Falcix — Batch Auction Exchange
FALCIX
WINDOW
REQUEST ACCESS
BATCH AUCTION EXCHANGE

ONE WINDOW. ONE PRICE. ONE STRIKE.

Orders collect over a short window and settle together at one clearing price. Buyers and sellers match direct — no fee, no slippage. Only the remainder leaves the batch.

UNIFORM CLEARING PRICE·NO ORDERING ADVANTAGE·ZERO FEE ON DIRECT MATCH·ZERO SLIPPAGE INSIDE THE BATCH·REMAINDER ONLY ROUTING· UNIFORM CLEARING PRICE·NO ORDERING ADVANTAGE·ZERO FEE ON DIRECT MATCH·ZERO SLIPPAGE INSIDE THE BATCH·REMAINDER ONLY ROUTING·

THE STRIKE

Three movements. Collect, clear, settle. The sequence repeats every window and no participant sits ahead of another inside it.

01 / COLLECT01
ORDERS ARRIVE UNORDERED

The window opens

Arrival time buys nothing. Every order in the window is one input to the same solve.

02 / CLEAR02
CLEARING PRICE

Supply meets demand once

One price clears the batch. Buyers and sellers of the pair match against each other before any external venue is touched.

03 / SETTLE03
MATCHED · MATCHED · REMAINDER

Settle together

The batch settles as one. Only the unmatched remainder routes to external liquidity.

FIELD NOTES

WHAT THE BATCH
ACTUALLY BUYS YOU

BIDS · MATCH · ASKS
01 / 03

Two sides, one crossing

Same pair, opposite intent. Inside the window they clear against each other instead of both paying a venue.

FEE
0.00%
SLIPPAGE
0 BPS
02 / 03

Nothing taken in the middle

A direct match has no pool to cross and no spread to pay. Both sides keep what routing would have cost.

INTERNAL
68%
ROUTED
32%
ILLUSTRATIVE SPLIT FOR A SINGLE WINDOW
03 / 03

The pool is the last resort

External liquidity sees only what the batch could not clear on its own.

DIRECT MATCH
#1PRIORITY
#2PRIORITY
#3PRIORITY
ALLONE PRICE
01 / 03

Position in line is worthless

Uniform pricing removes the prize for being first. There is nothing to win by racing.

FIVE FILLS · IDENTICAL PRICE
02 / 03

Every fill sits on the line

Size does not change your price and neither does timing. Same window, same number.

FILL A
2418.40
FILL B
2418.40
FILL C
2418.40
03 / 03

Receipts that agree

Compare any two fills from the same batch and the number is the same. That is the whole guarantee.

NO ORDERING EDGE
MATCHED INSIDE
REMAINDER
01 / 03

Split once, cleanly

The solve decides what clears internally and what has to travel. Nothing travels twice.

BATCH
EXTERNAL
02 / 03

One trip out, not many

Aggregated remainder is a single, larger, better-priced order rather than a crowd of small ones.

SETTLED AS ONE
03 / 03

All or nothing

The batch settles atomically. Partial states never exist for anyone to trade against.

REMAINDER ROUTING

CONTINUOUS
vs BATCH

FOCUS
CONTINUOUS ORDER FLOWPRICE PER FILL
FIRST FILL LAST FILL
PRICES PAID
SIX
ORDER MATTERS
YES
BATCH AUCTIONONE PRICE PER WINDOW
CLEARING PRICE
PRICES PAID
ONE
ORDER MATTERS
NO

WHAT THE BATCH
GUARANTEES

Structural properties of the mechanism — not targets, not averages.

FEE ON DIRECT MATCH
0.00%

When your counterparty is inside the batch, there is no venue in between to pay.

SLIPPAGE INSIDE BATCH
0 BPS

A uniform price cannot walk a curve. Your size does not move the number you get.

PRICES PER WINDOW
1

Everyone in the batch receives the same clearing price, so ordering advantage disappears by construction.

DOCTRINE

A falcon does not chase.
It sights, commits, strikes once.

SIGHT COMMIT STRIKE
PEREGRINE PLATE
DROP IMAGE HERE
ACCESS

TRADE IN
WINDOWS.

Falcix opens to desks and market participants in stages. Leave an address and we will reach out with the next window.

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