calm day after, that's Wednesday night again. That's what we'll be watching on Monday. This article is for information only and is not financial advice. Hypercall lists options on several underlyings discussed here, including Micron, SanDisk, Nvidia, Meta, Microsoft, Apple and the S&P 500. Option figures are approximate and use closing prices. Flow figures are third-party estimates. Prediction-market and pre-IPO perp prices reflect thin, speculative markets. The view on the Anthropic IPO is an opinion, not a forecast of any outcome. Options involve risk and are not suitable for everyone. Hypercall (by $SYN)
• Equity Basis Goes Mainstream On Tuesday the CFTC cleared single-stock perpetual futures for trading on CFTC-registered exchanges, with the SEC sharing oversight. In Chairman Mike Selig's words, "Today, equity perps can begin trading for the first time on CFTC registered exchanges." Back in May, the CFTC approved its first true perpetual, on bitcoin. Stock perps followed about five months later, which is faster than almost anyone in this market expected. We've been running the basis trade on Stock Tokens onchain for a while now, and this week made us think the market for it will get a lot bigger than anyone thought. How we got here On May 29 the CFTC approved a bitcoin perpetual listed by Kalshi, the first in the US. The same day it put out a policy statement inviting exchanges to submit perps on equities and other non-crypto assets for review, and its staff issued an advisory saying crypto-linked derivatives "may be well-suited for 24/7 trading." Selig wrote at the time that "the question was never whether crypto asset perpetual contracts would exist." On Sept 18 Coinbase filed with the CFTC for its first set of US single-stock perps, starting with Apple, Microsoft, Tesla and Nvidia. According to the Wall Street Journal, the plan covers 50 to 60 contracts. On Oct 29 ICE, which owns the NYSE, made a strategic investment in TradeXYZ and announced plans to bring Hyperliquid-based perps to US traders under a regulated framework, pending approval. ICE would run the exchange and the clearing. Its CEO, Jeffrey Sprecher, called the markets "additive to our futures markets, not a replacement for them." Tuesday's decision covered single stocks. For most of their history perps have traded offshore. In the space of a few months US regulators have written rules to bring them onshore, and the biggest exchange operator in the country has decided to build on technology that came out of an onchain venue. Where the demand is coming from TradeXYZ already runs the largest onchain markets for perps on Apple, Nvidia and Tesla, with daily turnover in the hundreds of millions of dollars. Hyperliquid, which those markets run on, made roughly $713M in revenue over the past year. Most of that volume comes from traders who want leveraged exposure to stocks at any hour without going through a broker. US venues will reach far more of those traders than onchain venues can today, and as open interest in stock perps grows, so does the funding paid on them every hour. Funding on stocks gets taken seriously Right now stock perp funding is mostly something crypto traders keep an eye on. When these contracts are listed on US exchanges, trading desks, funds and treasury teams will start modeling it and comparing it with T-bill yields or the futures basis on the S&P. The basis trade on stocks earns that funding while staying hedged on price. When we say equity basis is going mainstream, we mean that the funding it draws on is about to become a much larger and better-understood market. Running it onchain today Onshore, the trade will go through brokers and clearing members, and an intermediary will hold your position. Onchain, you can run it now in an account you control. Renzo Basis runs it on @Lighter_xyz on Robinhood Chain. It holds the Stock Token and shorts an equal-sized perp in your own account, earning funding in USDG, Robinhood Chain's stablecoin issued by Paxos. A trade-only agent key opens, adjusts and closes positions. Renzo doesn't hold your funds or make decisions for you, there's no receipt token, and it's not a pool. You can close whenever you want, and you can see every fill and hourly payment on the venue. On the GOOGL Stock Token, shorts were paid in 165 of the 169 hours between Oct 28 and Nov 4. The SPY, NVDA, GOOGL, SNDK and QQQ Stock Tokens are live now, alongside BTC, ETH, SOL, HYPE and more on Hyperliquid. We don't charge a performance or management fee, only a small fee on each fill, on top of the venue's own trading fees. What's next The CFTC has now cleared perps on bitcoin and on single stocks, and its May invitation also covers commodities such as agricultural products. Any of those markets that gets a perp will have a funding rate, and the basis trade can run on it. We'll keep adding assets and venues to Renzo Basis as they open up. If you'd rather not wait for the onshore version, the trade is already running onchain. Start at app.renzofinance.com. RenzoFinance
• Pyth October 2026 Report Article contributed by Douro Labs October brought more people into Pyth Terminal and more ways for applications to use Pyth data. The Terminal recorded 4,451 signups. Pyth Pro expanded market coverage and its tools for AI agents. Pyth Indices added an intraday view of the U.S. Treasury curve, while corporate-action data brought more context to equity prices. ARR: $13.67 million October ended with $13.67 million in annualized paid subscription run-rate, compared with the September report’s $11.49 million. That represents 18.9% growth. New annualized subscription value added during October was $2.49 million in gross new ARR, with 29% coming through the self-serve experience. Net new ARR was $2.17 million, 44.6% of gross new ARR came from existing accounts expanding, and Pyth Indices reached $2.88 million in ARR across 21 clients. October by the numbers $13.67M: annualized paid subscription run-rate $2.17M: net new ARR 332: paying accounts 124,705: unique Pyth Terminal visitors, up 19% month over month 4,451: sign-ups and account creations, up 37% month over month 591,621: feed-view events across Terminal 482,177: Pyth Indices feed-view events, included in the feed-view total 3,927: Pyth Pro catalog symbols at October month-end 114: new feed IDs first recorded during October 77 stable · 31 coming soon: Pyth Indices feeds at month-end Pyth Pro: more markets, easier access Pyth Pro continued to extend coverage beyond the standard trading session. Four Korean equity feeds, including SK Hynix and Samsung Electronics, now publish through Korea’s post-market session on trading days. For teams operating across time zones, when a price updates matters alongside which assets a catalog covers. Pyth Pro MCP Server 1.1 also improved how AI agents work with market data. Agents can discover feeds, see which ones their plan covers, and retrieve more detailed historical prices within a research workflow. Pyth Terminal remains the place for people to explore and assess the data; Pyth Pro’s APIs and MCP tools let software use it. That distinction is central to Pyth’s work with Exa. Exa is testing Pyth as a market-data layer for agentic search: Exa can research a company or event, while Pyth can supply the current and historical market observations. The collaboration is in an early testing phase. Pyth Indices: the curve joins the catalog In October, Pyth Indices grew from 50 to 77 stable feeds in the product catalog, with 27 first reaching stable status during the month. The expansion added nine equity and ETF indices, including AMD, Marvell, Alibaba, SPY, QQQ and EWZ. It also brought U.S. rates into the suite: 14 constant-maturity Treasury feeds across seven maturities, each with a par yield and a discount factor. New commodity products included a diesel index. Still in October, Pyth brought that movement into Pyth Indices with a new constant-maturity U.S. Treasury curve. Built from Treasury price data already available through Pyth Pro, it publishes par yields and discount factors across seven maturities, from two to 30 years, during European and U.S. market hours. Each maturity stays fixed as the bonds behind it change. Applications can follow the shape of the curve through the session without tracking individual securities through every auction. Together, these additions give teams more ways to use Pyth across markets with different trading hours: intraday rate data and continuous constructed pricing for selected equities and commodities. The Data Marketplace: the events behind a price In October, Pyth made corporate-action data for supported U.S. equities available. Sourced from Exchange Data International, the Pyth Intelligence API provides cash-dividend and stock-split records, including event dates, dividend amounts, and split ratios. That gives applications more than the latest equity price. Teams can prepare for a scheduled split or dividend and understand the price change when it arrives. For venues and builders working with equity-linked products, Pyth now brings price data and the events that shape it into the same market-data offering. What October showed The 4,451 Terminal signups show continued interest in exploring Pyth data. ARR reached $13.67 million, up 18.9% on September, with $725K of new ARR coming through self-serve Terminal checkout. Together, the Terminal, Pro APIs, Indices, and Marketplace give people and software different ways to find and use the data they need. Pyth took that discussion into the industry at WFIC 2026. Michael James, Head of Institutional at Douro Labs and a Pyth contributor, joined speakers from TraditionData, OTC Markets Group, Nasdaq, and Cboe on a panel about extended trading hours, with Morgan Stanley moderating the discussion. The outcome was unanimous: longer trading days need more than an open venue: data, liquidity, risk systems, and operations must work across the extra hours. The message appeared beyond the conference floor, too. Pyth out-of-home placements ran in Miami, New York, London, and Copenhagen. The campaign put a simple statement in public view: Pyth is here to stay as financial markets become more continuous, cross-asset, and software-driven. October once again proved a month for the books, as we explored new AI applications, launched and expanded our product with corporate actions, and continued broadening our price feed and financial market data coverage , all with a precise focus on building the price-of-everything layer in real time, everywhere, for markets that never close. Explore the Pyth Terminal catalog. Pyth Network 🔮

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