Dune Unveils Real-Time On-Chain Trading Data for Tokenized Markets

Dune Aims for Wall Street Trading Desks with Real-Time Onchain Data Feeds

Dune, a company best known for its SQL dashboards that crypto analysts use to scrutinize blockchain activity, is now setting its sights on Wall Street trading desks. The firm has launched real-time market data feeds that capture trades from over 200 onchain venues across 12 blockchain networks, targeting institutional investors rather than individual hobbyists.

Expanding Data Offerings

The new product provides trade data for both spot markets and perpetual futures from decentralized venues, with support for prominent networks including Ethereum, Solana, and BNB Chain. Perpetual futures, a type of derivative contract without an expiration date, allow traders to maintain leveraged positions indefinitely and have become a highly traded instrument in the cryptocurrency space.

Dune is positioning these data feeds for hedge funds, asset managers, market makers, and brokers, offering them the ability to integrate onchain price discovery directly into their existing market data systems. The company claims ambitious coverage, stating that its feeds capture approximately 90% of onchain spot trading volume. On the derivatives side, daily perpetual trading volume across the supported venues is estimated at around $9 billion.

Speed and Performance Metrics

For professional traders, the speed of data delivery is a critical factor. Dune reports a 95th percentile latency of 1.34 seconds for spot trades and 590 milliseconds for perpetual trades. The “p95” metric is significant as it indicates the performance for 95% of data deliveries, offering a more realistic view of near-worst-case scenarios rather than an average.

Bridging Onchain and Traditional Finance

Fredrik Haga, co-founder and CEO of Dune, has noted that onchain trading constitutes roughly 25% of spot trading volume. He views this expansion of data offerings as a crucial step in integrating onchain activity into traditional finance.

Regulatory shifts are also influencing this market. In September 2026, the SEC granted a five-year exemption allowing certain venues to trade tokenized U.S. stocks without requiring full exchange registration. Tokenized stocks, which are blockchain-based representations of traditional equities, can trade 24/7, a stark contrast to conventional exchanges that operate on fixed schedules. This continuous trading presents a challenge for financial institutions, necessitating reliable pricing data even when traditional markets are closed.

From Dashboards to Market Data

Dune’s original product was built on SQL-based analytics, enabling users to query indexed blockchain data and visualize it in charts and dashboards. The new real-time feeds represent a distinct business model. While dashboards cater to researchers who can accommodate data lag, market data feeds are designed for automated trading systems that require immediate and uninterrupted data streams.

The feeds are engineered to integrate seamlessly into existing market data workflows, a crucial aspect for institutions that are unlikely to overhaul their infrastructure for a new vendor.

Key Beneficiaries and Use Cases

Firms that seek onchain exposure but lack the internal engineering capabilities to aggregate this data themselves stand to benefit most. Market makers, for instance, require a consolidated view of trading activity across various chains to accurately price tokenized assets. Without such a comprehensive view, pricing can become speculative, and fragmented liquidity across numerous venues could lead to missed opportunities.

Beyond pricing, risk management presents another vital use case. Compliance and risk teams at financial institutions need verifiable pricing data for their holdings. An aggregated feed with documented coverage and latency simplifies interactions with auditors.

Future Considerations

While Dune’s claims of 90% coverage are ambitious, institutions will likely conduct their own rigorous testing, particularly during periods of high volatility when latency can increase and data accuracy is paramount.