PAX Markets
Exchange and co-located trading facility, on a chip.
Founding Principal Hardware Engineer
About the role
What you’ll do:
As founding principal hardware engineer, you will lead the design and in-production implementation of an exchange and co-located trading facility on a single silicon device. You will lead development of PAX core technology and set future design directions.
PAX ultra low-latency in-silicon matching engine:
PAX is building the world's first exchange and co-located trading facility on a chip. We will go-to-market using AWS F2 FPGA instances and follow-on with an ASIC design that combines network aggregation with exchange functionality.
PAX provides the fastest tick-to-trade and market data publication in the world, across all exchanges (e.g. faster than NYSE, Deutsche Börse, etc.).
Exchange integrated high frequency trading logic:
The PAX λ API provides traders with on-chip exchange integrated HFT decision logic. Using the λ API, traders can make markets or take arbitrage opportunities. The λ API enables traders to respond to market events the very instant the information is registered in the exchange matching engine.
PAX business model:
PAX sells access to its ultra-low latency λ API and offers trading otherwise for free. Existing exchanges typically offer rebates for liquidity providers ("makers") and charge fees to liquidity takers (the "maker/taker" fee structure). At PAX when λ and non-λ orders pair together, the free-tier order is given a cash rebate regardless of whether their order was characterized as making or taking. PAX is the first exchange to offer zero-fee trading and rebates for both making and taking.
Deep dives on PAX market structure & technology:
Relevant background:
Candidates with experience in high frequency trading (HFT) or at an exchange are encouraged to apply.
Skills:
- SystemVerilog
- FPGA or ASIC design experience
- Rust and/or C++
- HFT
- Protobuf
- Curiosity and ability to learn
- Passion for trading and markets
About 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.
