Pax Markets (YC W25) is hiring a founding principal hardware (RTL) engineer

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 including implementation of an ultra-low latency 𝛼 (ML based price prediction) published in-sync with 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 combines 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: 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: Relevant background: Candidates with experience in high frequency trading (HFT) or at an exchange are encouraged to apply. Skills: