diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0dd0c17d6..72e9e880d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,16 @@ All notable changes to this repository are documented here.
 
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.1.0/).
 
+## [2026-09-23] - Finance examples point their production oracle path at Pyth
+
+The oracle network that the lending, perpetual futures and prop AMM examples
+modeled their price feeds on has shut down. The perpetual futures and prop AMM
+mock oracle program is now `mock-price-feed` in both Anchor variants, with the
+same program ID, instructions and account layout. Every production-path comment
+and README in the three examples, across Anchor v2, Anchor v1 and Quasar, now
+points at a Pyth `PriceUpdateV2` account, which `basics/pyth` reads. No program
+behavior changes.
+
 ## [2026-09-23] - The token fundraiser and order book Anchor v1 copies catch up
 
 Under the old rule that `anchor-v1/` copies were frozen, two v1 copies were
diff --git a/Cargo.lock b/Cargo.lock
index 724b0bfea..35a92d8aa 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2648,7 +2648,7 @@ dependencies = [
 ]
 
 [[package]]
-name = "mock_switchboard"
+name = "mock_price_feed"
 version = "0.1.0"
 dependencies = [
  "anchor-lang",
@@ -2657,7 +2657,7 @@ dependencies = [
 ]
 
 [[package]]
-name = "mock_switchboard_prop_amm"
+name = "mock_price_feed_prop_amm"
 version = "0.1.0"
 dependencies = [
  "anchor-lang",
@@ -3083,7 +3083,7 @@ dependencies = [
  "anchor-spl",
  "anchor-v2-testing",
  "borsh 1.7.0",
- "mock_switchboard",
+ "mock_price_feed",
  "pinocchio 0.11.2",
  "solana-address 2.6.1",
  "solana-clock 3.1.1",
@@ -3373,7 +3373,7 @@ dependencies = [
  "anchor-spl",
  "anchor-v2-testing",
  "borsh 1.7.0",
- "mock_switchboard_prop_amm",
+ "mock_price_feed_prop_amm",
  "pinocchio 0.11.2",
  "solana-address 2.6.1",
  "solana-clock 3.1.1",
diff --git a/Cargo.toml b/Cargo.toml
index 5424047f9..c1fd19028 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -72,7 +72,7 @@ members = [
 
     # finance
     #
-    # The two `mock-switchboard` crates are excluded below: they share a package
+    # The two `mock-price-feed` crates are excluded below: they share a package
     # name, and one workspace cannot hold two packages called the same thing.
     # They stay path dependencies of the programs that test against them.
     "finance/betting-market/anchor/programs/betting-market",
@@ -127,11 +127,11 @@ members = [
     "tokens/token-extensions/transfer-hook/whitelist/anchor/programs/transfer-hook",
 ]
 # A path dependency inside the workspace directory joins the workspace unless it
-# is excluded. Both of these are named `mock_switchboard`, so leaving them in
-# fails with "two packages named `mock_switchboard` in this workspace".
+# is excluded. Both of these are named `mock_price_feed`, so leaving them in
+# fails with "two packages named `mock_price_feed` in this workspace".
 exclude = [
-    "finance/perpetual-futures/anchor/programs/mock-switchboard",
-    "finance/prop-amm/anchor/programs/mock-switchboard",
+    "finance/perpetual-futures/anchor/programs/mock-price-feed",
+    "finance/prop-amm/anchor/programs/mock-price-feed",
 ]
 resolver = "2"
 
diff --git a/finance/lending/anchor-v1/CHANGELOG.md b/finance/lending/anchor-v1/CHANGELOG.md
index c1fc61662..b4eec5747 100644
--- a/finance/lending/anchor-v1/CHANGELOG.md
+++ b/finance/lending/anchor-v1/CHANGELOG.md
@@ -27,6 +27,12 @@ previous program, and by `first_deposit_must_exceed_the_minimum` and
 opens each reserve with a deposit from the market owner; `add_empty_reserve`
 leaves it empty.
 
+The price feed's production path now points at a Pyth `PriceUpdateV2` account
+(`price_mantissa = price_message.price`, `exponent = price_message.exponent`,
+`last_updated_slot = posted_slot`), since the oracle network the feed was
+modeled on has shut down. Documentation only: the account layout and handlers
+are unchanged.
+
 ## 2026-09-22
 
 Accrue interest by the wall clock instead of by slots. The reserve's
@@ -76,7 +82,7 @@ Initial lending program: a Kamino/Solend-style borrow/lend market.
   borrow-rate index; per-obligation scaled debt.
 - Oracle-priced obligation health with loan-to-value and liquidation-threshold
   limits, and close-factor-capped liquidation with a seize bonus.
-- Switchboard-On-Demand-shaped price feed with a `set_price` test writer.
+- Mantissa-and-exponent price feed with a `set_price` test writer.
 - Rust + LiteSVM integration tests covering supply/redeem, borrow/repay,
   withdraw, interest accrual, liquidation, the share-inflation guard, and
   rounding/stale-input edge cases.
diff --git a/finance/lending/anchor-v1/README.md b/finance/lending/anchor-v1/README.md
index 0063d4f01..9569a34d4 100644
--- a/finance/lending/anchor-v1/README.md
+++ b/finance/lending/anchor-v1/README.md
@@ -143,7 +143,7 @@ round-trips.
 
 ### Oracle
 
-`PriceFeed` mirrors a Switchboard On-Demand pull feed: a signed mantissa, an
+`PriceFeed` mirrors an oracle price feed such as Pyth's: a signed mantissa, an
 exponent (`price = mantissa * 10^exponent`), and the slot the price was written.
 Freshness is checked in **slots** (`MAX_PRICE_STALENESS_SLOTS`), not wall-clock
 time, plus one check slots alone cannot make: a cluster restart passes hours of
@@ -156,11 +156,12 @@ trusts exactly its own market's feed for the mint, and isolated markets can
 price the same asset independently.
 
 The `set_price` handler writes the feed directly so the LiteSVM tests are
-deterministic; in production a reserve points at the real Switchboard feed and the
-program decodes `PullFeedAccountData` (`price_mantissa = current_result.value`,
-`exponent = -18`, `last_updated_slot = current_result.slot`) instead, and should
-also reject results whose confidence interval is too wide. Switchboard is used
-rather than Pyth here for its lower compute cost.
+deterministic; in production a reserve points at a Pyth price feed and the
+program reads its `PriceUpdateV2` account instead, as
+[`basics/pyth`](../../../basics/pyth/) does, after checking the update's
+`feed_id`: `price_mantissa` is `price_message.price`, `exponent` is
+`price_message.exponent`, and `last_updated_slot` is `posted_slot`. It should
+also reject results whose confidence interval is too wide.
 
 ### Custody
 
diff --git a/finance/lending/anchor-v1/programs/lending/src/instructions/admin/set_price.rs b/finance/lending/anchor-v1/programs/lending/src/instructions/admin/set_price.rs
index 4044c255b..8140aaaf9 100644
--- a/finance/lending/anchor-v1/programs/lending/src/instructions/admin/set_price.rs
+++ b/finance/lending/anchor-v1/programs/lending/src/instructions/admin/set_price.rs
@@ -4,9 +4,9 @@ use anchor_spl::token_interface::Mint;
 use crate::constants::PRICE_FEED_SEED;
 use crate::state::{LendingMarket, PriceFeed};
 
-/// Test stand-in for a Switchboard On-Demand feed: writes a price directly so
+/// Test stand-in for an oracle price feed: writes a price directly so
 /// LiteSVM tests are deterministic. In production the reserve points at a real
-/// Switchboard feed instead and this handler is unused.
+/// Pyth price feed instead and this handler is unused.
 ///
 /// The feed PDA is seeded by `[b"price_feed", market, mint]` and writing it
 /// requires the market's `owner` to sign, so a market's prices can only be set
diff --git a/finance/lending/anchor-v1/programs/lending/src/state/price_feed.rs b/finance/lending/anchor-v1/programs/lending/src/state/price_feed.rs
index 6d7cc8b82..cedfa148f 100644
--- a/finance/lending/anchor-v1/programs/lending/src/state/price_feed.rs
+++ b/finance/lending/anchor-v1/programs/lending/src/state/price_feed.rs
@@ -10,12 +10,13 @@ use crate::math::price_mantissa_to_scaled;
 /// individual), so each market prices its own assets and one market can never
 /// write another's feed. Only the market's `owner` may write it (`set_price`).
 ///
-/// The layout mirrors a Switchboard On-Demand pull feed: a signed mantissa plus
-/// an exponent (`price = price_mantissa * 10^exponent`) and the slot the value
-/// was written. In production this account would be the real Switchboard feed
-/// and the program would decode it with the `switchboard-on-demand` crate
-/// (`PullFeedAccountData`): `price_mantissa = current_result.value`,
-/// `exponent = -18`, `last_updated_slot = current_result.slot`. Here the
+/// The layout mirrors an oracle price feed such as Pyth's: a signed mantissa
+/// plus an exponent (`price = price_mantissa * 10^exponent`) and the slot the
+/// value was written. In production this account would be a Pyth
+/// `PriceUpdateV2` owned by the Pyth Receiver program (`basics/pyth` reads
+/// one), mapped as `price_mantissa = price_message.price`,
+/// `exponent = price_message.exponent` and `last_updated_slot = posted_slot`,
+/// after checking the update's `feed_id`. Here the
 /// `set_price` handler writes it directly so LiteSVM tests are deterministic.
 /// A production read should also reject results whose confidence interval is
 /// too wide; this stand-in has no confidence field to check.
diff --git a/finance/lending/anchor-v1/programs/lending/tests/common/mod.rs b/finance/lending/anchor-v1/programs/lending/tests/common/mod.rs
index ec4bb9962..b396c8474 100644
--- a/finance/lending/anchor-v1/programs/lending/tests/common/mod.rs
+++ b/finance/lending/anchor-v1/programs/lending/tests/common/mod.rs
@@ -31,7 +31,7 @@ use lending::state::{Obligation, Reserve, ReserveConfig};
 pub use anchor_lang::prelude::Pubkey;
 
 /// A FIXED_POINT_SCALE-scaled price exponent: prices are passed as
-/// `mantissa * 10^-18`, matching a Switchboard On-Demand feed's 1e18 result.
+/// `mantissa * 10^-18`, the same 18 decimals as `FIXED_POINT_SCALE`.
 pub const PRICE_EXPONENT: i32 = -18;
 
 pub fn dollars(whole: u64) -> i128 {
diff --git a/finance/lending/anchor/CHANGELOG.md b/finance/lending/anchor/CHANGELOG.md
index c1fc61662..b4eec5747 100644
--- a/finance/lending/anchor/CHANGELOG.md
+++ b/finance/lending/anchor/CHANGELOG.md
@@ -27,6 +27,12 @@ previous program, and by `first_deposit_must_exceed_the_minimum` and
 opens each reserve with a deposit from the market owner; `add_empty_reserve`
 leaves it empty.
 
+The price feed's production path now points at a Pyth `PriceUpdateV2` account
+(`price_mantissa = price_message.price`, `exponent = price_message.exponent`,
+`last_updated_slot = posted_slot`), since the oracle network the feed was
+modeled on has shut down. Documentation only: the account layout and handlers
+are unchanged.
+
 ## 2026-09-22
 
 Accrue interest by the wall clock instead of by slots. The reserve's
@@ -76,7 +82,7 @@ Initial lending program: a Kamino/Solend-style borrow/lend market.
   borrow-rate index; per-obligation scaled debt.
 - Oracle-priced obligation health with loan-to-value and liquidation-threshold
   limits, and close-factor-capped liquidation with a seize bonus.
-- Switchboard-On-Demand-shaped price feed with a `set_price` test writer.
+- Mantissa-and-exponent price feed with a `set_price` test writer.
 - Rust + LiteSVM integration tests covering supply/redeem, borrow/repay,
   withdraw, interest accrual, liquidation, the share-inflation guard, and
   rounding/stale-input edge cases.
diff --git a/finance/lending/anchor/README.md b/finance/lending/anchor/README.md
index 9d43d292f..b076bd9c0 100644
--- a/finance/lending/anchor/README.md
+++ b/finance/lending/anchor/README.md
@@ -143,7 +143,7 @@ round-trips.
 
 ### Oracle
 
-`PriceFeed` mirrors a Switchboard On-Demand pull feed: a signed mantissa, an
+`PriceFeed` mirrors an oracle price feed such as Pyth's: a signed mantissa, an
 exponent (`price = mantissa * 10^exponent`), and the slot the price was written.
 Freshness is checked in **slots** (`MAX_PRICE_STALENESS_SLOTS`), not wall-clock
 time, plus one check slots alone cannot make: a cluster restart passes hours of
@@ -156,11 +156,12 @@ trusts exactly its own market's feed for the mint, and isolated markets can
 price the same asset independently.
 
 The `set_price` handler writes the feed directly so the LiteSVM tests are
-deterministic; in production a reserve points at the real Switchboard feed and the
-program decodes `PullFeedAccountData` (`price_mantissa = current_result.value`,
-`exponent = -18`, `last_updated_slot = current_result.slot`) instead, and should
-also reject results whose confidence interval is too wide. Switchboard is used
-rather than Pyth here for its lower compute cost.
+deterministic; in production a reserve points at a Pyth price feed and the
+program reads its `PriceUpdateV2` account instead, as
+[`basics/pyth`](../../../basics/pyth/) does, after checking the update's
+`feed_id`: `price_mantissa` is `price_message.price`, `exponent` is
+`price_message.exponent`, and `last_updated_slot` is `posted_slot`. It should
+also reject results whose confidence interval is too wide.
 
 ### Custody
 
diff --git a/finance/lending/anchor/programs/lending/src/instructions/admin/set_price.rs b/finance/lending/anchor/programs/lending/src/instructions/admin/set_price.rs
index 7918e0193..02e3fac70 100644
--- a/finance/lending/anchor/programs/lending/src/instructions/admin/set_price.rs
+++ b/finance/lending/anchor/programs/lending/src/instructions/admin/set_price.rs
@@ -4,9 +4,9 @@ use anchor_spl::token_interface::Mint;
 use crate::constants::PRICE_FEED_SEED;
 use crate::state::{LendingMarket, PriceFeed};
 
-/// Test stand-in for a Switchboard On-Demand feed: writes a price directly so
+/// Test stand-in for an oracle price feed: writes a price directly so
 /// LiteSVM tests are deterministic. In production the reserve points at a real
-/// Switchboard feed instead and this handler is unused.
+/// Pyth price feed instead and this handler is unused.
 ///
 /// The feed PDA is seeded by `[b"price_feed", market, mint]` and writing it
 /// requires the market's `owner` to sign, so a market's prices can only be set
diff --git a/finance/lending/anchor/programs/lending/src/state/price_feed.rs b/finance/lending/anchor/programs/lending/src/state/price_feed.rs
index dd2747849..719aaea91 100644
--- a/finance/lending/anchor/programs/lending/src/state/price_feed.rs
+++ b/finance/lending/anchor/programs/lending/src/state/price_feed.rs
@@ -9,12 +9,13 @@ use crate::math::price_mantissa_to_scaled;
 /// individual), so each market prices its own assets and one market can never
 /// write another's feed. Only the market's `owner` may write it (`set_price`).
 ///
-/// The layout mirrors a Switchboard On-Demand pull feed: a signed mantissa plus
-/// an exponent (`price = price_mantissa * 10^exponent`) and the slot the value
-/// was written. In production this account would be the real Switchboard feed
-/// and the program would decode it with the `switchboard-on-demand` crate
-/// (`PullFeedAccountData`): `price_mantissa = current_result.value`,
-/// `exponent = -18`, `last_updated_slot = current_result.slot`. Here the
+/// The layout mirrors an oracle price feed such as Pyth's: a signed mantissa
+/// plus an exponent (`price = price_mantissa * 10^exponent`) and the slot the
+/// value was written. In production this account would be a Pyth
+/// `PriceUpdateV2` owned by the Pyth Receiver program (`basics/pyth` reads
+/// one), mapped as `price_mantissa = price_message.price`,
+/// `exponent = price_message.exponent` and `last_updated_slot = posted_slot`,
+/// after checking the update's `feed_id`. Here the
 /// `set_price` handler writes it directly so LiteSVM tests are deterministic.
 /// A production read should also reject results whose confidence interval is
 /// too wide; this stand-in has no confidence field to check.
diff --git a/finance/lending/anchor/programs/lending/tests/common/mod.rs b/finance/lending/anchor/programs/lending/tests/common/mod.rs
index 4f456692a..b8b05f832 100644
--- a/finance/lending/anchor/programs/lending/tests/common/mod.rs
+++ b/finance/lending/anchor/programs/lending/tests/common/mod.rs
@@ -26,7 +26,7 @@ use lending::state::{Obligation, Reserve, ReserveConfig};
 pub use anchor_lang::prelude::Address;
 
 /// A FIXED_POINT_SCALE-scaled price exponent: prices are passed as
-/// `mantissa * 10^-18`, matching a Switchboard On-Demand feed's 1e18 result.
+/// `mantissa * 10^-18`, the same 18 decimals as `FIXED_POINT_SCALE`.
 pub const PRICE_EXPONENT: i32 = -18;
 
 pub fn dollars(whole: u64) -> i128 {
diff --git a/finance/lending/quasar/CHANGELOG.md b/finance/lending/quasar/CHANGELOG.md
index dc6a19ebb..a57ed3d67 100644
--- a/finance/lending/quasar/CHANGELOG.md
+++ b/finance/lending/quasar/CHANGELOG.md
@@ -2,6 +2,11 @@
 
 ## [2026-09-23]
 
+### Changed
+
+- Documentation only: the price feed's production path now points at a Pyth
+  price feed, since the oracle network it was modeled on has shut down.
+
 ### Fixed
 
 - Lock a minimum number of reserve shares. The first deposit now mints
@@ -113,7 +118,7 @@ Initial Quasar port of the Kamino/Solend-style borrow/lend program.
   borrow-rate index, accrued inline per instruction.
 - Oracle-priced health with loan-to-value and liquidation-threshold limits, and
   close-factor-capped liquidation with a seize bonus.
-- Switchboard-On-Demand-shaped price feed with a `set_price` test writer.
+- Mantissa-and-exponent price feed with a `set_price` test writer.
 - quasar-svm integration tests covering supply/redeem, borrow/repay, interest
   accrual, and liquidation (including the healthy-rejection path).
 - Price feed PDAs are seeded by their authority, so no signer can write or
diff --git a/finance/lending/quasar/README.md b/finance/lending/quasar/README.md
index 107c4b478..2080d47ba 100644
--- a/finance/lending/quasar/README.md
+++ b/finance/lending/quasar/README.md
@@ -47,12 +47,12 @@ Everything else mirrors the Anchor version.
 - **`Obligation`**: a borrower's isolated position: the collateral reserve and
   deposited share amount, plus the borrow reserve and scaled debt. PDA:
   `["obligation", market, owner]`.
-- **`PriceFeed`**: a Switchboard-On-Demand-shaped price (`mantissa * 10^exponent`
+- **`PriceFeed`**: an oracle-shaped price (`mantissa * 10^exponent`
   + slot). PDA: `["price_feed", market, mint]`: scoped to a market, not to any
   individual; only the market's `owner` may write it, so prices can't be squatted
   and each market prices its own assets. `set_price` writes it directly for
-  deterministic tests; in production a reserve points at the real Switchboard
-  feed. Freshness is checked in slots.
+  deterministic tests; in production a reserve points at a real Pyth
+  price feed. Freshness is checked in slots.
 - **Liquidation**: the close factor (max fraction of the debt one call repays)
   comes from the borrow reserve; the bonus from the collateral reserve. A
   repayment whose seizure would exceed the posted collateral fails with
diff --git a/finance/lending/quasar/src/instructions/admin.rs b/finance/lending/quasar/src/instructions/admin.rs
index fd973b369..811bfffe2 100644
--- a/finance/lending/quasar/src/instructions/admin.rs
+++ b/finance/lending/quasar/src/instructions/admin.rs
@@ -181,7 +181,7 @@ impl InitializeReserve {
 }
 
 // ---------------------------------------------------------------------------
-// set_price (Switchboard stand-in for tests)
+// set_price (oracle stand-in for tests)
 // ---------------------------------------------------------------------------
 
 #[derive(Accounts)]
diff --git a/finance/lending/quasar/src/state.rs b/finance/lending/quasar/src/state.rs
index 8296271fa..70d2ad369 100644
--- a/finance/lending/quasar/src/state.rs
+++ b/finance/lending/quasar/src/state.rs
@@ -72,11 +72,12 @@ pub struct Obligation {
     pub bump: u8,
 }
 
-/// Switchboard-On-Demand-shaped price feed. PDA: `["price_feed", market, mint]`
-/// — scoped to a market (not to any individual); only the market's `owner` may
-/// write it, so prices can't be squatted and each market prices its own assets.
+/// Oracle-shaped price feed, a mantissa and exponent like Pyth's.
+/// PDA: `["price_feed", market, mint]` — scoped to a market (not to any
+/// individual); only the market's `owner` may write it, so prices can't be
+/// squatted and each market prices its own assets.
 /// `price = price_mantissa * 10^exponent`; freshness is checked in slots. In
-/// production this account would be the real Switchboard feed.
+/// production this account would be a real Pyth price feed.
 #[account(discriminator = 4, set_inner)]
 #[seeds(b"price_feed", market: Address, mint: Address)]
 pub struct PriceFeed {
diff --git a/finance/lending/quasar/src/tests.rs b/finance/lending/quasar/src/tests.rs
index 31bf1db1d..20812e9b4 100644
--- a/finance/lending/quasar/src/tests.rs
+++ b/finance/lending/quasar/src/tests.rs
@@ -18,7 +18,7 @@ use {
     quasar_test::prelude::*,
 };
 
-// Prices are passed as `mantissa * 10^-18` (Switchboard-shaped).
+// Prices are passed as `mantissa * 10^-18`, the program's fixed-point scale.
 const EXP: i32 = -18;
 fn dollars(whole: u64) -> i128 {
     (whole as i128) * 1_000_000_000_000_000_000
diff --git a/finance/perpetual-futures/anchor-v1/Anchor.toml b/finance/perpetual-futures/anchor-v1/Anchor.toml
index e16a2097e..22c7dc54f 100644
--- a/finance/perpetual-futures/anchor-v1/Anchor.toml
+++ b/finance/perpetual-futures/anchor-v1/Anchor.toml
@@ -9,7 +9,7 @@ skip-lint = false
 
 [programs.localnet]
 perpetual_futures = "3uCm8Jep469pHUpYQCh6eA6dpYV3ogvTvaRDZBPtw5So"
-mock_switchboard = "FnisQqhF56BxVYh5Wt8xW8wuTVN6STAGnk13MM5SRM7b"
+mock_price_feed = "FnisQqhF56BxVYh5Wt8xW8wuTVN6STAGnk13MM5SRM7b"
 
 [provider]
 cluster = "localnet"
diff --git a/finance/perpetual-futures/anchor-v1/CHANGELOG.md b/finance/perpetual-futures/anchor-v1/CHANGELOG.md
index 99e195a24..ce12abd8a 100644
--- a/finance/perpetual-futures/anchor-v1/CHANGELOG.md
+++ b/finance/perpetual-futures/anchor-v1/CHANGELOG.md
@@ -1,5 +1,13 @@
 # Changelog
 
+## 2026-09-23
+
+The mock oracle program is now `mock-price-feed` (library and program
+`mock_price_feed`), with the same program ID, instructions and
+account layout. The oracle network it was modeled on has shut down, so the
+production path described in `state/oracle.rs` now reads a Pyth
+`PriceUpdateV2` account, as `basics/pyth` does. No behavior changes.
+
 ## 2026-09-22
 
 Accrue funding by the wall clock instead of by slots. The rate was quoted per
diff --git a/finance/perpetual-futures/anchor-v1/README.md b/finance/perpetual-futures/anchor-v1/README.md
index 9ab0b31e7..159e2bc4f 100644
--- a/finance/perpetual-futures/anchor-v1/README.md
+++ b/finance/perpetual-futures/anchor-v1/README.md
@@ -19,7 +19,7 @@ A [perpetual future](https://www.investopedia.com/terms/f/futurescontract.asp) (
 ## Programs
 
 - `perpetual-futures`: The exchange: pool creation, liquidity provision, opening/closing leveraged positions, funding, liquidation, and fee collection.
-- `mock-switchboard`: Test-only price feed. Stores a price, scale, last-update slot, and confidence band that tests write directly. Replaced by a real [Switchboard](https://docs.switchboard.xyz/) On-Demand feed in production.
+- `mock-price-feed`: Test-only price feed. Stores a price, scale, last-update slot, and confidence band that tests write directly. Replaced in production by a Pyth `PriceUpdateV2` account, as read in [`basics/pyth`](../../../basics/pyth/).
 
 All money math is integer `u128` with `checked_*` operations, multiplying before dividing and rounding in the pool's favour: no floats, no fixed-point library.
 
diff --git a/finance/perpetual-futures/anchor-v1/TERMINOLOGY.md b/finance/perpetual-futures/anchor-v1/TERMINOLOGY.md
index 9ef81ba16..26c7bd5e0 100644
--- a/finance/perpetual-futures/anchor-v1/TERMINOLOGY.md
+++ b/finance/perpetual-futures/anchor-v1/TERMINOLOGY.md
@@ -31,6 +31,7 @@ Terms used in this example, in the sense they carry here.
 - **Liquidity-provider share** — a token representing a pro-rata claim on
   assets-under-management.
 - **Oracle feed** — the account the pool reads its price from. This example uses
-  a mock Switchboard On-Demand feed; production points at a real one.
+  a mock oracle price feed; production points at a real one, such as
+  a Pyth price feed.
 - **Mark price** — the price positions are valued at. Here it is the oracle
   price directly, with no separate mark/index distinction.
diff --git a/finance/prop-amm/anchor-v1/programs/mock-switchboard/Cargo.toml b/finance/perpetual-futures/anchor-v1/programs/mock-price-feed/Cargo.toml
similarity index 75%
rename from finance/prop-amm/anchor-v1/programs/mock-switchboard/Cargo.toml
rename to finance/perpetual-futures/anchor-v1/programs/mock-price-feed/Cargo.toml
index 9b5e6da53..bc8254df6 100644
--- a/finance/prop-amm/anchor-v1/programs/mock-switchboard/Cargo.toml
+++ b/finance/perpetual-futures/anchor-v1/programs/mock-price-feed/Cargo.toml
@@ -1,12 +1,12 @@
 [package]
-name = "mock_switchboard"
+name = "mock_price_feed"
 version = "0.1.0"
-description = "Mock Switchboard On-Demand feed for testing the prop-amm program"
+description = "Mock oracle price feed for testing the perpetual-futures program"
 edition = "2021"
 
 [lib]
 crate-type = ["cdylib", "lib"]
-name = "mock_switchboard"
+name = "mock_price_feed"
 
 [features]
 default = []
diff --git a/finance/perpetual-futures/anchor-v1/programs/mock-switchboard/src/lib.rs b/finance/perpetual-futures/anchor-v1/programs/mock-price-feed/src/lib.rs
similarity index 66%
rename from finance/perpetual-futures/anchor-v1/programs/mock-switchboard/src/lib.rs
rename to finance/perpetual-futures/anchor-v1/programs/mock-price-feed/src/lib.rs
index 2a3f79232..87a1350cf 100644
--- a/finance/perpetual-futures/anchor-v1/programs/mock-switchboard/src/lib.rs
+++ b/finance/perpetual-futures/anchor-v1/programs/mock-price-feed/src/lib.rs
@@ -1,16 +1,17 @@
-//! Mock Switchboard On-Demand feed for testing the perpetual-futures program.
+//! Mock oracle price feed for testing the perpetual-futures program.
 //!
-//! Real Switchboard On-Demand feeds are program-owned accounts whose data is
-//! produced by an offchain oracle network and verified onchain via Ed25519
-//! signatures over the latest price update. That verification path is
-//! out-of-scope for this teaching example, so this mock stores a single price
-//! the test harness writes directly, plus the slot the update happened in.
+//! A real price feed account is written by an oracle network's receiver
+//! program, which verifies the network's signatures over each price update
+//! before recording it. That verification path is out of scope for this
+//! teaching example, so this mock stores a single price the test harness
+//! writes directly, plus the slot the update happened in.
 //!
-//! The perpetual-futures program reads this feed the same way it would read a
-//! real feed: load the account, decode the layout, read `price`, `scale`, and
-//! `last_update_slot` (see `perpetual_futures::state::oracle`). Swap this
-//! program ID for `SBondMDrcV3K4kxZR1HNVT7osZxAHVHgYXL5Ze1oMUv` (Switchboard
-//! On-Demand) and adapt the layout to consume real feeds in production.
+//! The perpetual-futures program reads this feed the same way it would read a real
+//! feed: load the account, decode the layout, read `price`, `scale`, and
+//! `last_update_slot` (see `perpetual_futures::state::oracle`). In production the
+//! program reads a Pyth `PriceUpdateV2` account instead, owned by the Pyth
+//! Receiver program `rec5EKMGg6MxZYaMdyBfgwp4d5rB9T1VQH5pJv5LtFJ`. The oracle
+//! module describes that change, and `basics/pyth` reads one.
 //!
 //! NOT FOR PRODUCTION.
 use anchor_lang::prelude::*;
@@ -18,7 +19,7 @@ use anchor_lang::prelude::*;
 declare_id!("FnisQqhF56BxVYh5Wt8xW8wuTVN6STAGnk13MM5SRM7b");
 
 #[program]
-pub mod mock_switchboard {
+pub mod mock_price_feed {
     use super::*;
 
     /// Initialize the mock feed with an initial price. The signer becomes the
@@ -38,9 +39,9 @@ pub mod mock_switchboard {
         Ok(())
     }
 
-    /// Push a new price (and confidence band) to the mock feed. In real
-    /// Switchboard this would be a signed update from the oracle network; here it
-    /// is an authority-gated write, because the goal is to drive deterministic
+    /// Push a new price (and confidence band) to the mock feed. For a real
+    /// feed this would be a signed update from the oracle network; here it is
+    /// an authority-gated write, because the goal is to drive deterministic
     /// test scenarios.
     pub fn set_price(
         context: Context<SetPriceAccountConstraints>,
@@ -81,15 +82,16 @@ pub struct SetPriceAccountConstraints<'info> {
     pub authority: Signer<'info>,
 }
 
-/// Mock of a Switchboard On-Demand feed. Real feeds carry many more fields
-/// (median, range, sample window, signatures) — this is the bare minimum the
+/// Mock of an oracle price feed. Real feeds carry many more fields (feed ID,
+/// publish time, EMA price, verification level) — this is the bare minimum the
 /// perpetual-futures program needs to do a price comparison.
 #[derive(InitSpace)]
 #[account]
 pub struct MockFeed {
     pub authority: Pubkey,
 
-    /// Signed 128-bit fixed-point price. Real Switchboard prices are also i128.
+    /// Signed 128-bit fixed-point price, wide enough for any feed's price
+    /// (Pyth's is an i64 with a separate exponent).
     pub price: i128,
 
     /// Number of decimal places implied by `price`. E.g. `scale = 8` means
diff --git a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/Cargo.toml b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/Cargo.toml
index 16fba932e..dd3247f6a 100644
--- a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/Cargo.toml
+++ b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/Cargo.toml
@@ -44,7 +44,7 @@ solana-kite = "0.5.0"
 borsh = "1.6.1"
 # The LiteSVM tests load the compiled mock oracle program; depending on the
 # crate here lets the tests reuse its instruction-argument types and program ID.
-mock_switchboard = { path = "../mock-switchboard", features = ["no-entrypoint"] }
+mock_price_feed = { path = "../mock-price-feed", features = ["no-entrypoint"] }
 
 [lints.rust]
 unexpected_cfgs = { level = "warn", check-cfg = ['cfg(target_os, values("solana"))'] }
diff --git a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/instructions/initialize_pool.rs b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/instructions/initialize_pool.rs
index 7b597e0c6..e104f0a5d 100644
--- a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/instructions/initialize_pool.rs
+++ b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/instructions/initialize_pool.rs
@@ -121,7 +121,7 @@ pub struct InitializePoolAccountConstraints<'info> {
 
     /// CHECK: The oracle feed account. Its key is stored on the pool and every
     /// read validates the layout, scale, and freshness; it is never trusted by
-    /// type. Swap for a real Switchboard feed in production.
+    /// type. Swap for a real Pyth price feed in production.
     pub oracle_feed: UncheckedAccount<'info>,
 
     /// Liquidity-provider share mint. The pool account is its mint authority
diff --git a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/state/oracle.rs b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/state/oracle.rs
index e05b7ce32..6fc998bbc 100644
--- a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/state/oracle.rs
+++ b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/src/state/oracle.rs
@@ -5,16 +5,20 @@ use crate::constants::{BASIS_POINTS_DENOMINATOR, MAX_PRICE_STALENESS_SLOTS};
 use crate::errors::PerpError;
 
 // Byte layout of the feed account this program reads. It matches the
-// `mock_switchboard::MockFeed` account: an 8-byte Anchor discriminator followed
+// `mock_price_feed::MockFeed` account: an 8-byte Anchor discriminator followed
 // by `authority: Pubkey (32)`, `price: i128 (16)`, `scale: u32 (4)`,
 // `last_update_slot: u64 (8)`, `confidence: u64 (8)`.
 //
 // We read the raw bytes rather than deserializing the mock account type so this
-// program stays decoupled from the mock. To consume a real Switchboard
-// On-Demand feed, replace the offsets below with a call to
-// `switchboard_on_demand::PullFeedAccountData::parse_and_verify(...)`, which
-// also checks the Ed25519 signatures over the price update — the only other
-// change is the feed account's owning program ID.
+// program stays decoupled from the mock. To consume a real Pyth feed, take the
+// account as a `PriceUpdateV2` instead of reading offsets: from the
+// `pyth-solana-receiver-sdk` crate, or the vendored copy in `basics/pyth` on
+// Anchor 2. The Pyth Receiver program writes that account only after checking
+// the Wormhole guardian signatures over the update, and the account type's
+// owner check rejects any account that program does not own. Map
+// `price_message.price`, `exponent` (the scale is its negation), `conf`, and
+// `publish_time` or `posted_slot` onto the checks below, and also check
+// `feed_id` and `verification_level`.
 //
 // A real feed reports a value plus a `confidence` band (a standard-deviation-like
 // uncertainty). This reader rejects a price whose band is too wide relative to
@@ -26,7 +30,8 @@ use crate::errors::PerpError;
 // The feed account's owning program is NOT checked here: the pool trusts
 // whatever feed address its creator configured, which is inside the trust model
 // (the creator picks the oracle). A production reader must also verify the
-// account owner is the oracle program, which `parse_and_verify` does.
+// account owner is the oracle program, which the `PriceUpdateV2` account type
+// does.
 const PRICE_OFFSET: usize = 8 + 32;
 const SCALE_OFFSET: usize = PRICE_OFFSET + 16;
 const LAST_UPDATE_SLOT_OFFSET: usize = SCALE_OFFSET + 4;
diff --git a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/tests/test_perpetual_futures.rs b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/tests/test_perpetual_futures.rs
index cd1ea07ef..cde376ec1 100644
--- a/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/tests/test_perpetual_futures.rs
+++ b/finance/perpetual-futures/anchor-v1/programs/perpetual-futures/tests/test_perpetual_futures.rs
@@ -87,16 +87,16 @@ impl Market {
             include_bytes!("../../../target/deploy/perpetual_futures.so"),
         )
         .unwrap();
-        // Use std::fs::read() instead of include_bytes!() for the switchboard program because
+        // Use std::fs::read() instead of include_bytes!() for the mock feed program because
         // include_bytes!() runs at compile time, and during `anchor build` the IDL generation
         // step compiles tests before the .so files exist. Since this is a cross-program
-        // dependency (not our own program), mock_switchboard.so may not be built yet at compile time.
-        let switchboard_bytes = std::fs::read(concat!(
+        // dependency (not our own program), mock_price_feed.so may not be built yet at compile time.
+        let mock_feed_bytes = std::fs::read(concat!(
             env!("CARGO_MANIFEST_DIR"),
-            "/../../target/deploy/mock_switchboard.so"
+            "/../../target/deploy/mock_price_feed.so"
         ))
-        .expect("mock_switchboard.so not found - run `anchor build` first");
-        svm.add_program(mock_switchboard::id(), &switchboard_bytes)
+        .expect("mock_price_feed.so not found - run `anchor build` first");
+        svm.add_program(mock_price_feed::id(), &mock_feed_bytes)
             .unwrap();
 
         let payer = create_wallet(&mut svm, 100_000_000_000).unwrap();
@@ -107,14 +107,14 @@ impl Market {
         // program; the admin is its update authority.
         let feed_keypair = Keypair::new();
         let initialize_feed = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::InitializeFeed {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::InitializeFeed {
                 price: initial_price,
                 scale: ORACLE_SCALE,
                 confidence: 0,
             }
             .data(),
-            mock_switchboard::accounts::InitializeFeedAccountConstraints {
+            mock_price_feed::accounts::InitializeFeedAccountConstraints {
                 feed: feed_keypair.pubkey(),
                 authority: admin.pubkey(),
                 system_program: system_program::id(),
@@ -192,9 +192,9 @@ impl Market {
 
     fn set_price_with_confidence(&mut self, price: i128, confidence: u64) {
         let set_price = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::SetPrice { price, confidence }.data(),
-            mock_switchboard::accounts::SetPriceAccountConstraints {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::SetPrice { price, confidence }.data(),
+            mock_price_feed::accounts::SetPriceAccountConstraints {
                 feed: self.feed,
                 authority: self.admin.pubkey(),
             }
diff --git a/finance/perpetual-futures/anchor/Anchor.toml b/finance/perpetual-futures/anchor/Anchor.toml
index e16a2097e..22c7dc54f 100644
--- a/finance/perpetual-futures/anchor/Anchor.toml
+++ b/finance/perpetual-futures/anchor/Anchor.toml
@@ -9,7 +9,7 @@ skip-lint = false
 
 [programs.localnet]
 perpetual_futures = "3uCm8Jep469pHUpYQCh6eA6dpYV3ogvTvaRDZBPtw5So"
-mock_switchboard = "FnisQqhF56BxVYh5Wt8xW8wuTVN6STAGnk13MM5SRM7b"
+mock_price_feed = "FnisQqhF56BxVYh5Wt8xW8wuTVN6STAGnk13MM5SRM7b"
 
 [provider]
 cluster = "localnet"
diff --git a/finance/perpetual-futures/anchor/CHANGELOG.md b/finance/perpetual-futures/anchor/CHANGELOG.md
index 023feeaad..109eb9cc8 100644
--- a/finance/perpetual-futures/anchor/CHANGELOG.md
+++ b/finance/perpetual-futures/anchor/CHANGELOG.md
@@ -1,5 +1,13 @@
 # Changelog
 
+## 2026-09-23
+
+The mock oracle program is now `mock-price-feed` (library and program
+`mock_price_feed`), with the same program ID, instructions and
+account layout. The oracle network it was modeled on has shut down, so the
+production path described in `state/oracle.rs` now reads a Pyth
+`PriceUpdateV2` account, as `basics/pyth` does. No behavior changes.
+
 ## 2026-09-22
 
 Accrue funding by the wall clock instead of by slots. The rate was quoted per
diff --git a/finance/perpetual-futures/anchor/README.md b/finance/perpetual-futures/anchor/README.md
index d4b0f374a..92ea43dd4 100644
--- a/finance/perpetual-futures/anchor/README.md
+++ b/finance/perpetual-futures/anchor/README.md
@@ -19,7 +19,7 @@ A [perpetual future](https://www.investopedia.com/terms/f/futurescontract.asp) (
 ## Programs
 
 - `perpetual-futures`: The exchange: pool creation, liquidity provision, opening/closing leveraged positions, funding, liquidation, and fee collection.
-- `mock-switchboard`: Test-only price feed. Stores a price, scale, last-update slot, and confidence band that tests write directly. Replaced by a real [Switchboard](https://docs.switchboard.xyz/) On-Demand feed in production.
+- `mock-price-feed`: Test-only price feed. Stores a price, scale, last-update slot, and confidence band that tests write directly. Replaced in production by a Pyth `PriceUpdateV2` account, as read in [`basics/pyth`](../../../basics/pyth/).
 
 All money math is integer `u128` with `checked_*` operations, multiplying before dividing and rounding in the pool's favour: no floats, no fixed-point library.
 
diff --git a/finance/perpetual-futures/anchor/TERMINOLOGY.md b/finance/perpetual-futures/anchor/TERMINOLOGY.md
index 9ef81ba16..26c7bd5e0 100644
--- a/finance/perpetual-futures/anchor/TERMINOLOGY.md
+++ b/finance/perpetual-futures/anchor/TERMINOLOGY.md
@@ -31,6 +31,7 @@ Terms used in this example, in the sense they carry here.
 - **Liquidity-provider share** — a token representing a pro-rata claim on
   assets-under-management.
 - **Oracle feed** — the account the pool reads its price from. This example uses
-  a mock Switchboard On-Demand feed; production points at a real one.
+  a mock oracle price feed; production points at a real one, such as
+  a Pyth price feed.
 - **Mark price** — the price positions are valued at. Here it is the oracle
   price directly, with no separate mark/index distinction.
diff --git a/finance/perpetual-futures/anchor/programs/mock-switchboard/Cargo.toml b/finance/perpetual-futures/anchor/programs/mock-price-feed/Cargo.toml
similarity index 86%
rename from finance/perpetual-futures/anchor/programs/mock-switchboard/Cargo.toml
rename to finance/perpetual-futures/anchor/programs/mock-price-feed/Cargo.toml
index f199b8d30..9093d6c60 100644
--- a/finance/perpetual-futures/anchor/programs/mock-switchboard/Cargo.toml
+++ b/finance/perpetual-futures/anchor/programs/mock-price-feed/Cargo.toml
@@ -1,12 +1,12 @@
 [package]
-name = "mock_switchboard"
+name = "mock_price_feed"
 version = "0.1.0"
-description = "Mock Switchboard On-Demand feed for testing the perpetual-futures program"
+description = "Mock oracle price feed for testing the perpetual-futures program"
 edition = "2021"
 
 [lib]
 crate-type = ["cdylib", "lib"]
-name = "mock_switchboard"
+name = "mock_price_feed"
 
 [features]
 default = []
diff --git a/finance/perpetual-futures/anchor/programs/mock-switchboard/src/lib.rs b/finance/perpetual-futures/anchor/programs/mock-price-feed/src/lib.rs
similarity index 66%
rename from finance/perpetual-futures/anchor/programs/mock-switchboard/src/lib.rs
rename to finance/perpetual-futures/anchor/programs/mock-price-feed/src/lib.rs
index f2f638fc5..5f28a1667 100644
--- a/finance/perpetual-futures/anchor/programs/mock-switchboard/src/lib.rs
+++ b/finance/perpetual-futures/anchor/programs/mock-price-feed/src/lib.rs
@@ -1,16 +1,17 @@
-//! Mock Switchboard On-Demand feed for testing the perpetual-futures program.
+//! Mock oracle price feed for testing the perpetual-futures program.
 //!
-//! Real Switchboard On-Demand feeds are program-owned accounts whose data is
-//! produced by an offchain oracle network and verified onchain via Ed25519
-//! signatures over the latest price update. That verification path is
-//! out-of-scope for this teaching example, so this mock stores a single price
-//! the test harness writes directly, plus the slot the update happened in.
+//! A real price feed account is written by an oracle network's receiver
+//! program, which verifies the network's signatures over each price update
+//! before recording it. That verification path is out of scope for this
+//! teaching example, so this mock stores a single price the test harness
+//! writes directly, plus the slot the update happened in.
 //!
-//! The perpetual-futures program reads this feed the same way it would read a
-//! real feed: load the account, decode the layout, read `price`, `scale`, and
-//! `last_update_slot` (see `perpetual_futures::state::oracle`). Swap this
-//! program ID for `SBondMDrcV3K4kxZR1HNVT7osZxAHVHgYXL5Ze1oMUv` (Switchboard
-//! On-Demand) and adapt the layout to consume real feeds in production.
+//! The perpetual-futures program reads this feed the same way it would read a real
+//! feed: load the account, decode the layout, read `price`, `scale`, and
+//! `last_update_slot` (see `perpetual_futures::state::oracle`). In production the
+//! program reads a Pyth `PriceUpdateV2` account instead, owned by the Pyth
+//! Receiver program `rec5EKMGg6MxZYaMdyBfgwp4d5rB9T1VQH5pJv5LtFJ`. The oracle
+//! module describes that change, and `basics/pyth` reads one.
 //!
 //! NOT FOR PRODUCTION.
 use anchor_lang::prelude::*;
@@ -18,7 +19,7 @@ use anchor_lang::prelude::*;
 declare_id!("FnisQqhF56BxVYh5Wt8xW8wuTVN6STAGnk13MM5SRM7b");
 
 #[program]
-pub mod mock_switchboard {
+pub mod mock_price_feed {
     use super::*;
 
     /// Initialize the mock feed with an initial price. The signer becomes the
@@ -38,9 +39,9 @@ pub mod mock_switchboard {
         Ok(())
     }
 
-    /// Push a new price (and confidence band) to the mock feed. In real
-    /// Switchboard this would be a signed update from the oracle network; here it
-    /// is an authority-gated write, because the goal is to drive deterministic
+    /// Push a new price (and confidence band) to the mock feed. For a real
+    /// feed this would be a signed update from the oracle network; here it is
+    /// an authority-gated write, because the goal is to drive deterministic
     /// test scenarios.
     pub fn set_price(
         context: &mut Context<SetPriceAccountConstraints>,
@@ -79,15 +80,16 @@ pub struct SetPriceAccountConstraints {
     pub authority: Signer,
 }
 
-/// Mock of a Switchboard On-Demand feed. Real feeds carry many more fields
-/// (median, range, sample window, signatures) — this is the bare minimum the
+/// Mock of an oracle price feed. Real feeds carry many more fields (feed ID,
+/// publish time, EMA price, verification level) — this is the bare minimum the
 /// perpetual-futures program needs to do a price comparison.
 #[derive(InitSpace)]
 #[account(borsh)]
 pub struct MockFeed {
     pub authority: Address,
 
-    /// Signed 128-bit fixed-point price. Real Switchboard prices are also i128.
+    /// Signed 128-bit fixed-point price, wide enough for any feed's price
+    /// (Pyth's is an i64 with a separate exponent).
     pub price: i128,
 
     /// Number of decimal places implied by `price`. E.g. `scale = 8` means
diff --git a/finance/perpetual-futures/anchor/programs/perpetual-futures/Cargo.toml b/finance/perpetual-futures/anchor/programs/perpetual-futures/Cargo.toml
index 8052c1659..42ad14526 100644
--- a/finance/perpetual-futures/anchor/programs/perpetual-futures/Cargo.toml
+++ b/finance/perpetual-futures/anchor/programs/perpetual-futures/Cargo.toml
@@ -71,7 +71,7 @@ solana-kite = "0.4.0"
 borsh = "1.6.1"
 # The LiteSVM tests load the compiled mock oracle program; depending on the
 # crate here lets the tests reuse its instruction-argument types and program ID.
-mock_switchboard = { path = "../mock-switchboard", features = ["no-entrypoint"] }
+mock_price_feed = { path = "../mock-price-feed", features = ["no-entrypoint"] }
 
 [lints.rust]
 unexpected_cfgs = { level = "warn", check-cfg = ['cfg(target_os, values("solana"))'] }
diff --git a/finance/perpetual-futures/anchor/programs/perpetual-futures/src/instructions/initialize_pool.rs b/finance/perpetual-futures/anchor/programs/perpetual-futures/src/instructions/initialize_pool.rs
index 6fd9d3edc..558723e31 100644
--- a/finance/perpetual-futures/anchor/programs/perpetual-futures/src/instructions/initialize_pool.rs
+++ b/finance/perpetual-futures/anchor/programs/perpetual-futures/src/instructions/initialize_pool.rs
@@ -123,7 +123,7 @@ pub struct InitializePoolAccountConstraints {
 
     /// CHECK: The oracle feed account. Its key is stored on the pool and every
     /// read validates the layout, scale, and freshness; it is never trusted by
-    /// type. Swap for a real Switchboard feed in production.
+    /// type. Swap for a real Pyth price feed in production.
     pub oracle_feed: UncheckedAccount,
 
     /// Liquidity-provider share mint. The pool account is its mint authority
diff --git a/finance/perpetual-futures/anchor/programs/perpetual-futures/src/state/oracle.rs b/finance/perpetual-futures/anchor/programs/perpetual-futures/src/state/oracle.rs
index 04b0b5057..9b9a19749 100644
--- a/finance/perpetual-futures/anchor/programs/perpetual-futures/src/state/oracle.rs
+++ b/finance/perpetual-futures/anchor/programs/perpetual-futures/src/state/oracle.rs
@@ -5,16 +5,20 @@ use crate::constants::{BASIS_POINTS_DENOMINATOR, MAX_PRICE_STALENESS_SLOTS};
 use crate::errors::PerpError;
 
 // Byte layout of the feed account this program reads. It matches the
-// `mock_switchboard::MockFeed` account: an 8-byte Anchor discriminator followed
+// `mock_price_feed::MockFeed` account: an 8-byte Anchor discriminator followed
 // by `authority: Address (32)`, `price: i128 (16)`, `scale: u32 (4)`,
 // `last_update_slot: u64 (8)`, `confidence: u64 (8)`.
 //
 // We read the raw bytes rather than deserializing the mock account type so this
-// program stays decoupled from the mock. To consume a real Switchboard
-// On-Demand feed, replace the offsets below with a call to
-// `switchboard_on_demand::PullFeedAccountData::parse_and_verify(...)`, which
-// also checks the Ed25519 signatures over the price update — the only other
-// change is the feed account's owning program ID.
+// program stays decoupled from the mock. To consume a real Pyth feed, take the
+// account as a `PriceUpdateV2` instead of reading offsets: from the
+// `pyth-solana-receiver-sdk` crate, or the vendored copy in `basics/pyth` on
+// Anchor 2. The Pyth Receiver program writes that account only after checking
+// the Wormhole guardian signatures over the update, and the account type's
+// owner check rejects any account that program does not own. Map
+// `price_message.price`, `exponent` (the scale is its negation), `conf`, and
+// `publish_time` or `posted_slot` onto the checks below, and also check
+// `feed_id` and `verification_level`.
 //
 // A real feed reports a value plus a `confidence` band (a standard-deviation-like
 // uncertainty). This reader rejects a price whose band is too wide relative to
@@ -26,7 +30,8 @@ use crate::errors::PerpError;
 // The feed account's owning program is NOT checked here: the pool trusts
 // whatever feed address its creator configured, which is inside the trust model
 // (the creator picks the oracle). A production reader must also verify the
-// account owner is the oracle program, which `parse_and_verify` does.
+// account owner is the oracle program, which the `PriceUpdateV2` account type
+// does.
 const PRICE_OFFSET: usize = 8 + 32;
 const SCALE_OFFSET: usize = PRICE_OFFSET + 16;
 const LAST_UPDATE_SLOT_OFFSET: usize = SCALE_OFFSET + 4;
diff --git a/finance/perpetual-futures/anchor/programs/perpetual-futures/tests/test_perpetual_futures.rs b/finance/perpetual-futures/anchor/programs/perpetual-futures/tests/test_perpetual_futures.rs
index b01f1a98a..7ec642eeb 100644
--- a/finance/perpetual-futures/anchor/programs/perpetual-futures/tests/test_perpetual_futures.rs
+++ b/finance/perpetual-futures/anchor/programs/perpetual-futures/tests/test_perpetual_futures.rs
@@ -85,16 +85,16 @@ impl Market {
             include_bytes!("../../../target/deploy/perpetual_futures.so"),
         )
         .unwrap();
-        // Use std::fs::read() instead of include_bytes!() for the switchboard program because
+        // Use std::fs::read() instead of include_bytes!() for the mock feed program because
         // include_bytes!() runs at compile time, and during `anchor build` the IDL generation
         // step compiles tests before the .so files exist. Since this is a cross-program
-        // dependency (not our own program), mock_switchboard.so may not be built yet at compile time.
-        let switchboard_bytes = std::fs::read(concat!(
+        // dependency (not our own program), mock_price_feed.so may not be built yet at compile time.
+        let mock_feed_bytes = std::fs::read(concat!(
             env!("CARGO_MANIFEST_DIR"),
-            "/../../target/deploy/mock_switchboard.so"
+            "/../../target/deploy/mock_price_feed.so"
         ))
-        .expect("mock_switchboard.so not found - run `anchor build` first");
-        svm.add_program(mock_switchboard::id(), &switchboard_bytes)
+        .expect("mock_price_feed.so not found - run `anchor build` first");
+        svm.add_program(mock_price_feed::id(), &mock_feed_bytes)
             .unwrap();
 
         let payer = create_wallet(&mut svm, 100_000_000_000).unwrap();
@@ -105,14 +105,14 @@ impl Market {
         // program; the admin is its update authority.
         let feed_keypair = Keypair::new();
         let initialize_feed = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::InitializeFeed {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::InitializeFeed {
                 price: initial_price,
                 scale: ORACLE_SCALE,
                 confidence: 0,
             }
             .data(),
-            mock_switchboard::accounts::InitializeFeedAccountConstraints {
+            mock_price_feed::accounts::InitializeFeedAccountConstraints {
                 feed: feed_keypair.pubkey(),
                 authority: admin.pubkey(),
                 system_program: system_program::ID,
@@ -190,9 +190,9 @@ impl Market {
 
     fn set_price_with_confidence(&mut self, price: i128, confidence: u64) {
         let set_price = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::SetPrice { price, confidence }.data(),
-            mock_switchboard::accounts::SetPriceAccountConstraints {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::SetPrice { price, confidence }.data(),
+            mock_price_feed::accounts::SetPriceAccountConstraints {
                 feed: self.feed,
                 authority: self.admin.pubkey(),
             }
diff --git a/finance/perpetual-futures/quasar/CHANGELOG.md b/finance/perpetual-futures/quasar/CHANGELOG.md
index e2d92aa31..a9b23791a 100644
--- a/finance/perpetual-futures/quasar/CHANGELOG.md
+++ b/finance/perpetual-futures/quasar/CHANGELOG.md
@@ -1,5 +1,11 @@
 # Changelog
 
+## 2026-09-23
+
+Documentation only: a production feed is now described as a Pyth
+`PriceUpdateV2` account, since the oracle network the test feed was modeled on
+has shut down.
+
 ## 2026-09-22
 
 Accrue funding by the wall clock instead of by slots. The rate was quoted per
diff --git a/finance/perpetual-futures/quasar/README.md b/finance/perpetual-futures/quasar/README.md
index 0ad945d47..53493c13d 100644
--- a/finance/perpetual-futures/quasar/README.md
+++ b/finance/perpetual-futures/quasar/README.md
@@ -22,7 +22,7 @@ math. This page only covers what differs in the Quasar version.
   of wall-clock time in zero slots).
 - **Oracle feed in tests.** Rather than a separate mock-oracle program, the
   tests write the feed account's bytes directly (price, scale, last-update slot)
-  and the program reads them the same way it would read a real Switchboard feed.
+  and the program reads them the same way it would read a real oracle feed.
 - **State writes** use Quasar's zero-copy field accessors (`field.get()` /
   `field.set()`) and `set_inner`, rather than Anchor's `Account` mutation.
 
diff --git a/finance/perpetual-futures/quasar/src/instructions/shared.rs b/finance/perpetual-futures/quasar/src/instructions/shared.rs
index 9e14cb46c..8dccb52ce 100644
--- a/finance/perpetual-futures/quasar/src/instructions/shared.rs
+++ b/finance/perpetual-futures/quasar/src/instructions/shared.rs
@@ -45,8 +45,8 @@ fn overflow() -> ProgramError {
 
 // Byte layout of the oracle feed account: price (i128), scale (u32),
 // last_update_slot (u64), confidence (u64). The tests craft this directly; in
-// production it would be a real Switchboard On-Demand feed parsed with signature
-// verification.
+// production it would be a Pyth `PriceUpdateV2` account, which the Pyth
+// Receiver program writes only after verifying the update's signatures.
 //
 // Like the Anchor sibling, this validates freshness, positivity, and the
 // confidence band (`confidence / price`), rejecting a price whose band is too
diff --git a/finance/prop-amm/anchor-v1/Anchor.toml b/finance/prop-amm/anchor-v1/Anchor.toml
index 4284d903d..f6eba6d4e 100644
--- a/finance/prop-amm/anchor-v1/Anchor.toml
+++ b/finance/prop-amm/anchor-v1/Anchor.toml
@@ -9,7 +9,7 @@ skip-lint = false
 
 [programs.localnet]
 prop_amm = "9ZMtJFtn5n4wwpEeXXG5paFQakcDtrd3ova5ptJL4VT1"
-mock_switchboard = "BdFYarCfgMJhC26dFN6JXKVx4kUEM3k2wYaNjyjFrvAD"
+mock_price_feed = "BdFYarCfgMJhC26dFN6JXKVx4kUEM3k2wYaNjyjFrvAD"
 
 [provider]
 cluster = "localnet"
diff --git a/finance/prop-amm/anchor-v1/CHANGELOG.md b/finance/prop-amm/anchor-v1/CHANGELOG.md
index d8f033115..d1c91e84d 100644
--- a/finance/prop-amm/anchor-v1/CHANGELOG.md
+++ b/finance/prop-amm/anchor-v1/CHANGELOG.md
@@ -1,5 +1,13 @@
 # Changelog
 
+## 2026-09-23
+
+The mock oracle program is now `mock-price-feed` (library and program
+`mock_price_feed`), with the same program ID, instructions and
+account layout. The oracle network it was modeled on has shut down, so the
+production path described in `state/oracle.rs` now reads a Pyth
+`PriceUpdateV2` account, as `basics/pyth` does. No behavior changes.
+
 ## 2026-09-10
 
 The `Market` account now owns both vaults and signs their outgoing transfers
@@ -38,5 +46,5 @@ same gates; only the amounts changed.
 
 Initial version: an oracle-quoted proprietary AMM. One operator funds the
 market's inventory and quotes both sides of it at the oracle price plus a
-spread; anyone can swap against the quotes. Includes the `mock-switchboard`
+spread; anyone can swap against the quotes. Includes the `mock-price-feed`
 oracle program for deterministic tests.
diff --git a/finance/prop-amm/anchor-v1/README.md b/finance/prop-amm/anchor-v1/README.md
index 034fe9dee..236e528bd 100644
--- a/finance/prop-amm/anchor-v1/README.md
+++ b/finance/prop-amm/anchor-v1/README.md
@@ -20,7 +20,7 @@ via Jupiter routing rather than their own user interfaces.
 
 - **`prop-amm`**: the market. One operator, one base/quote pair, one oracle
   feed, two vaults, five instruction handlers.
-- **`mock-switchboard`**: a minimal stand-in for a Switchboard On-Demand
+- **`mock-price-feed`**: a minimal stand-in for an oracle's
   price feed, so tests can drive deterministic price scenarios. Not for
   production.
 
@@ -138,8 +138,8 @@ misprices.
 - Lifinity's public design notes and the Helius write-up
   "Solana's Proprietary AMM Revolution" are good next reads.
 - The oracle reader deliberately reads raw bytes at fixed offsets and
-  documents how to swap in `switchboard_on_demand::PullFeedAccountData::
-  parse_and_verify(...)` for production.
+  documents how to read a Pyth `PriceUpdateV2` account
+  instead in production.
 
 ## Limitations
 
diff --git a/finance/perpetual-futures/anchor-v1/programs/mock-switchboard/Cargo.toml b/finance/prop-amm/anchor-v1/programs/mock-price-feed/Cargo.toml
similarity index 74%
rename from finance/perpetual-futures/anchor-v1/programs/mock-switchboard/Cargo.toml
rename to finance/prop-amm/anchor-v1/programs/mock-price-feed/Cargo.toml
index f06b0eba1..9d91fc558 100644
--- a/finance/perpetual-futures/anchor-v1/programs/mock-switchboard/Cargo.toml
+++ b/finance/prop-amm/anchor-v1/programs/mock-price-feed/Cargo.toml
@@ -1,12 +1,12 @@
 [package]
-name = "mock_switchboard"
+name = "mock_price_feed"
 version = "0.1.0"
-description = "Mock Switchboard On-Demand feed for testing the perpetual-futures program"
+description = "Mock oracle price feed for testing the prop-amm program"
 edition = "2021"
 
 [lib]
 crate-type = ["cdylib", "lib"]
-name = "mock_switchboard"
+name = "mock_price_feed"
 
 [features]
 default = []
diff --git a/finance/prop-amm/anchor-v1/programs/mock-switchboard/src/lib.rs b/finance/prop-amm/anchor-v1/programs/mock-price-feed/src/lib.rs
similarity index 67%
rename from finance/prop-amm/anchor-v1/programs/mock-switchboard/src/lib.rs
rename to finance/prop-amm/anchor-v1/programs/mock-price-feed/src/lib.rs
index 66d29a659..8256241e6 100644
--- a/finance/prop-amm/anchor-v1/programs/mock-switchboard/src/lib.rs
+++ b/finance/prop-amm/anchor-v1/programs/mock-price-feed/src/lib.rs
@@ -1,16 +1,17 @@
-//! Mock Switchboard On-Demand feed for testing the prop-amm program.
+//! Mock oracle price feed for testing the prop-amm program.
 //!
-//! Real Switchboard On-Demand feeds are program-owned accounts whose data is
-//! produced by an offchain oracle network and verified onchain via Ed25519
-//! signatures over the latest price update. That verification path is
-//! out-of-scope for this teaching example, so this mock stores a single price
-//! the test harness writes directly, plus the slot the update happened in.
+//! A real price feed account is written by an oracle network's receiver
+//! program, which verifies the network's signatures over each price update
+//! before recording it. That verification path is out of scope for this
+//! teaching example, so this mock stores a single price the test harness
+//! writes directly, plus the slot the update happened in.
 //!
 //! The prop-amm program reads this feed the same way it would read a real
 //! feed: load the account, decode the layout, read `price`, `scale`, and
-//! `last_update_slot` (see `prop_amm::state::oracle`). Swap this program ID
-//! for `SBondMDrcV3K4kxZR1HNVT7osZxAHVHgYXL5Ze1oMUv` (Switchboard On-Demand)
-//! and adapt the layout to consume real feeds in production.
+//! `last_update_slot` (see `prop_amm::state::oracle`). In production the
+//! program reads a Pyth `PriceUpdateV2` account instead, owned by the Pyth
+//! Receiver program `rec5EKMGg6MxZYaMdyBfgwp4d5rB9T1VQH5pJv5LtFJ`. The oracle
+//! module describes that change, and `basics/pyth` reads one.
 //!
 //! NOT FOR PRODUCTION.
 use anchor_lang::prelude::*;
@@ -18,7 +19,7 @@ use anchor_lang::prelude::*;
 declare_id!("BdFYarCfgMJhC26dFN6JXKVx4kUEM3k2wYaNjyjFrvAD");
 
 #[program]
-pub mod mock_switchboard {
+pub mod mock_price_feed {
     use super::*;
 
     /// Initialize the mock feed with an initial price. The signer becomes the
@@ -38,9 +39,9 @@ pub mod mock_switchboard {
         Ok(())
     }
 
-    /// Push a new price (and confidence band) to the mock feed. In real
-    /// Switchboard this would be a signed update from the oracle network; here it
-    /// is an authority-gated write, because the goal is to drive deterministic
+    /// Push a new price (and confidence band) to the mock feed. For a real
+    /// feed this would be a signed update from the oracle network; here it is
+    /// an authority-gated write, because the goal is to drive deterministic
     /// test scenarios.
     pub fn set_price(
         context: Context<SetPriceAccountConstraints>,
@@ -81,15 +82,16 @@ pub struct SetPriceAccountConstraints<'info> {
     pub authority: Signer<'info>,
 }
 
-/// Mock of a Switchboard On-Demand feed. Real feeds carry many more fields
-/// (median, range, sample window, signatures) — this is the bare minimum the
+/// Mock of an oracle price feed. Real feeds carry many more fields (feed ID,
+/// publish time, EMA price, verification level) — this is the bare minimum the
 /// prop-amm program needs to price a quote.
 #[derive(InitSpace)]
 #[account]
 pub struct MockFeed {
     pub authority: Pubkey,
 
-    /// Signed 128-bit fixed-point price. Real Switchboard prices are also i128.
+    /// Signed 128-bit fixed-point price, wide enough for any feed's price
+    /// (Pyth's is an i64 with a separate exponent).
     pub price: i128,
 
     /// Number of decimal places implied by `price`. E.g. `scale = 8` means
diff --git a/finance/prop-amm/anchor-v1/programs/prop-amm/Cargo.toml b/finance/prop-amm/anchor-v1/programs/prop-amm/Cargo.toml
index 3e10ff424..24c49330c 100644
--- a/finance/prop-amm/anchor-v1/programs/prop-amm/Cargo.toml
+++ b/finance/prop-amm/anchor-v1/programs/prop-amm/Cargo.toml
@@ -41,7 +41,7 @@ solana-kite = "0.5.0"
 borsh = "1.6.1"
 # The LiteSVM tests load the compiled mock oracle program; depending on the
 # crate here lets the tests reuse its instruction-argument types and program ID.
-mock_switchboard = { path = "../mock-switchboard", features = ["no-entrypoint"] }
+mock_price_feed = { path = "../mock-price-feed", features = ["no-entrypoint"] }
 
 [lints.rust]
 unexpected_cfgs = { level = "warn", check-cfg = ['cfg(target_os, values("solana"))'] }
diff --git a/finance/prop-amm/anchor-v1/programs/prop-amm/src/instructions/initialize_market.rs b/finance/prop-amm/anchor-v1/programs/prop-amm/src/instructions/initialize_market.rs
index 3445b70e0..bf7df72e9 100644
--- a/finance/prop-amm/anchor-v1/programs/prop-amm/src/instructions/initialize_market.rs
+++ b/finance/prop-amm/anchor-v1/programs/prop-amm/src/instructions/initialize_market.rs
@@ -89,7 +89,7 @@ pub struct InitializeMarketAccountConstraints<'info> {
 
     /// CHECK: The oracle feed account. Its key is stored on the market and
     /// every read validates the layout, scale, and freshness; it is never
-    /// trusted by type. Swap for a real Switchboard feed in production.
+    /// trusted by type. Swap for a real Pyth price feed in production.
     pub oracle_feed: UncheckedAccount<'info>,
 
     // The market account itself is the token authority of both vaults and
diff --git a/finance/prop-amm/anchor-v1/programs/prop-amm/src/state/oracle.rs b/finance/prop-amm/anchor-v1/programs/prop-amm/src/state/oracle.rs
index 83479816a..f4a834016 100644
--- a/finance/prop-amm/anchor-v1/programs/prop-amm/src/state/oracle.rs
+++ b/finance/prop-amm/anchor-v1/programs/prop-amm/src/state/oracle.rs
@@ -5,16 +5,20 @@ use crate::constants::{BASIS_POINTS_DENOMINATOR, MAX_PRICE_STALENESS_SLOTS};
 use crate::errors::PropAmmError;
 
 // Byte layout of the feed account this program reads. It matches the
-// `mock_switchboard::MockFeed` account: an 8-byte Anchor discriminator followed
+// `mock_price_feed::MockFeed` account: an 8-byte Anchor discriminator followed
 // by `authority: Pubkey (32)`, `price: i128 (16)`, `scale: u32 (4)`,
 // `last_update_slot: u64 (8)`, `confidence: u64 (8)`.
 //
 // We read the raw bytes rather than deserializing the mock account type so this
-// program stays decoupled from the mock. To consume a real Switchboard
-// On-Demand feed, replace the offsets below with a call to
-// `switchboard_on_demand::PullFeedAccountData::parse_and_verify(...)`, which
-// also checks the Ed25519 signatures over the price update — the only other
-// change is the feed account's owning program ID.
+// program stays decoupled from the mock. To consume a real Pyth feed, take the
+// account as a `PriceUpdateV2` instead of reading offsets: from the
+// `pyth-solana-receiver-sdk` crate, or the vendored copy in `basics/pyth` on
+// Anchor 2. The Pyth Receiver program writes that account only after checking
+// the Wormhole guardian signatures over the update, and the account type's
+// owner check rejects any account that program does not own. Map
+// `price_message.price`, `exponent` (the scale is its negation), `conf`, and
+// `publish_time` or `posted_slot` onto the checks below, and also check
+// `feed_id` and `verification_level`.
 //
 // A real feed reports a value plus a `confidence` band (a standard-deviation-like
 // uncertainty). This reader rejects a price whose band is too wide relative to
@@ -27,7 +31,7 @@ use crate::errors::PropAmmError;
 // model (the operator quotes its own capital against its own oracle choice; a
 // bad feed loses the operator's money, not the traders'). A production reader
 // must still verify the account owner is the oracle program, which
-// `parse_and_verify` does.
+// the `PriceUpdateV2` account type does.
 const PRICE_OFFSET: usize = 8 + 32;
 const SCALE_OFFSET: usize = PRICE_OFFSET + 16;
 const LAST_UPDATE_SLOT_OFFSET: usize = SCALE_OFFSET + 4;
diff --git a/finance/prop-amm/anchor-v1/programs/prop-amm/tests/test_prop_amm.rs b/finance/prop-amm/anchor-v1/programs/prop-amm/tests/test_prop_amm.rs
index 526e72e4f..b098949ab 100644
--- a/finance/prop-amm/anchor-v1/programs/prop-amm/tests/test_prop_amm.rs
+++ b/finance/prop-amm/anchor-v1/programs/prop-amm/tests/test_prop_amm.rs
@@ -91,16 +91,16 @@ impl Market {
             include_bytes!("../../../target/deploy/prop_amm.so"),
         )
         .unwrap();
-        // Use std::fs::read() instead of include_bytes!() for the switchboard program because
+        // Use std::fs::read() instead of include_bytes!() for the mock feed program because
         // include_bytes!() runs at compile time, and during `anchor build` the IDL generation
         // step compiles tests before the .so files exist. Since this is a cross-program
-        // dependency (not our own program), mock_switchboard.so may not be built yet at compile time.
-        let switchboard_bytes = std::fs::read(concat!(
+        // dependency (not our own program), mock_price_feed.so may not be built yet at compile time.
+        let mock_feed_bytes = std::fs::read(concat!(
             env!("CARGO_MANIFEST_DIR"),
-            "/../../target/deploy/mock_switchboard.so"
+            "/../../target/deploy/mock_price_feed.so"
         ))
-        .expect("mock_switchboard.so not found - run `anchor build` first");
-        svm.add_program(mock_switchboard::id(), &switchboard_bytes)
+        .expect("mock_price_feed.so not found - run `anchor build` first");
+        svm.add_program(mock_price_feed::id(), &mock_feed_bytes)
             .unwrap();
 
         let payer = create_wallet(&mut svm, 100_000_000_000).unwrap();
@@ -112,14 +112,14 @@ impl Market {
         // program; the operator is its update authority.
         let feed_keypair = Keypair::new();
         let initialize_feed = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::InitializeFeed {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::InitializeFeed {
                 price: initial_price,
                 scale: ORACLE_SCALE,
                 confidence: 0,
             }
             .data(),
-            mock_switchboard::accounts::InitializeFeedAccountConstraints {
+            mock_price_feed::accounts::InitializeFeedAccountConstraints {
                 feed: feed_keypair.pubkey(),
                 authority: operator.pubkey(),
                 system_program: system_program::id(),
@@ -229,9 +229,9 @@ impl Market {
 
     fn set_price_with_confidence(&mut self, price: i128, confidence: u64) {
         let set_price = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::SetPrice { price, confidence }.data(),
-            mock_switchboard::accounts::SetPriceAccountConstraints {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::SetPrice { price, confidence }.data(),
+            mock_price_feed::accounts::SetPriceAccountConstraints {
                 feed: self.feed,
                 authority: self.operator.pubkey(),
             }
diff --git a/finance/prop-amm/anchor/Anchor.toml b/finance/prop-amm/anchor/Anchor.toml
index 4284d903d..f6eba6d4e 100644
--- a/finance/prop-amm/anchor/Anchor.toml
+++ b/finance/prop-amm/anchor/Anchor.toml
@@ -9,7 +9,7 @@ skip-lint = false
 
 [programs.localnet]
 prop_amm = "9ZMtJFtn5n4wwpEeXXG5paFQakcDtrd3ova5ptJL4VT1"
-mock_switchboard = "BdFYarCfgMJhC26dFN6JXKVx4kUEM3k2wYaNjyjFrvAD"
+mock_price_feed = "BdFYarCfgMJhC26dFN6JXKVx4kUEM3k2wYaNjyjFrvAD"
 
 [provider]
 cluster = "localnet"
diff --git a/finance/prop-amm/anchor/CHANGELOG.md b/finance/prop-amm/anchor/CHANGELOG.md
index 94faa1295..a829f2c15 100644
--- a/finance/prop-amm/anchor/CHANGELOG.md
+++ b/finance/prop-amm/anchor/CHANGELOG.md
@@ -1,5 +1,13 @@
 # Changelog
 
+## 2026-09-23
+
+The mock oracle program is now `mock-price-feed` (library and program
+`mock_price_feed`, package `mock_price_feed_prop_amm`), with the same program ID, instructions and
+account layout. The oracle network it was modeled on has shut down, so the
+production path described in `state/oracle.rs` now reads a Pyth
+`PriceUpdateV2` account, as `basics/pyth` does. No behavior changes.
+
 ## 2026-09-10
 
 The `Market` account now owns both vaults and signs their outgoing transfers
@@ -30,5 +38,5 @@ same gates; only the amounts changed.
 
 Initial version: an oracle-quoted proprietary AMM. One operator funds the
 market's inventory and quotes both sides of it at the oracle price plus a
-spread; anyone can swap against the quotes. Includes the `mock-switchboard`
+spread; anyone can swap against the quotes. Includes the `mock-price-feed`
 oracle program for deterministic tests.
diff --git a/finance/prop-amm/anchor/README.md b/finance/prop-amm/anchor/README.md
index cbc16938c..0a209c117 100644
--- a/finance/prop-amm/anchor/README.md
+++ b/finance/prop-amm/anchor/README.md
@@ -20,7 +20,7 @@ via Jupiter routing rather than their own user interfaces.
 
 - **`prop-amm`**: the market. One operator, one base/quote pair, one oracle
   feed, two vaults, five instruction handlers.
-- **`mock-switchboard`**: a minimal stand-in for a Switchboard On-Demand
+- **`mock-price-feed`**: a minimal stand-in for an oracle's
   price feed, so tests can drive deterministic price scenarios. Not for
   production.
 
@@ -138,8 +138,8 @@ misprices.
 - Lifinity's public design notes and the Helius write-up
   "Solana's Proprietary AMM Revolution" are good next reads.
 - The oracle reader deliberately reads raw bytes at fixed offsets and
-  documents how to swap in `switchboard_on_demand::PullFeedAccountData::
-  parse_and_verify(...)` for production.
+  documents how to read a Pyth `PriceUpdateV2` account
+  instead in production.
 
 ## Limitations
 
diff --git a/finance/prop-amm/anchor/programs/mock-switchboard/Cargo.toml b/finance/prop-amm/anchor/programs/mock-price-feed/Cargo.toml
similarity index 84%
rename from finance/prop-amm/anchor/programs/mock-switchboard/Cargo.toml
rename to finance/prop-amm/anchor/programs/mock-price-feed/Cargo.toml
index a5a34cd76..f01220b60 100644
--- a/finance/prop-amm/anchor/programs/mock-switchboard/Cargo.toml
+++ b/finance/prop-amm/anchor/programs/mock-price-feed/Cargo.toml
@@ -2,16 +2,16 @@
 # The perpetual-futures project has a mock of the same feed. Two path packages
 # with one name cannot both appear in a lockfile, and the repository-root
 # workspace pulls both in, so the package names differ. `[lib] name` stays
-# `mock_switchboard`, which is what Anchor.toml, the IDL and the .so are keyed
+# `mock_price_feed`, which is what Anchor.toml, the IDL and the .so are keyed
 # on, and the dependent renames it back with `package = `.
-name = "mock_switchboard_prop_amm"
+name = "mock_price_feed_prop_amm"
 version = "0.1.0"
-description = "Mock Switchboard On-Demand feed for testing the prop-amm program"
+description = "Mock oracle price feed for testing the prop-amm program"
 edition = "2021"
 
 [lib]
 crate-type = ["cdylib", "lib"]
-name = "mock_switchboard"
+name = "mock_price_feed"
 
 [features]
 default = []
diff --git a/finance/prop-amm/anchor/programs/mock-switchboard/src/lib.rs b/finance/prop-amm/anchor/programs/mock-price-feed/src/lib.rs
similarity index 67%
rename from finance/prop-amm/anchor/programs/mock-switchboard/src/lib.rs
rename to finance/prop-amm/anchor/programs/mock-price-feed/src/lib.rs
index 03ae2006a..423f16521 100644
--- a/finance/prop-amm/anchor/programs/mock-switchboard/src/lib.rs
+++ b/finance/prop-amm/anchor/programs/mock-price-feed/src/lib.rs
@@ -1,16 +1,17 @@
-//! Mock Switchboard On-Demand feed for testing the prop-amm program.
+//! Mock oracle price feed for testing the prop-amm program.
 //!
-//! Real Switchboard On-Demand feeds are program-owned accounts whose data is
-//! produced by an offchain oracle network and verified onchain via Ed25519
-//! signatures over the latest price update. That verification path is
-//! out-of-scope for this teaching example, so this mock stores a single price
-//! the test harness writes directly, plus the slot the update happened in.
+//! A real price feed account is written by an oracle network's receiver
+//! program, which verifies the network's signatures over each price update
+//! before recording it. That verification path is out of scope for this
+//! teaching example, so this mock stores a single price the test harness
+//! writes directly, plus the slot the update happened in.
 //!
 //! The prop-amm program reads this feed the same way it would read a real
 //! feed: load the account, decode the layout, read `price`, `scale`, and
-//! `last_update_slot` (see `prop_amm::state::oracle`). Swap this program ID
-//! for `SBondMDrcV3K4kxZR1HNVT7osZxAHVHgYXL5Ze1oMUv` (Switchboard On-Demand)
-//! and adapt the layout to consume real feeds in production.
+//! `last_update_slot` (see `prop_amm::state::oracle`). In production the
+//! program reads a Pyth `PriceUpdateV2` account instead, owned by the Pyth
+//! Receiver program `rec5EKMGg6MxZYaMdyBfgwp4d5rB9T1VQH5pJv5LtFJ`. The oracle
+//! module describes that change, and `basics/pyth` reads one.
 //!
 //! NOT FOR PRODUCTION.
 use anchor_lang::prelude::*;
@@ -18,7 +19,7 @@ use anchor_lang::prelude::*;
 declare_id!("BdFYarCfgMJhC26dFN6JXKVx4kUEM3k2wYaNjyjFrvAD");
 
 #[program]
-pub mod mock_switchboard {
+pub mod mock_price_feed {
     use super::*;
 
     /// Initialize the mock feed with an initial price. The signer becomes the
@@ -38,9 +39,9 @@ pub mod mock_switchboard {
         Ok(())
     }
 
-    /// Push a new price (and confidence band) to the mock feed. In real
-    /// Switchboard this would be a signed update from the oracle network; here it
-    /// is an authority-gated write, because the goal is to drive deterministic
+    /// Push a new price (and confidence band) to the mock feed. For a real
+    /// feed this would be a signed update from the oracle network; here it is
+    /// an authority-gated write, because the goal is to drive deterministic
     /// test scenarios.
     pub fn set_price(
         context: &mut Context<SetPriceAccountConstraints>,
@@ -79,15 +80,16 @@ pub struct SetPriceAccountConstraints {
     pub authority: Signer,
 }
 
-/// Mock of a Switchboard On-Demand feed. Real feeds carry many more fields
-/// (median, range, sample window, signatures) — this is the bare minimum the
+/// Mock of an oracle price feed. Real feeds carry many more fields (feed ID,
+/// publish time, EMA price, verification level) — this is the bare minimum the
 /// prop-amm program needs to price a quote.
 #[derive(InitSpace)]
 #[account(borsh)]
 pub struct MockFeed {
     pub authority: Address,
 
-    /// Signed 128-bit fixed-point price. Real Switchboard prices are also i128.
+    /// Signed 128-bit fixed-point price, wide enough for any feed's price
+    /// (Pyth's is an i64 with a separate exponent).
     pub price: i128,
 
     /// Number of decimal places implied by `price`. E.g. `scale = 8` means
diff --git a/finance/prop-amm/anchor/programs/prop-amm/Cargo.toml b/finance/prop-amm/anchor/programs/prop-amm/Cargo.toml
index 78071caca..448706098 100644
--- a/finance/prop-amm/anchor/programs/prop-amm/Cargo.toml
+++ b/finance/prop-amm/anchor/programs/prop-amm/Cargo.toml
@@ -68,7 +68,7 @@ solana-kite = "0.4.0"
 borsh = "1.6.1"
 # The LiteSVM tests load the compiled mock oracle program; depending on the
 # crate here lets the tests reuse its instruction-argument types and program ID.
-mock_switchboard = { package = "mock_switchboard_prop_amm", path = "../mock-switchboard", features = ["no-entrypoint"] }
+mock_price_feed = { package = "mock_price_feed_prop_amm", path = "../mock-price-feed", features = ["no-entrypoint"] }
 
 [lints.rust]
 unexpected_cfgs = { level = "warn", check-cfg = ['cfg(target_os, values("solana"))'] }
diff --git a/finance/prop-amm/anchor/programs/prop-amm/src/instructions/initialize_market.rs b/finance/prop-amm/anchor/programs/prop-amm/src/instructions/initialize_market.rs
index 40049bf83..f385e70d1 100644
--- a/finance/prop-amm/anchor/programs/prop-amm/src/instructions/initialize_market.rs
+++ b/finance/prop-amm/anchor/programs/prop-amm/src/instructions/initialize_market.rs
@@ -90,7 +90,7 @@ pub struct InitializeMarketAccountConstraints {
 
     /// CHECK: The oracle feed account. Its key is stored on the market and
     /// every read validates the layout, scale, and freshness; it is never
-    /// trusted by type. Swap for a real Switchboard feed in production.
+    /// trusted by type. Swap for a real Pyth price feed in production.
     pub oracle_feed: UncheckedAccount,
 
     // The market account itself is the token authority of both vaults and
diff --git a/finance/prop-amm/anchor/programs/prop-amm/src/state/oracle.rs b/finance/prop-amm/anchor/programs/prop-amm/src/state/oracle.rs
index f7aba055b..fb6be7a35 100644
--- a/finance/prop-amm/anchor/programs/prop-amm/src/state/oracle.rs
+++ b/finance/prop-amm/anchor/programs/prop-amm/src/state/oracle.rs
@@ -5,16 +5,20 @@ use crate::constants::{BASIS_POINTS_DENOMINATOR, MAX_PRICE_STALENESS_SLOTS};
 use crate::errors::PropAmmError;
 
 // Byte layout of the feed account this program reads. It matches the
-// `mock_switchboard::MockFeed` account: an 8-byte Anchor discriminator followed
+// `mock_price_feed::MockFeed` account: an 8-byte Anchor discriminator followed
 // by `authority: Address (32)`, `price: i128 (16)`, `scale: u32 (4)`,
 // `last_update_slot: u64 (8)`, `confidence: u64 (8)`.
 //
 // We read the raw bytes rather than deserializing the mock account type so this
-// program stays decoupled from the mock. To consume a real Switchboard
-// On-Demand feed, replace the offsets below with a call to
-// `switchboard_on_demand::PullFeedAccountData::parse_and_verify(...)`, which
-// also checks the Ed25519 signatures over the price update — the only other
-// change is the feed account's owning program ID.
+// program stays decoupled from the mock. To consume a real Pyth feed, take the
+// account as a `PriceUpdateV2` instead of reading offsets: from the
+// `pyth-solana-receiver-sdk` crate, or the vendored copy in `basics/pyth` on
+// Anchor 2. The Pyth Receiver program writes that account only after checking
+// the Wormhole guardian signatures over the update, and the account type's
+// owner check rejects any account that program does not own. Map
+// `price_message.price`, `exponent` (the scale is its negation), `conf`, and
+// `publish_time` or `posted_slot` onto the checks below, and also check
+// `feed_id` and `verification_level`.
 //
 // A real feed reports a value plus a `confidence` band (a standard-deviation-like
 // uncertainty). This reader rejects a price whose band is too wide relative to
@@ -27,7 +31,7 @@ use crate::errors::PropAmmError;
 // model (the operator quotes its own capital against its own oracle choice; a
 // bad feed loses the operator's money, not the traders'). A production reader
 // must still verify the account owner is the oracle program, which
-// `parse_and_verify` does.
+// the `PriceUpdateV2` account type does.
 const PRICE_OFFSET: usize = 8 + 32;
 const SCALE_OFFSET: usize = PRICE_OFFSET + 16;
 const LAST_UPDATE_SLOT_OFFSET: usize = SCALE_OFFSET + 4;
diff --git a/finance/prop-amm/anchor/programs/prop-amm/tests/test_prop_amm.rs b/finance/prop-amm/anchor/programs/prop-amm/tests/test_prop_amm.rs
index e7dd3bd2a..bd5d456f5 100644
--- a/finance/prop-amm/anchor/programs/prop-amm/tests/test_prop_amm.rs
+++ b/finance/prop-amm/anchor/programs/prop-amm/tests/test_prop_amm.rs
@@ -89,16 +89,16 @@ impl Market {
             include_bytes!("../../../target/deploy/prop_amm.so"),
         )
         .unwrap();
-        // Use std::fs::read() instead of include_bytes!() for the switchboard program because
+        // Use std::fs::read() instead of include_bytes!() for the mock feed program because
         // include_bytes!() runs at compile time, and during `anchor build` the IDL generation
         // step compiles tests before the .so files exist. Since this is a cross-program
-        // dependency (not our own program), mock_switchboard.so may not be built yet at compile time.
-        let switchboard_bytes = std::fs::read(concat!(
+        // dependency (not our own program), mock_price_feed.so may not be built yet at compile time.
+        let mock_feed_bytes = std::fs::read(concat!(
             env!("CARGO_MANIFEST_DIR"),
-            "/../../target/deploy/mock_switchboard.so"
+            "/../../target/deploy/mock_price_feed.so"
         ))
-        .expect("mock_switchboard.so not found - run `anchor build` first");
-        svm.add_program(mock_switchboard::id(), &switchboard_bytes)
+        .expect("mock_price_feed.so not found - run `anchor build` first");
+        svm.add_program(mock_price_feed::id(), &mock_feed_bytes)
             .unwrap();
 
         let payer = create_wallet(&mut svm, 100_000_000_000).unwrap();
@@ -110,14 +110,14 @@ impl Market {
         // program; the operator is its update authority.
         let feed_keypair = Keypair::new();
         let initialize_feed = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::InitializeFeed {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::InitializeFeed {
                 price: initial_price,
                 scale: ORACLE_SCALE,
                 confidence: 0,
             }
             .data(),
-            mock_switchboard::accounts::InitializeFeedAccountConstraints {
+            mock_price_feed::accounts::InitializeFeedAccountConstraints {
                 feed: feed_keypair.pubkey(),
                 authority: operator.pubkey(),
                 system_program: system_program::ID,
@@ -227,9 +227,9 @@ impl Market {
 
     fn set_price_with_confidence(&mut self, price: i128, confidence: u64) {
         let set_price = Instruction::new_with_bytes(
-            mock_switchboard::id(),
-            &mock_switchboard::instruction::SetPrice { price, confidence }.data(),
-            mock_switchboard::accounts::SetPriceAccountConstraints {
+            mock_price_feed::id(),
+            &mock_price_feed::instruction::SetPrice { price, confidence }.data(),
+            mock_price_feed::accounts::SetPriceAccountConstraints {
                 feed: self.feed,
                 authority: self.operator.pubkey(),
             }
diff --git a/finance/prop-amm/quasar/CHANGELOG.md b/finance/prop-amm/quasar/CHANGELOG.md
index 925913392..b8eef425d 100644
--- a/finance/prop-amm/quasar/CHANGELOG.md
+++ b/finance/prop-amm/quasar/CHANGELOG.md
@@ -1,5 +1,11 @@
 # Changelog
 
+## 2026-09-23
+
+Documentation only: a production feed is now described as a Pyth
+`PriceUpdateV2` account, since the oracle network the test feed was modeled on
+has shut down.
+
 ## 2026-09-10
 
 The `Market` account now owns both vaults and signs their outgoing transfers
diff --git a/finance/prop-amm/quasar/README.md b/finance/prop-amm/quasar/README.md
index c377fff55..32d1ce54d 100644
--- a/finance/prop-amm/quasar/README.md
+++ b/finance/prop-amm/quasar/README.md
@@ -25,7 +25,7 @@ Quasar version.
 - **Oracle feed in tests.** Rather than a separate mock-oracle program, the
   tests write the feed account's bytes directly (price, scale, last-update
   slot, confidence) and the program reads them the same way it would read a
-  real Switchboard feed.
+  real oracle feed.
 - **State writes** use Quasar's zero-copy field accessors (`field.get()` /
   `field.set()`) and `set_inner`, rather than Anchor's `Account` mutation.
 
diff --git a/finance/prop-amm/quasar/src/instructions/shared.rs b/finance/prop-amm/quasar/src/instructions/shared.rs
index cd34a30c3..0d7e0ec4d 100644
--- a/finance/prop-amm/quasar/src/instructions/shared.rs
+++ b/finance/prop-amm/quasar/src/instructions/shared.rs
@@ -38,11 +38,12 @@ fn overflow() -> ProgramError {
 
 // Byte layout of the oracle feed account: price (i128), scale (u32),
 // last_update_slot (u64), confidence (u64). The tests craft this directly; in
-// production it would be a real Switchboard On-Demand feed parsed with
-// signature verification. Like the Anchor sibling, this validates freshness,
-// positivity, scale, and the confidence band; the feed account's owning
-// program is NOT checked — the operator picks the oracle, and a bad choice
-// loses the operator's money, not the traders'.
+// production it would be a Pyth `PriceUpdateV2` account, which the Pyth
+// Receiver program writes only after verifying the update's signatures. Like
+// the Anchor sibling, this validates freshness, positivity, scale, and the
+// confidence band; the feed account's owning program is NOT checked — the
+// operator picks the oracle, and a bad choice loses the operator's money, not
+// the traders'.
 const PRICE_OFFSET: usize = 0;
 const SCALE_OFFSET: usize = PRICE_OFFSET + 16;
 const LAST_UPDATE_SLOT_OFFSET: usize = SCALE_OFFSET + 4;