ianlim.dev
DS-007 · FPGA / FINTECH

Hardware-in-the-Loop Micro-Exchange

A three-board FPGA system designed to measure a complete tick-to-trade path over physical wires. The project will combine Arm/FPGA co-design, a pure-RTL trading engine, and an independent latency auditor.

Role
Solo project
Stack
SystemVerilog · C · Python
Status
Planning
Target
Deterministic sub-µs path
BUILD PROGRESS 5%

System architecture drafted. Protocol definition, RTL implementation, verification, hardware bring-up, and measured results are still to come.

NODE 1 · EXCHANGE

Market Data Publisher

Arm HPS streams historical ticks over AXI. FPGA logic frames and transmits them over GPIO.

NODE 2 · HFT FIRM

RTL Trading Engine

Parses frames, maintains an L2 order book in BRAM, and emits a trade signal.

NODE 3 · AUDITOR

Latency Monitor

Passively timestamps market-data and trade signals to measure end-to-end latency.

Fig. 1 — proposed hardware-in-the-loop data path

The goal

Build a physically measurable FPGA trading pipeline that demonstrates the skills used in low-latency financial systems: deterministic RTL, clock-domain crossing, on-chip data structures, AXI integration, verification, and evidence-led latency analysis.

Design approach

The system separates stimulus, decision, and measurement across three boards. A DE0-Nano-SoC publishes market data, a Basys 3 processes it without a CPU, and a second DE0-Nano-SoC independently measures the wire-level response. Keeping the auditor separate avoids relying on self-reported timing from the trading engine.

The target is not just low latency; it is latency that can be measured, explained, and reproduced.
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