Dune Brings Standardized Onchain Market Data to Institutional Systems

Dune Analytics, the blockchain analytics platform, has begun offering real-time market data feeds that aggregate trading activity from decentralized exchanges and perpetual futures venues. The service covers spot trades across more than 200 platforms on 12 blockchains, including Ethereum, Solana, Base and X Layer, as well as perpetual futures activity on Hyperliquid and Lighter.

Each record in the feeds includes the instrument, venue, trade side, price, U.S. dollar value and a direct link to the underlying transaction. Data arrives via WebSocket for live trades and through a REST API for reference information. The offering targets hedge funds, asset managers, market makers and bank trading desks, which use the information to assess liquidity, compare execution quality across venues and evaluate trading strategies ahead of deploying capital.

Latency and Coverage Details Highlight Timing Advantages

The feeds provide 95th-percentile delivery times of 1.34 seconds for spot trades and 590 milliseconds for perpetual trades. This near real-time cadence allows participants to monitor price discovery and execution quality in decentralized markets that operate around the clock. The service does not capture every trade onchain but instead focuses on selected activity that meets liquidity, pricing-integrity and venue-registration thresholds.

When a chain reorganization alters a block, the feeds automatically supply corrected records. Trades without a reliable price mark receive a label and explanation, ensuring data reliability for analysis. Historical coverage includes six months of data from EVM chains and Solana, with BNB Chain additions planned.

Tokenized Markets Fuel Need for Better Visibility

The launch comes as the tokenized stock sector continues rapid growth. Distributed value of tokenized stocks has reached $3.58 billion, representing a roughly 470% increase from the previous year. Yet fragmentation across blockchain platforms and ongoing issuer disputes over trading rights have created challenges in pricing and execution.

Plans for a tokenized U.S. stock platform on X Layer, backed by a joint venture between OKX and Intercontinental Exchange, have faced objections from at least 16 publicly traded companies, including Microsoft, Alphabet and Goldman Sachs. In May, Tiger Research director Ryan Yoon highlighted risks of price discrepancies and reduced market efficiency when the same tokenized assets trade across multiple chains. Dune’s feeds aim to address these issues by delivering consistent, cross-venue data that institutions can integrate into existing trading workflows.

Client Use Cases and Next Steps for Onchain Participation

Quant funds, market makers, asset managers and bank trading desks are among the earliest adopters, though specific names remain undisclosed under nondisclosure agreements. Dune co-founder and CEO Fredrik Haga noted that institutions increasingly watch onchain markets because they can no longer price certain assets accurately without this data. He added that direct onchain trading remains limited by operational complexity, stating:

As liquidity improves and regulatory clarity advances, the standardized feeds could support a shift toward more direct onchain execution. The service already enables tracking of price discovery, venue comparisons and position marking outside traditional market hours. With perpetual-trading coverage of approximately $9 billion in daily volume, the offering provides a practical bridge between decentralized markets and institutional infrastructure.