PAX Markets
PAX Markets is a YC Winter 2025 (W25) company. Based in Redwood City, CA, USA. Team of 6.
About PAX Markets
Summary
PAX Markets builds a cryptocurrency centralized exchange where the matching engine and trading logic run on the same physical chip, eliminating the network distance between order origination and execution. High-frequency traders get deterministic nanosecond-level execution through a paid on-chip API, while retail and other traders access the exchange at zero cost with rebates on taking liquidity. The product replaces conventional co-location arrangements, where traders must route orders from external servers to a separate exchange engine over a network link.
Business model
Sells access to the on-chip lambda API to speed-sensitive traders such as market makers, while standard trading access is free with rebates.
Go-to-market
HFT firms and market makers are the primary paying customers, reached through an early-access program; retail traders onboard via a no-fee, rebated legacy API with no institutional barriers to entry.
From the Y Combinator listing
More 𝛼, less latency: exchange and HFT on one chip.
PAX is a new crypto CEX that delivers more 𝛼 with its in-silicon exchange and HFT technology. The PAX exchange integrated on-chip λ API provides deterministic nanosecond tick-to-trade latency. HFT λ traders experience non-adverse counterparty selection by pairing with free-tier traders who access PAX using our zero-cost & always rebated legacy API. Using our patented technology, PAX is building a new generation of exchange co-lo facilities that unite HFT with exchange and monetizing by vertically integrating exchange and platform technology as one.
Facts
- Fintech / Fintech -> Banking and Exchange
- Redwood City, CA, USA
- 6
- Active
- Early
Founders (2)
- Benjamin Kilimnik
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