Dune launches live trading feeds with filtered market coverage

Dune has introduced a new data product designed to provide institutional traders with real-time insights into the cryptocurrency and tokenized asset markets. The service, called Market Data Feeds, offers a live stream of spot and perpetual trades, allowing desks to price positions, review execution, and monitor tokenized assets. The feed covers over 200 venues across 12 different blockchains, providing a broad but curated view of market activity.

The core of the product is a filtered instrument catalog. Dune has implemented admission requirements for liquidity, pricing integrity, and venue registration. This means that not all on-chain activity is included; pools without usable oracle prices or those that are short-lived are excluded to prevent distortions in aggregate valuation. This curated approach aims to provide a stable and reliable set of marks for position valuation.

Performance is a key feature of the new feed. Dune claims spot-feed latency at 1.34 seconds, p95, with trades arriving approximately one second after the block containing them. Each record identifies the instrument, venue, and the taker’s side, along with the executed price. The service uses an oracle price pinned to the block for dollar valuation, and if a reliable mark is unavailable, it reports the trade as unpriced with a reason.

The feed is built to handle corrections and reorganizations. Instead of silently changing figures that a trading team has already recorded, Dune resends the affected block and delivers corrections as messages. This approach ensures that the data remains accurate and transparent, providing a clear audit trail for execution review and market monitoring.

Curated market universe

Dune has built a catalog that includes a wide range of asset classes, from native crypto tokens and stablecoins to tokenized equities, ETFs, treasuries, funds, commodities, and private credit. Perpetual coverage includes equities, commodities, foreign exchange, pre-IPO names, and crypto tokens. This broad scope is subject to the admission rules of the catalog, ensuring that only instruments meeting specific criteria are included.

For analysts screening new launches, Dune points to its DEX datasets. Customers seeking an instrument outside the feed catalog can request a review of the universe. The company says it publishes its methodology, though it leaves the numerical liquidity thresholds and full admission test unspecified. This allows for flexibility while maintaining a high standard of data quality.

The service also assigns stable identifiers and classifications to assets, venues, and markets. These identifiers distinguish instruments from their addresses on individual chains and ensure that adding another venue does not require customers to change their integration. Reference data comes from Dune’s registry, providing a consistent framework for analysis.

Use cases and coverage

Dune describes several specific use cases for the feed. For tokenized-fund issuers, it proposes secondary-market volume alerts and comparisons of trading prices with net asset value. The service allows desks to monitor stablecoin selling by venue and trade size in real time. This monitoring covers activity on venues outside an issuer’s control, separate from a desk’s own review of fills.

The feed is particularly useful for execution review. A desk comparing a fill against the wider market needs trades in the same pair, on other venues, at the time of execution. The Spot Feed supplies this comparison in a common format as trades happen. The same records can also be used to reprice open positions between scheduled marks.

For market makers quoting on centralized venues, the onchain prints provide another price signal. Dune identifies cross-venue spreads and concentration of activity on particular venues as measurements customers can make from the resolved trades. The feed also supports an out-of-hours use case, allowing desks to follow spot and perpetual markets through the weekend while a listed position’s conventional market is closed.

The product page highlights coverage on Hyperliquid and Solana. For Hyperliquid, the feed includes first-party markets and HIP-3 builder-deployed markets, carrying dollar notionals, side, size, and effect, along with taker and maker information. For Solana, coverage spans automated market makers, request-for-quote fills, central limit order books, and proprietary automated market makers, with support for routers like Jupiter, DFlow, OKX, and Titan.

Delivery and historical access

Customers receive the live feeds over WebSocket and reference data through a REST API. Historical records are available through an API or via datashare in Snowflake, BigQuery, Databricks, and S3. The announcement directs prospective customers to Dune’s data-solutions team to arrange access. The feed subscription price is unspecified.

Dune offers a standard trial containing six months of history across EVM chains and Solana, extended nightly. Outside of the trial, the product page advertises eight years of history. However, history for the BNB chain is still listed as forthcoming in the trial description, with no delivery date provided.