No fees, new rebates, and a faster market.
Existing crypto exchanges charge relatively high fees (20x to 100x higher) compared to mature traditional capital markets. PAX offers zero-fees and cash-back on every trade, and we provide fee-based "instant" order placement to HFT customers.
However you trade, PAX is faster and costs less.
GET PAID.
Most exchanges have "maker/taker" fees. PAX introduces: "zero-fee + cash-back." Whether making or taking, you pay nothing, and if your order pairs with a λ, you get cash-back.
BE FIRST.
The PAX λ API places orders instantly, at the same moment that market data is published, with zero network delay. No faster tick-to-trade exists.
PAX FAQ
Yes, participants not using the PAX λ API are charged zero transaction fees and receive cash-back on top of that. For details on rebates and why this works, see our blog.
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.