Architect Financial Technologies, the trading firm founded by former FTX US president Brett Harrison, has launched AX, a regulated global exchange offering perpetual futures on traditional assets including equities, forex, rates, and commodities. The platform aims to bring the liquidity and efficiency of crypto perpetual contracts to regulated markets. Contracts on AX do not expire and can be margined across asset classes, from single stocks to metals and energy benchmarks.
We designed AX with the goal of combining the capital efficiency and operational simplicity of crypto perps with the security, transparency, and regulatory oversight of traditional futures exchanges, Harrison said in a post on X, outlining key safeguards such as price bands, volatility halts and product-specific margin controls.
Investor Takeaway
Harrison’s move targets a gap between crypto-style innovation and traditional market oversight — a pitch likely to appeal to hedge funds and institutional traders seeking leverage without expiry risk.
Technology and Market Structure
AX runs on a matching engine built by Connamara Technologies, offering web-based access, low-latency APIs and open-source SDKs. All products are standardized, centrally cleared, and traded anonymously through Architect Bermuda Ltd, which operates under dual licenses from the Bermuda Monetary Authority. Participants can post collateral in both U.S. dollars and stablecoins. Custody is handled by banking partners, while settlement uses established benchmarks to avoid counterparty exposure.
The exchange plans to extend portfolio margining across multiple asset types, allowing traders to offset risk positions within a single clearing system. The model mirrors the structure of crypto derivatives exchanges but adapts it for compliance-focused institutional environments. Harrison said the platform’s architecture was designed to eliminate opaque margin practices that contributed to FTX’s downfall.
Funding and Institutional Access
Architect has raised $17 million to date in its Series A round, according to Bloomberg, with backing from Coinbase Ventures, Circle Ventures, and Anthony Scaramucci’s SALT Fund. The Chicago-based firm is targeting institutional clients including hedge funds, family offices, asset managers, insurers, and market makers. The exchange is currently open to institutions in approved jurisdictions, with a waiting list for qualified individual traders. Harrison said future expansion will depend on jurisdictional approvals and demand for traditional-asset perpetuals, a market segment still largely untapped outside crypto.
Harrison’s Return After FTX
Harrison left FTX US in September 2022, two months before the wider FTX collapse, after serving 17 months as president. Before joining FTX, he held senior roles at Citadel Securities and Jane Street, where he first worked alongside Sam Bankman-Fried. His re-emergence with Architect and AX marks one of the few successful returns to the industry by an executive tied to FTX. While AX operates independently and under regulatory oversight, the launch reflects continued investor appetite for exchange innovation in the wake of last year’s failures.
Investor Takeaway
The exchange’s success will hinge on liquidity and trust. Institutional clients will judge AX on execution reliability and risk management rather than novelty alone.
Outlook
By targeting perpetual futures on regulated assets, AX joins a small group of ventures blending traditional finance with crypto mechanics. Whether it gains traction will depend on its ability to attract both liquidity providers and cautious regulators. Harrison’s pedigree and investor lineup give AX early credibility, but scaling will test whether crypto-inspired leverage can coexist with traditional market discipline.