Founding Principal Hardware Engineer

About PAX Markets

More 𝛼, less latency: exchange and HFT on one chip.

Tech

## Our core technology The PAX order book, matching engine, and our ultra-low latency λ API are implemented in silicon. We use Rust and SystemVerilog to implement our technology as a hw/sw co-design. Today, PAX runs on AWS FPGA F2 instances and soon we will be building custom ASICs to support the next epoch of high volume trading with exchange integrated α models (AI/ML price prediction models). PAX is the fastest exchange with the fastest tick-to-trade from crypto to Wall Street.

The role

## 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](https://pax.markets/blog/pfof).* [PAX rebates & fees](https://pax.markets/blog/rebates).* [PAX λ API](https://pax.markets/blog/lambdas).## 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

Skills

• C++
• Rust
• Verilog
• VHDL