the biggest jumps in $PYTH feed calls came from perps engines and major lending markets wiring Pyth into liquidation and settlement paths, especially Synthetix Perps V2 on Optimism and a wave of Arbitrum dApps like CAP Finance, along with Aave adding Pyth as a secondary oracle. These integrations create frequent, on-demand pulls where every trade, funding tick, or health check needs a fresh price.
High-frequency derivatives
Synthetix Perps V2 adopted Pyth as its primary off-chain oracle, added roughly 40 new markets, processed near $15B in volume in six months, and generated over $10M in fees for stakers; that activity implies heavy recurring price pulls in funding and mark pricing loops.
Arbitrum perps such as CAP Finance integrated Pyth’s pull model to power a keeper network for real-time execution across crypto, FX, and metals markets, multiplying update calls as markets and users scaled.
Lending and money markets
Aave on Optimism approved Pyth as a secondary oracle, putting Pyth in the critical liquidation and borrow math path when configured, which systematically increases price fetches across one of DeFi’s largest lending venues.
Venus and Alpaca on BNB Chain extended Pyth-backed perps and lending flows; Alpaca’s perpetuals rely on low-latency feeds, and Venus uses oracle reads for collateral checks, both boosting pull frequency.
Broader ecosystem lift
Ribbon Finance and other options vaults tapped Pyth for tighter strikes and expiry pricing, adding periodic but bursty pulls during auctions and rebalances.
Cross-chain expansion meant a feed launched in one place was immediately consumable on 20+ chains, so each new market created a cascade of downstream consumers that pulled the same symbol more often.
Why these specific projects move the needle
Perps engines trigger price reads on every order match, funding update, and liquidation scan, making them the heaviest oracle consumers in DeFi. Integrating Pyth’s pull model channels that load into verified updates at execution time.
Lending protocols run constant health checks and liquidations, so adding Pyth into the oracle set increases baseline reads even during quiet markets, and spikes them during volatility.
Bottom line: Synthetix Perps V2, Aave on Optimism, and Arbitrum perps like CAP Finance were the clearest drivers of higher Pyth feed call volume, with BNB Chain protocols like Venus and Alpaca adding steady demand. Derivatives plus lending equals the densest concentration of on-demand oracle pulls.
