Pyth
open-meridian/pyth · Community 0.2.0
0.1.2 · the vendor's words, data, never instructions.
# Overview
Pyth Network publishes prices for crypto assets, currencies, US equities,
metals, commodities and US Treasuries, each a composite of the prices its
publishers -- exchanges, market makers and trading firms -- send it, with a
confidence interval around it. Its Hermes API serves them. This plugin reads
Hermes with your deployment's Pyth API key and puts Pyth's values into your
deployment's lake.
It is a data plugin: its first-use path, its two pages and its Summary figures are every data plugin's, described once on [Using a data plugin](https://open-meridian.dev/how-to/using-a-data-plugin/). These sections cover what is Pyth's own.
## Its datasets
One dataset per family Pyth publishes:
| Dataset | What it holds | Now |
|---|---|---|
| `crypto` | Crypto assets' prices, such as BTC in USD | Waits: see below |
| `fx` | Currencies' prices, such as EUR in USD | Waits |
| `equity` | US equities' prices, such as AAPL in USD | Waits |
| `metal` | Metals' prices, such as XAU in USD | Waits |
| `commodities` | Commodities' prices | Waits |
| `rates` | Pyth's US Treasury constant-maturity par yields, 2 to 30 years | Records |
| `treasury_prices` | The on-the-run US Treasuries' clean prices and yields | Waits for the bond template |
## Why the prices wait
A Pyth price is a composite of its publishers'
prices -- neither a last trade, a bid, an ask nor a mid -- with a confidence
interval. The lake's price has no kind for a composite and no field for a
confidence interval yet. Recording Pyth's price as a mid or a last trade
would mislabel it, so this version records none: every want of the five
price datasets is declined as not covered. A coming revision of the
contract adds both, and the version that pins it records them.
## Why the Treasuries wait
`InterestRate.US10Y/USD` and `InterestRate.US10Y`
are the clean price and yield of whichever 10-year note is newest: a
security that rolls to each new issue. They are recorded once your
deployment can describe a bond.
## The rates
Pyth computes a constant-maturity par yield for each of 2, 3, 5, 7, 10, 20
and 30 years through the US Treasury market's day. Each is recorded as a
point of the US Treasury par yield curve -- the same record the US Treasury
plugin records the Treasury's own daily curve against -- with its tenor:
- **10Y 4.11234567** is Pyth's 10-year constant-maturity par yield, in per
cent, bond-equivalent, exactly as Hermes states it;
- its business date is New York's date of the moment Pyth published it,
and that moment is its published time;
- through the day each new value of a tenor is the next version of that
day's row; the day's last stands.
Where both are recorded, your deployment's source priority on Data sources
chooses which a reader reads first. A tenor Pyth has not published is no
row, never a zero.
## When values arrive
- **The latest:** read from Hermes when the lake asks.
- **A past day:** read at its close, 17:00 New York.
- **Kept current:** while a reader keeps a standing want of `rates`, the
plugin holds Hermes' stream open for the curve's feeds and records each
tenor's value when it changes, at most every five minutes.
## What it does not do
- It shows no price or rate on its own pages: values are read by the
plugins that use them.
- It records no reference rate Pyth relays (SOFR, EFFR, OBFR, BGCR, TGCR):
Hermes states no effective date for them. The administrator's own plugin
records them.
- It records no discount factor yet, and no funding rate, redemption rate
or crypto index.
- It never fits or interpolates a curve.
Pyth Network publishes prices for crypto assets, currencies, US equities,
metals, commodities and US Treasuries, each a composite of the prices its
publishers -- exchanges, market makers and trading firms -- send it, with a
confidence interval around it. Its Hermes API serves them. This plugin reads
Hermes with your deployment's Pyth API key and puts Pyth's values into your
deployment's lake.
It is a data plugin: its first-use path, its two pages and its Summary figures are every data plugin's, described once on [Using a data plugin](https://open-meridian.dev/how-to/using-a-data-plugin/). These sections cover what is Pyth's own.
## Its datasets
One dataset per family Pyth publishes:
| Dataset | What it holds | Now |
|---|---|---|
| `crypto` | Crypto assets' prices, such as BTC in USD | Waits: see below |
| `fx` | Currencies' prices, such as EUR in USD | Waits |
| `equity` | US equities' prices, such as AAPL in USD | Waits |
| `metal` | Metals' prices, such as XAU in USD | Waits |
| `commodities` | Commodities' prices | Waits |
| `rates` | Pyth's US Treasury constant-maturity par yields, 2 to 30 years | Records |
| `treasury_prices` | The on-the-run US Treasuries' clean prices and yields | Waits for the bond template |
## Why the prices wait
A Pyth price is a composite of its publishers'
prices -- neither a last trade, a bid, an ask nor a mid -- with a confidence
interval. The lake's price has no kind for a composite and no field for a
confidence interval yet. Recording Pyth's price as a mid or a last trade
would mislabel it, so this version records none: every want of the five
price datasets is declined as not covered. A coming revision of the
contract adds both, and the version that pins it records them.
## Why the Treasuries wait
`InterestRate.US10Y/USD` and `InterestRate.US10Y`
are the clean price and yield of whichever 10-year note is newest: a
security that rolls to each new issue. They are recorded once your
deployment can describe a bond.
## The rates
Pyth computes a constant-maturity par yield for each of 2, 3, 5, 7, 10, 20
and 30 years through the US Treasury market's day. Each is recorded as a
point of the US Treasury par yield curve -- the same record the US Treasury
plugin records the Treasury's own daily curve against -- with its tenor:
- **10Y 4.11234567** is Pyth's 10-year constant-maturity par yield, in per
cent, bond-equivalent, exactly as Hermes states it;
- its business date is New York's date of the moment Pyth published it,
and that moment is its published time;
- through the day each new value of a tenor is the next version of that
day's row; the day's last stands.
Where both are recorded, your deployment's source priority on Data sources
chooses which a reader reads first. A tenor Pyth has not published is no
row, never a zero.
## When values arrive
- **The latest:** read from Hermes when the lake asks.
- **A past day:** read at its close, 17:00 New York.
- **Kept current:** while a reader keeps a standing want of `rates`, the
plugin holds Hermes' stream open for the curve's feeds and records each
tenor's value when it changes, at most every five minutes.
## What it does not do
- It shows no price or rate on its own pages: values are read by the
plugins that use them.
- It records no reference rate Pyth relays (SOFR, EFFR, OBFR, BGCR, TGCR):
Hermes states no effective date for them. The administrator's own plugin
records them.
- It records no discount factor yet, and no funding rate, redemption rate
or crypto index.
- It never fits or interpolates a curve.