THE STREET · 2026-11-12 23:03 UTC

Ex-Citadel trader builds crypto exchange on one chip

PAX Markets CEO Pete Stevenson says the company is combining the exchange and the trader's hardware onto a single custom chip, letting individuals compete on speed. Stevenson argues PAX's free tier charges no fees and no hidden spread, with high-speed traders paying for faster access instead. He puts incumbent trading costs at roughly 10 basis points; the article notes this is generous versus actual Binance, Coinbase and Kraken fee schedules, and PAX's latency claims are its own, not independently benchmarked.

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