PAX is building

The most valuable real estate in the world is a co-lo server rack next to a major financial exchange. PAX is building a co-lo on a single silicon device.

PAX Circle Logo

Building a Better Market.

In trading, speed is critical, but inaccessible to many. PAX enables single digit nanosecond market access for all.

BE FIRST.

The PAX λ API places orders immediately after market data is published, with zero network delay. No faster tick-to-trade exists. Beta API for event-driven trading will open to demo participants in Q1'25.

GET PAID.

PAX offers unprecedented double-sided rebates for non-speed sensitive orders. Whether making or taking liquidity, PAX pays a rebate when an order pairs with another placed through the Lambda API.

Our Peers.

Using its patented λ API, PAX moves traders closer to the exchange: onto the same silicon device.

ExchangeLatencyPAX
Binance1ms50,000x Faster
Coinbase1ms50,000x Faster
OKX1ms50,000x Faster
Bybit1ms50,000x Faster
NYSE 20µs1000x Faster
NASDAQ 20µs1000x Faster
LSE 50µs1000x Faster
TSE 30µs1000x Faster
HKEX 30µs1000x Faster
CME 100µs1000x Faster
MEMX 30µs1000x Faster
DB30µs1000x Faster

The round-trip latency numbers in the table are estimates based on publicly available data. Did we forget an exchange venue, or get round-trip latency wrong?

Send us a note at [email protected].

PAX FAQ

Yes, PAX is faster for both time-to-publish and tick-to-trade. PAX is implemented on a single silicon device moving exchange response latency from microseconds to nanoseconds: a 1000x speedup.
Ultra low-latency participants cannot respond to market events until after the events have been processed by the venue. Existing venues delay event publication by microseconds through a combination of compute and network overhead. PAX reduces the compute overhead by implementing the exchange in silicon. PAX removes the network overhead by integrating participant response into the same silicon device.
The λ API enables participants to submit orders in response to market events. Examples include: cancelling an order in response to a price level shrinking, following a large trade, and placing a market taking order based on an event from a different asset using local or remote market data.
PAX is being built today. PAX will demo on AWS F1 FPGA instances in Q1'25. Participants will be given early access to its API on an invitation-only basis.
PAX is the Palo Alto Exchange. Palo Alto is the beating heart of Silicon Valley. PAX is Latin for peace.