Pyth Network 🔮 (@PythNetwork): Pyth's HIP-3 Relayer: Managed Infrastructure for Market Deployers

Pyth's HIP-3 Relayer: Managed Infrastructure for Market Deployers Hyperliquid proves that decentralized exchanges can match, and exceed, centralized performance. Now HIP-3 takes the next step: removing gatekeepers entirely. Centralized exchanges control market access by deciding the assets getting listed. HIP-3 makes market deployment permissionless: deployers define their own parameters, attract their own liquidity, and compete on merit. HIP-3 is a fundamental shift in who controls market access. It opens the door to permissionless deployment of perpetual markets for any asset — equities, commodities, FX, indices, and beyond. While deploying a market is straightforward, operating one 24/7 is where complexity emerges. HIP-3 markets require oracle updates every three seconds — continuously, reliably, and without fail. Miss an update window, and the market's prices go stale. Push incorrect data, and the 500K HYPE stake risks being slashed. Enter Pyth's HIP-3 Relayer HIP-3's oracle requirements are precise and unforgiving: Updates must occur every 3 seconds for oracle spot price, perp mark price, and external perp price A minimum 2.5-second cooldown exists between calls Updates are expected even when prices haven't changed Rate-limiting penalizes excess calls The oracleUpdater private key is immutable — if compromised, the market cannot be recovered For deployers managing significant capital and user funds, oracle operations aren't just a technical detail — they're existential. Pyth’s HIP-3 Relayer removes this operational burden. It's managed infrastructure that handles the complexity of oracle updates so deployers can focus on building markets, attracting liquidity and serving users. The Data Behind the Infrastructure Operational reliability matters, but it's meaningless without high-quality price data. Pyth publishes over 2000 price feeds covering every asset class HIP-3 deployers need: Equities: 900+ US stocks including all major indices (SPX, NDX, Russell 2000) Crypto Assets 24/5 Equities: 20 US stocks (TSLA, MSFT, COIN) US Economic Data: Major economic data points (GDP, PPI, CPI) Kalshi Prediction Markets Commodities and Metals: Gold, silver, crude oil, natural gas FX: All major currency pairs (EUR/USD, JPY/USD, GBP/USD) Rates: Interest rate products and treasury data This data originates directly from the world’s leading institutions — trading firms, exchanges, and market makers that define global prices in real time. Rather than relying on intermediaries who repackage information downstream, Pyth delivers data straight from the source, aggregating it transparently and publishing precise confidence intervals that reflect true market conditions. Explore the full list of partners and live price feeds here. How It Works The Relayer handles four critical operational challenges: 1. Always-On Reliability Oracle infrastructure must maintain uptime during weekends, holidays, volatility spikes, and datacenter failures. How Pyth Solves It: Redundant deployments across geographically distributed data-centers (Tokyo and London) Multiple independent instances push updates every 2.5-3 seconds If one datacenter goes down, others continue operating seamlessly 2. Price Source Backup If the primary price source goes offline, you need backup sources that activate automatically — without introducing stale or incorrect prices. How Pyth solves it: Deployers choose their primary price source (Pyth feeds, custom APIs, or Hyperliquid's own oracle) Automatic failover to backup sources if primary becomes unavailable Customizable failover waterfall: Pyth Pro → Pyth Core → Custom source 3. Private Key Protection The oracle updater key is immutable and controls the entire market. If compromised, the 500K HYPE deployment can be slashed. How Pyth solves it: You can custody the oracle key in AWS KMS (an institutional-grade root of trust) without ever exposing it to our Relayer application. When updates are needed, Relayer sends unsigned payload to KMS KMS signs with the oracle key and returns signed transaction Key rotations handled via multisig to mitigate key compromise 4. Real-Time Monitoring Visibility into oracle operations to detect and resolve issues before they impact markets. How Pyth solves it: 24/7 monitoring with real-time dashboards tracking: Price source health and connection status Update timing and success rates Transaction confirmation latency Failover events and backup source activations Automated alerting pages on-call engineers immediately when issues are detected. Why This Matters Pyth’s HIP-3 Relayer removes the operational complexity that would otherwise prevent many deployers from launching markets. Protocols and Hyperliquid builders testing new products can now focus on what they do best — while Pyth handles the operational demands of oracle updates. The relayer is live and available to deployers preparing markets. As HIP-3 adoption grows, this infrastructure will scale with it — enabling the permissionless deployment of traditional financial markets without requiring each deployer to rebuild the same operational stack. For deployers interested in using Pyth’s HIP-3 Relayer for their markets, get in touch with the Pyth contributors here.