diff --git a/core/types/snapshot_nodes.go b/core/types/snapshot_nodes.go
index 18b55c3595d..a9d9ddc3526 100644
--- a/core/types/snapshot_nodes.go
+++ b/core/types/snapshot_nodes.go
@@ -3139,7 +3139,9 @@ func ExecutionMarketsFromProto(em *snapshot.ExecutionMarkets) *ExecutionMarkets
 func (e ExecutionMarkets) IntoProto() *snapshot.ExecutionMarkets {
 	mkts := make([]*snapshot.Market, 0, len(e.Markets))
 	for _, m := range e.Markets {
-		mkts = append(mkts, m.IntoProto())
+		if m != nil && m.Market != nil {
+			mkts = append(mkts, m.IntoProto())
+		}
 	}
 	spots := make([]*snapshot.SpotMarket, 0, len(e.SpotMarkets))
 	for _, m := range e.SpotMarkets {