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AX is a global derivatives exchange specializing in the trading and clearing of perpetual futures on traditional financial assets.

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Order matching

Orders trade on an order book using price-time priority: better prices match first, and for the same price, earlier orders match before later orders. To learn the basics of how trading works on AX, start with Perpetual Futures Basics.

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Perpetual futures

A perpetual future is a futures-style contract that does not expire. Funding payments help keep the contract price aligned with the underlying benchmark, and contracts can trade 24/7. For product-specific details like tick size, margin rates, trading hours, and price bands, see Contract Specs.

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Margin and leverage

To trade, you post initial margin to open positions and must stay above maintenance margin to keep them open. If equity falls too far, positions can be liquidated. Read Margin & Leverage and Risks.

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Clearing and settlement

AX marks positions to market in real time (so collateral updates as prices move), and applies Funding Rate Payments on the published schedule. See Settlement for the core idea, and Profit & Loss (P&L) for how trading P&L and funding combine.

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Deposits, withdrawals, fees and custody

Deposits can be USD wire or stablecoins like USDC, but contracts and balances are USD-denominated. AX charges maker and taker fees, and funds are held with custodians. See Deposits & Collateral, Fee Structure, and Fund Custody.

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Getting started

Institutional onboarding is open today; see Institutional Accounts. Individual accounts are not yet supported; see Individual Accounts. For KYC/AML expectations, see Account Requirements.

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Regulatory oversight

AX is operated by Architect Bermuda Ltd, and operates under the oversight of the Bermuda Monetary Authority. See Who operates AX? and What licences does AX have?. For more help, see Contact Us.