Founding Principal Hardware Engineer
at PAX Markets — More 𝛼, less latency: exchange and HFT on one chip.
What the role involves
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
- On-exchange trading incentives with inherent price competition.
- PAX rebates & fees.
- PAX λ API.
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
What they ask for
About PAX Markets
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.
Full PAX Markets profile