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We present a data acquisition system to perform on-the-fly background subtraction and lower-level discrimination compression of streaming x-ray photon correlation spectroscopy data from a fast charge-coupled device (CCD) area detector. The system is built using a commercial frame grabber with an on-board field-programmable gate array. The system is capable of continuously processing at least 60 CCD frames per second each consisting of 1024 × 1024 16-bit pixels with ≲ 15 000 photon hits per frame at a maximum compression factor of ≈95%.