
Faster markets, better incentives.
Headquarters: Menlo Park, California
Product: Cryptocurrency exchange with patented "λ API" (hardware-accelerated, co-location on a chip)
Fee model: Zero-fee retail trading with cash-back rebates; revenue from paid λ API access
Founders: Pete Stevenson (Co‑Founder & CEO), Ben Kilimnik (Co‑Founder & CTO)
Employees (approx.): 5
Recent funding: Seed round (Jul 7, 2025); total reported funding $500,000
Digital asset exchange infrastructure and low‑latency trading
2024
Cryptocurrency exchange / digital asset infrastructure
“Backed by Y Combinator and CoreNest Capital (three investors reported)”
What You’ll Do As founding principal hardware engineer, you will lead a project that changes the landscape of electronic trading: 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 including implementation of an ultra-low latency 𝛼 (ML based price prediction) produced in-sync with the publication of hardware market data.
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 integrates network aggregation with exchange functionality. With only the F2 FPGA setup, PAX will immediately provide 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 At PAX, we sell speed to HFTs and offer trading otherwise for free: zero-fees. Existing exchanges typically charge a fee for each trade, or offer a rebate/fee scheme called maker/taker. PAX is the first exchange to offer zero-fee trading and rebates for both making and taking. Our paid tier (λ API) is opt-in, but will be table stakes for any market maker that wishes to remain competitive in the speed game.
PAX Business Model In More Depth
Relevant Background Candidates with experience in high frequency trading (HFT) or at an exchange are encouraged to apply.
Skills