PAX Markets

PAX Markets (YC W25) is building a crypto exchange implemented on a single silicon chip. They offer ultra-low latency market access via an on-chip λ API for High-Frequency Trading (HFT) participants, aiming for nanosecond tick-to-trade speeds (a 1000x improvement over microsecond latency). For other participants, PAX provides zero-fee trading with cash rebates for both making and taking orders. Their mission is to be the fastest exchange from crypto to Wall Street, reducing compute and network overhead by integrating the exchange and participant response directly into silicon.