diff --git a/protocol/x/prices/keeper/currency_pair_id_cache.go b/protocol/x/prices/keeper/currency_pair_id_cache.go
index f188260bc90..018dcf5f70d 100644
--- a/protocol/x/prices/keeper/currency_pair_id_cache.go
+++ b/protocol/x/prices/keeper/currency_pair_id_cache.go
@@ -33,3 +33,12 @@ func (c *CurrencyPairIDCache) GetIDForCurrencyPair(currencyPair string) (uint64,
 	id, found := c.currencyPairToID[currencyPair]
 	return id, found
 }
+
+// Remove removes the currency-pair (by ID) from the cache
+func (c *CurrencyPairIDCache) Remove(id uint64) {
+	currencyPair, found := c.idToCurrencyPair[id]
+	if found {
+		delete(c.idToCurrencyPair, id)
+		delete(c.currencyPairToID, currencyPair)
+	}
+}
diff --git a/protocol/x/prices/keeper/market_param.go b/protocol/x/prices/keeper/market_param.go
index be3eaab8101..304ed827dcf 100644
--- a/protocol/x/prices/keeper/market_param.go
+++ b/protocol/x/prices/keeper/market_param.go
@@ -5,6 +5,7 @@ import (
 
 	errorsmod "cosmossdk.io/errors"
 	"github.com/dydxprotocol/v4-chain/protocol/daemons/pricefeed/metrics"
+	"github.com/dydxprotocol/v4-chain/protocol/lib/slinky"
 
 	"cosmossdk.io/store/prefix"
 	sdk "github.com/cosmos/cosmos-sdk/types"
@@ -48,6 +49,20 @@ func (k Keeper) ModifyMarketParam(
 	marketParamStore := k.getMarketParamStore(ctx)
 	b := k.cdc.MustMarshal(&updatedMarketParam)
 	marketParamStore.Set(lib.Uint32ToKey(updatedMarketParam.Id), b)
+	
+	// if the market pair has been changed, we need to update the in-memory market pair cache
+	if existingParam.Pair != updatedMarketParam.Pair {
+		// remove the old cache entry
+		k.currencyPairIDCache.Remove(uint64(existingParam.Id))
+
+		// add the new cache entry
+		cp, err := slinky.MarketPairToCurrencyPair(updatedMarketParam.Pair)
+		if err == nil {
+			k.currencyPairIDCache.AddCurrencyPair(uint64(updatedMarketParam.Id), cp.String())
+		} else {
+			k.Logger(ctx).Error("failed to add currency pair to cache", "pair", updatedMarketParam.Pair)
+		}
+	}
 
 	// Generate indexer event.
 	k.GetIndexerEventManager().AddTxnEvent(
diff --git a/protocol/x/prices/keeper/market_param_test.go b/protocol/x/prices/keeper/market_param_test.go
index 709a82a438a..5bd44388e8a 100644
--- a/protocol/x/prices/keeper/market_param_test.go
+++ b/protocol/x/prices/keeper/market_param_test.go
@@ -5,6 +5,7 @@ import (
 	"testing"
 
 	"github.com/dydxprotocol/v4-chain/protocol/daemons/pricefeed/metrics"
+	"github.com/dydxprotocol/v4-chain/protocol/lib/slinky"
 
 	errorsmod "cosmossdk.io/errors"
 
@@ -45,6 +46,62 @@ func TestModifyMarketParam(t *testing.T) {
 	}
 }
 
+func TestModifyMarketParamUpdatesCache(t *testing.T) {
+	ctx, keeper, _, _, _, mockTimeProvider := keepertest.PricesKeepers(t)
+	mockTimeProvider.On("Now").Return(constants.TimeT)
+	ctx = ctx.WithTxBytes(constants.TestTxBytes)
+
+	id := uint32(1)
+	oldParam := types.MarketParam{
+		Id:                 id,
+		Pair: "foo-bar",
+		MinExchanges:       uint32(2),
+		Exponent:           8,
+		MinPriceChangePpm:  uint32(50),
+		ExchangeConfigJson: `{"id":"1"}`,
+	}
+	mp, err := keeper.CreateMarket(ctx, oldParam, types.MarketPrice{
+		Id:		id,
+		Exponent: 8,
+		Price: 1,
+	})
+	require.NoError(t, err)
+
+	// check that the existing entry exists
+	cp, err := slinky.MarketPairToCurrencyPair(mp.Pair)
+	require.NoError(t, err)
+
+	// check that the existing entry exists
+	cpID, found := keeper.GetIDForCurrencyPair(ctx, cp)
+	require.True(t, found)
+	require.Equal(t, uint64(id), cpID)
+	
+	// modify the market param
+	newParam, err := keeper.ModifyMarketParam(
+		ctx,
+		types.MarketParam{
+			Id:                 id,
+			Pair:               "bar-foo",
+			MinExchanges:       uint32(2),
+			Exponent:           8,
+			MinPriceChangePpm:  uint32(50),
+			ExchangeConfigJson: `{"id":"1"}`,
+		},
+	)
+	require.NoError(t, err)
+
+	// check that the existing entry does not exist
+	_, found = keeper.GetIDForCurrencyPair(ctx, cp)
+	require.False(t, found)
+
+	// check that the new entry exists
+	cp, err = slinky.MarketPairToCurrencyPair(newParam.Pair)
+	require.NoError(t, err)
+	cpID, found = keeper.GetIDForCurrencyPair(ctx, cp)
+	require.True(t, found)
+	require.Equal(t, uint64(id), cpID)
+}
+
 func TestModifyMarketParam_Errors(t *testing.T) {
 	validExchangeConfigJson := `{"exchanges":[{"exchangeName":"Binance","ticker":"BTCUSDT"}]}`
 	tests := map[string]struct {