Pyth Network in October 2026: Buybacks funded by revenue against a supply still growing
Pyth Network (PYTH) is the token of an oracle network: exchanges, market makers and trading firms publish their own prices directly on the network, those individual submissions are aggregated into one price, and an application on a blockchain pulls that price when it needs it. PYTH itself is a token on Solana. The price stands at roughly 0.0748 US dollars on 19 October 2026. That is about 2.5 times the twelve-month low of 0.0296 US dollars from 6 June 2026 – and some 39 percent below the twelve-month high of 0.1223 US dollars from 27 October 2025.
What has changed in recent weeks
October carried the price up first and then back down. PYTH opened the month at 0.0771 US dollars, reached a monthly high of 0.0998 US dollars and a monthly low of 0.0704 US dollars; the daily close on 18 October was 0.0746 US dollars, and on 19 October 2026 the price stood slightly above that at roughly 0.0748 US dollars. Over seven days that leaves a loss of some 5 percent, but over 30 days a gain of about 23 percent and over 90 days about 58 percent. Two decisions form the background to this move: a rule announced on 8 October 2026 under which all eligible product revenue goes into monthly open-market purchases of PYTH, and approval as an external distributor of Nasdaq Basic equity data in late September 2026.
Why this forecast stays cautious
The buybacks depend on product revenue, and that revenue is small against the valuation: Pyth reports active annual recurring revenue of 11.49 million US dollars at the end of the third quarter of 2026, against a market capitalisation of roughly 589 million US dollars. Purchased tokens are also not burned but moved into a reserve. At the same time, roughly 21 percent of the maximum supply is not yet in circulation. Our scenarios therefore start from the opening price of the year, 0.0558 US dollars, rather than from the price after the gains of recent months – and the pessimistic path deliberately begins at the level of the twelve-month low.
The crypto market right now
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What Pyth Network is, and what the price depends on
An oracle brings outside prices onto a blockchain. Pyth does this with its own design: the data does not come from intermediaries but directly from exchanges, market makers and trading firms that publish their own prices. Those individual submissions are aggregated into one price with a confidence interval, and an application fetches that price only when it needs it. For lending markets, derivatives and tokenised assets this is the foundation: without a reliable price, no position can be valued and no liquidation can be triggered.
The direct point of comparison is Chainlink, which offers the same service through a different mechanism: there, node operators push prices onto the chain, whereas with Pyth the application pulls them. Consumers are applications across many chains, from Ethereum to perpetual exchanges such as Hyperliquid.
The token's three jobs
PYTH has three functions on the network. First, voting: whoever stakes tokens votes on proposals, with one staked token counting as one vote. Second, data integrity: through Oracle Integrity Staking, holders back individual data publishers; if a publisher delivers incorrect or harmful data, its own stake and the stake delegated to it can be slashed. Third, since October 2026, the link to revenue. Demand therefore rests on the use of an infrastructure and not on resale alone.
The 100 percent rule: revenue becomes buybacks
On 8 October 2026 the resolution OP-PIP-136 was announced. Under it, all eligible product revenue due to the DAO flows into monthly open-market purchases of PYTH. The rule replaces an earlier cap under which only a third of holdings could be held outside PYTH, and it replaces the previous month-by-month vote. Several reports name two limits: at most 25,000 US dollars per transaction and at most five percent slippage.
What is easily missed: the purchased tokens are not burned. They go into a reserve and cannot be sold again without a separate governance decision. The circulating amount therefore does not fall permanently, it is tied up. The rule also covers the DAO's share of revenue, not the gross revenue of the products.
Where the revenue comes from
Pyth now also sells its data to customers outside the blockchain world. In late September 2026 the network was approved as an external distributor of Nasdaq Basic, Nasdaq's real-time product for quotes and trades in US-listed equities. That does not make the data open to everyone: access through Pyth remains tied to a licence and Nasdaq's written approval. For the end of the third quarter of 2026 Pyth reports active annual recurring revenue of 11.49 million US dollars, up roughly 86.5 percent on the previous quarter, of which 5.33 million US dollars was added during the quarter, across 276 paying accounts.
The buybacks hang on these figures, and they should be read against the market capitalisation of roughly 589 million US dollars. Even with continued growth, the monthly buyback remains small for now relative to the circulating supply.
How broadly PYTH is traded
On 19 October 2026, ten centralised exchanges each reported more than one million US dollars of daily turnover in PYTH, led by Binance with roughly 6.2 million, Upbit with 2.5 million and OKX with 1.6 million; the five large venues together accounted for roughly 12.3 million US dollars. Of 163 reported trading pairs, the data provider itself excludes 49 from its count; the remainder add up to roughly 35.5 million US dollars. Of that, decentralised venues account for roughly 0.9 million, or about 2.5 percent – trading runs almost entirely through centralised exchanges.
The supply
Roughly 7.87 billion of 10.0 billion PYTH are in circulation, and that figure is also the fixed upper limit. Roughly 21 percent of the maximum supply is therefore not yet circulating and will arrive under an unlock schedule. The available figures disagree on the size and timing of the next tranches, and a proposal to postpone an unlock was running in the project's forum; whether it was adopted is not established by the available sources. We therefore give no tranche figure, only the measured size of the supply.
What we deliberately leave out
On the trading volume running through Pyth-powered venues the sources contradict each other: the project's own quarterly report gives 2.09 trillion US dollars of volume in perpetual markets on real-world assets and a share of 94.1 percent, while market reports give 2.16 trillion and 94.4 percent. Those figures therefore appear in no version of this page. Also unused: a collaboration with a US agency on publishing economic data, claimed in one overview and confirmed nowhere, and the all-time high, which lies outside our measurement window. In their place stand the twelve-month figures we measured ourselves.
