PAX Markets
Trade in nanoseconds with trading logic on-chip alongside the market.
PAX Markets is a cryptocurrency trading venue whose matching engine and client order flow run on the same silicon, removing the network latency of orders originating from external servers. The venue is regulated as services provided by 1Money USA, Inc., a licensed money transmitter (NMLS ID 2628653).
Its core offering is the patented λ API, which co-locates trading logic with the matching engine so orders fire when new market data is published. Most customers trade with zero fees, and taking order flow can earn a rebate; the realized fee or rebate rate depends on the blend of order types. Access to the λ API is open to every PAX client and is the venue's paid feature, primarily aimed at market makers. The platform is intended for both institutional and retail traders, with third-party custody and settlement alongside low-latency matching. Early access is available, and documentation, status, and trading rules are published alongside the product.
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