What to Know:
- AX is the first regulated CEX for perps on traditional markets.
- Backed by Coinbase Ventures, Circle, and SALT Fund.
- Offers 24/7 trading on stocks, FX, and commodities with stablecoin collateral.
Brett Harrison, the former president of FTX US, is back in the news with a bold new business idea that could change the way traditional finance works. Architect Financial Technologies, his company, has started AX, the world’s first regulated and centralized exchange for perpetual futures on traditional assets like stocks, forex, commodities, metals, and energy.
The Bermuda Monetary Authority (BMA) has given the platform the green light, and it is now signing up institutional clients. Individual traders can join a waitlist. Coinbase Ventures, Circle Ventures are some of the investors in Architect.
What AX Does Differently
While crypto exchanges like Binance and OKX have long offered perpetual contracts, derivatives that let traders bet on price movements without owning the underlying asset, this model hasn’t been available for traditional markets such as stocks or foreign exchange. AX changes that. It brings the speed, efficiency, and continuous trading of crypto-style perps to traditional financial instruments, but within a regulated and transparent framework.
In Harrison’s words, “AX combines the capital efficiency and operational simplicity of crypto perps with the security, transparency, and regulatory oversight of traditional futures exchanges.”
This means it’s designed for both speed and safety. The exchange includes price bands, volatility halts, default waterfalls, and product-specific margin systems, all features common in established futures markets, ensuring fair and stable trading.
A New Type of Trading Hub
AX will let traders access perpetual contracts on:
- Foreign currencies (FX)
- Single stocks and stock indexes
- ETFs
- Interest rates
- Metals and energy
And in the future, emerging asset classes like renewable energy, rare earth metals, and AI-related compute costs.
The platform also supports collateralization with both USD and USD-based stablecoins, so users can trade 24/7, even when traditional banking systems are closed. Custody will be handled by trusted banking institutions, and settlement will use standard independent benchmarks.
Harrison noted that this setup makes AX “the perfect bridge between traditional and digital markets.”
Why It Matters
The launch comes at a time when the idea of perpetual futures is gaining more mainstream attention. In crypto, these contracts are known for driving massive trading volumes, letting traders make continuous, leveraged bets without expiry dates.
But in traditional finance, such instruments haven’t been widely available due to regulatory hurdles. U.S. regulators like the CFTC haven’t yet approved perpetual futures on domestic exchanges, which is why Harrison’s team opted for Bermuda, a jurisdiction that has built clear rules for digital asset markets.
“It’s the perfect time to bring this type of innovation to traditional assets,” Harrison said in an interview. “We’ve seen how perps have transformed crypto markets. Now it’s time to apply those same ideas to more established assets in a regulated way.”
The Bigger Picture
Architect’s launch reflects a growing trend of merging crypto market structures with traditional finance. The AX exchange runs on a matching engine built by Connamara Technologies, and was developed after a year of collaboration with banking partners, stablecoin custodians, and institutional traders.
The company, based in Chicago, is currently raising a Series A round to expand operations. Architect has already raised $17 million from key investors including Coinbase Ventures, Circle Ventures, Anthony Scaramucci’s SALT Fund, and others.
What’s Next
AX is currently signing up institutional accounts, and individual traders can sign up on architect.exchange to get on the waitlist.
AX could be the start of a new style of trading, where stocks, forex, and commodities can be traded like Bitcoin, but in a safe, regulated setting.
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