Core Insights - Brett Harrison, former president of FTX US, has launched Architect Financial Technologies and a regulated exchange called AX, aiming to integrate crypto-style perpetual futures into traditional finance [1][2] - AX will offer perpetual futures for various asset classes including stocks, currencies, commodities, and interest rates, allowing for continuous trading [2][3] - The platform is based in Bermuda and operates under the supervision of the Bermuda Monetary Authority, providing a regulatory framework for perpetual futures [4] Company Overview - AX is designed to allow traders to use either fiat or dollar-pegged stablecoins as collateral, promoting 24/7 trading access across different asset classes [3] - The platform is currently raising a Series A funding round with notable investors such as Coinbase Ventures, Circle Ventures, and the SALT Fund, indicating strong market confidence [5] Industry Impact - The introduction of perpetual contracts for traditional assets by AX could significantly change the landscape of derivatives trading, merging crypto markets with traditional finance [6] - There is a growing demand for fast and flexible trading tools, suggesting that the market is ready for such innovations [7] Challenges and Considerations - AX faces challenges in attracting sufficient trading volume, establishing risk controls, and addressing technical issues related to continuous trading [8] - The regulatory environment in the US poses additional hurdles for AX's potential market entry [8]

Core Insights - Brett Harrison has launched AX, a new exchange focused on perpetual futures for non-crypto assets, marking his return to the crypto and trading space after the FTX collapse [1][5] Group 1: Company Overview - AX is developed by Architect Financial Technologies and offers perpetual contracts on various asset classes including foreign currencies, single stocks, ETFs, interest rates, metals, and energy [2] - The exchange is based in Bermuda and operates under the regulatory framework of the Monetary Authority's Investment Business and Digital Asset Business Acts, emphasizing security and transparency [2] - AX utilizes technology from Connamara Technologies for matching trades and allows portfolio margining across different asset classes [2] Group 2: Features and Target Audience - The platform combines the capital efficiency and operational simplicity of crypto perpetual contracts, supporting USD and stablecoin collaterals [3] - AX is primarily open to institutional clients such as hedge funds and market makers, with a waitlist established for individual traders [3] - The development of AX involved a year-long collaboration with regulators and partners to ensure compliance and functionality [3] Group 3: Market Context - Architect Financial Technologies is raising Series A funding from notable investors including Coinbase Ventures and Circle Ventures [4] - The launch of AX follows the emergence of other trading platforms like Hyperliguid and Aster, which are also focused on perpetual contracts [4] - Recent developments in the trading platform landscape include Galaxy's launch of a crypto trading platform aimed at competing with Robinhood [4]