Head of Trading & Market Structure

This is a fully remote position, open to applicants in Germany.

📋 Description

• Take ownership of the basis book: establish trade selection, sizing, guardrails, and strive for a near-zero net delta.

• Select optimal hedges (dated futures, perpetuals, or forwards), and oversee term structure, rolls, and funding-rate regimes with clear attribution.

• Execute across various venues (CME, regulated platforms, major centralized and decentralized exchanges), while managing routing, slippage control, and incident response protocols.

• Enhance collateral and financing across USD, stablecoins, and liquid real-world assets (e.g., T-bill wrappers), balancing yield, haircuts, and liquidity considerations.

• Establish strategic parameters and risk inputs for delta-neutral vaults on decentralized infrastructure, transforming internal strategies into on-chain products with defined risk/return profiles.

• Collaborate with engineering to specify vault logic, allocation protocols, rebalancing frequency, fee structures, and risk limits, ensuring robust implementations.

• Monitor vault health comprehensively: total value locked (TVL), utilization, yield against targets, model deviations, and interactions between on-chain and off-chain hedging.

• Set up and uphold controls: real-time delta tracking, margin buffers, kill switches, circuit breakers, and alert systems for 24/7 markets.

• Measure performance: daily profit and loss (PnL) assessments (carry/funding, costs, slippage), stress tests, capacity evaluations, and vault-level risk reporting.

• Collaborate with engineering, risk, operations, legal/compliance, custody/prime partners, and vault infrastructure partners; maintain documented runbooks and audit-ready processes.

• Continuously enhance execution models, collateral routing, data-driven sizing, and vault designs to optimize net capture post-frictions and fees.

⛳️ Requirements

• Proven experience as a derivatives portfolio manager/trader with 3–5+ years managing cash & carry, basis, or funding capture in crypto or a similar role in traditional finance.

• Demonstrated ability to attribute PnL for a delta-neutral book with a well-defined risk framework, including limits, scenarios, and drawdown controls.

• Strong understanding of crypto market microstructure: mechanics of perpetual funding, futures rollovers, cross-venue liquidity, margin models, ADL/clawback risks, and exchange operational nuances.

• Proficiency in execution and data tools: hands-on experience with Python for analysis and automation; familiarity with exchange APIs, WebSockets, and FIX; capability to build dashboards and alerts.

• Strong operational discipline: managing reconciliations, NAV/PnL checks, custody/wallet operations, counterparty underwriting, incident management, and comprehensive documentation.

• Effective communication and leadership skills: clear writing, structured analytical thinking, and the ability to facilitate decisions across risk, engineering, and operations teams.

• Ability to operate at the intersection of centralized finance (CeFi) and decentralized finance (DeFi), routing capital between centralized venues and on-chain vaults while understanding the associated risk and operational implications.

🏝️ Benefits

• An opportunity to advance the frontier of on-chain capital markets with institutional partners and scale delta-neutral strategies to over $1 billion in managed assets.

• Competitive compensation package that includes salary, equity, tokens, and carry.

• High-ownership environment that allows for a direct impact on the product roadmap and commercialization efforts.

• Remote-first culture with offices in NYC, Miami, and Central Europe, along with opportunities for travel to team events and conferences.

• A work culture that seamlessly combines rigorous risk management with swift and thoughtful execution.