CAP Finance caused the clearest spike, with about 30 new markets and multi‑billion volume soon after integrating $PYTH , followed by other Arbitrum perps like Buffer, Vela, Tigris, Duet, and Deri wiring Pyth into trade, funding, and liquidation paths.
Those venues turned on frequent on‑demand pulls, which is why update counts jumped during volatile sessions.
dApps explicitly cited by Pyth
CAP Finance: listed nearly 30 markets after integration and crossed roughly $2.5B in volume within six months, implying heavy keeper and settlement pulls per trade and funding tick.
Buffer Finance: integrated Pyth as the primary oracle for its perps, adding continuous pulls in execution loops.
Vela Exchange: perps engine using Pyth for marks and liquidations, contributing bursty pull traffic during high volatility.
Tigris Trade: on‑chain perps using Pyth price updates at order execution and liquidations.
Duet Protocol and Deri Protocol: derivatives venues on Arbitrum that consume Pyth feeds for multiple markets, increasing update frequency as listings expanded.
Why these caused the largest spikes
Pull architecture: Each match, funding update, or liquidation scan submits a signed price update on‑chain, so perps are natural top consumers; adding markets multiplies pulls linearly and volatility multiplies them in bursts.
Fast rollout: Pyth’s Arbitrum launch made ARB/USD and many other feeds instantly available, letting multiple perps spin up new markets quickly and concentrate demand in short windows.
Corroborating signals to watch
Post‑integration stats: Pyth’s Arbitrum posts highlight cross‑chain update peaks near 90k in a day and large Arbitrum trading volumes influenced by Pyth, which align with perps‑driven spikes. While not app‑by‑app leaderboards, these metrics match the named venues’ activity.
Arbitrum forum KPIs: Pyth’s LTIPP application mentions tracking contracts that call updatePriceFeeds and total gas spent to update feeds, a method that can attribute spikes to specific Arbitrum dApps during a given period.
Bottom line: CAP Finance stands out, with Buffer, Vela, Tigris, Duet, and Deri also driving the biggest surges in Pyth pulls on Arbitrum, thanks to perps engines that fetch prices on every trade, funding tick, and liquidation pass.
