PAX Markets

Exchange on a chip

PAX (link) is building an exchange on a chip. We co-locate high frequency trading (HFT) logic directly onto the same silicon device where we run our core exchange matching engine.

We move traders to within nanometers of the exchange. Such proximity unlocks unprecedented value to high frequency customers and PAX shares this value by offering zero-fees & cash-back, to every other market participant on every trade.

Crypto go-to-market

PAX will start operating its exchange first in crypto, offering spot & perps for BTC & ETH. Crypto is a fast growing space with $1T+ in daily volume.

Technology that spans asset classes

After growing in crypto, PAX will establish a U.S equities ATS and continue to monetize by operating exchanges in every asset class and every global market.

Our core technology

The PAX order book, matching engine, and our ultra-low latency λ API are implemented in silicon. We use Rust and SystemVerilog to implement our technology as a hw/sw co-design.

Today, PAX runs on AWS FPGA F2 instances and soon we will be building custom ASICs to support the next epoch of high volume trading with exchange integrated α models (AI/ML price prediction models).

PAX is the fastest exchange with the fastest tick-to-trade from crypto to Wall Street.