diff --git a/x/pricefeed/keeper/grpc_query.go b/x/pricefeed/keeper/grpc_query.go
index 7ce626ea..48a92bae 100644
--- a/x/pricefeed/keeper/grpc_query.go
+++ b/x/pricefeed/keeper/grpc_query.go
@@ -56,7 +56,9 @@ func (s queryServer) Prices(c context.Context, req *types.QueryPricesRequest) (*
 
 	var currentPrices types.CurrentPriceResponses
 	for _, cp := range s.keeper.GetCurrentPrices(ctx) {
-		currentPrices = append(currentPrices, types.CurrentPriceResponse(cp))
+		if cp.MarketID != "" {
+			currentPrices = append(currentPrices, types.CurrentPriceResponse(cp))
+		}
 	}
 
 	return &types.QueryPricesResponse{
diff --git a/x/pricefeed/keeper/grpc_query_test.go b/x/pricefeed/keeper/grpc_query_test.go
index b30239a5..372a10e4 100644
--- a/x/pricefeed/keeper/grpc_query_test.go
+++ b/x/pricefeed/keeper/grpc_query_test.go
@@ -117,6 +117,33 @@ func (suite *grpcQueryTestSuite) TestGrpcPrices() {
 	suite.Contains(prices.Prices, expectedPrice, "all prices should include the tstusd price")
 }
 
+func (suite *grpcQueryTestSuite) TestGrpcPrices_NoPriceSet() {
+	params := types.NewParams([]types.Market{
+		{MarketID: "tst:usd", BaseAsset: "tst", QuoteAsset: "usd", Oracles: []sdk.AccAddress{}, Active: true},
+		{MarketID: "other:usd", BaseAsset: "other", QuoteAsset: "usd", Oracles: []sdk.AccAddress{}, Active: true},
+	})
+	suite.keeper.SetParams(suite.ctx, params)
+
+	_, err := suite.keeper.SetPrice(
+		suite.ctx, suite.addrs[2], "tst:usd",
+		sdk.MustNewDecFromStr("0.34"),
+		suite.now.Add(time.Hour*1))
+	suite.NoError(err)
+
+	err = suite.keeper.SetCurrentPrices(suite.ctx, "tst:usd")
+	suite.NoError(err)
+
+	// Set current price of "other:usd" with no individual prices in store
+	_ = suite.keeper.SetCurrentPrices(suite.ctx, "other:usd")
+
+	expectedPrice := types.NewCurrentPriceResponse("tst:usd", sdk.MustNewDecFromStr("0.34"))
+	prices, err := suite.queryServer.Prices(sdk.WrapSDKContext(suite.ctx), &types.QueryPricesRequest{})
+	suite.NoError(err)
+
+	suite.Equal(len(prices.Prices), 1)
+	suite.Equal(prices.Prices, types.CurrentPriceResponses{expectedPrice}, "should only contain tst:usd price")
+}
+
 func (suite *grpcQueryTestSuite) TestGrpcRawPrices() {
 	suite.setTestParams()
 	suite.setTstPrice()
diff --git a/x/pricefeed/keeper/querier.go b/x/pricefeed/keeper/querier.go
index 55676c74..755eb440 100644
--- a/x/pricefeed/keeper/querier.go
+++ b/x/pricefeed/keeper/querier.go
@@ -57,7 +57,16 @@ func queryPrice(ctx sdk.Context, req abci.RequestQuery, keeper Keeper, legacyQue
 
 func queryPrices(ctx sdk.Context, req abci.RequestQuery, keeper Keeper, legacyQuerierCdc *codec.LegacyAmino) (res []byte, sdkErr error) {
 	currentPrices := keeper.GetCurrentPrices(ctx)
-	bz, err := codec.MarshalJSONIndent(legacyQuerierCdc, currentPrices)
+
+	// Filter out invalid markets without a price
+	var validCurrentPrices types.CurrentPrices
+	for _, cp := range currentPrices {
+		if cp.MarketID != "" {
+			validCurrentPrices = append(validCurrentPrices, types.CurrentPrice(cp))
+		}
+	}
+
+	bz, err := codec.MarshalJSONIndent(legacyQuerierCdc, validCurrentPrices)
 	if err != nil {
 		return nil, sdkerrors.Wrap(sdkerrors.ErrJSONMarshal, err.Error())
 	}