Quantitative Researcher — Crypto Market Microstructure

WhiteBIT; København; On-site; DKK 1,200,000 - 1,800,000; Full time

Benefits offered by this job

24 calendar days of paid leave

Additional days off for nationalholid-

Job summary

WhiteBIT is seeking a seasoned Quantitative Researcher to advance our liquidity and trading strategies across crypto and TradFi assets. You will design and optimize market-making programs, analyze tick data, and collaborate with engineering on ultra-low latency implementations.

Ideal candidates hold a MSc/PhD in a quantitative field with 5+ years in research or trading at top-tier firms, and possess strong Python and C++/Rust skills, plus hands-on experience with FX or futures.

Qualifications

• MSc or PhD in a quantitative field; a live trading track record outweighs credentials
• 5+ years in quantitative research or trading at a top-tier HFT firm, market maker, systematic fund, or crypto-native market maker; exchange-side market-structure experience is a plus
• Hands-on experience with at least one TradFi asset class (FX, futures, equities) and / or equivalent crypto asset classes; both maker and taker strategies
• Strong knowledge of probability, statistics, time-series analysis, optimization; strict validation discipline (multiple testing, out-of-sample hygiene, live–sim parity)
• Market microstructure: order-book dynamics, queue position, fill probability, adverse selection and markouts, market impact
• Expert Python (NumPy, pandas/Polars, PyTorch); working C++ or Rust for latency-critical components
• Tick-data engineering at scale: columnar stores, cross-venue normalization, data-quality control
• Crypto microstructure: CEX matching engines and fee schedules, perpetuals, cross-venue arbitrage, DEX/AMM basics
• TradFi microstructure: FX ECN mechanics, prime brokerage, listed futures; low-latency architecture
• Inventory and hedging: Avellaneda–Stoikov quotes, multi-asset inventory optimization, hedging, real-time risk limits and kill switches
• Maker-taker economics and market-quality measurement; fee-tiers, rebates, and defenses against manipulation
• Liquidity program design: tiered rebates, subsidies, connectivity benefits
• Maker protection and flow segmentation: markout scoring, RPI orders, latency floors
• Exchange P&L modeling: net fee capture, subsidy budget, dashboard as truth
• Owner mentality with direct P&L accountability; ships to production
• Clear written communication with traders, engineers, exchange mgmt, LPs
• Compliance discipline across crypto and TradFi regimes

Responsibilities

• Design the liquidity program end-to-end: MM tiers, admission criteria, obligations and incentives
• Optimize the fee schedule for net capture; manage rebates and safeguards
• Design order-book mechanics for quoting: tick/lot sizing, post-only, iceberg, RPI, self-match prevention
• Build the toxic-flow framework with continuous monitoring and access rules
• Own the program financial model and roadmap; subsidy budget and payback targets
• Own the strategy roadmap for crypto first, then TradFi FX and futures; hedging and execution
• Run end-to-end alpha research on tick/order-book, cross-venue, funding/basis, on-chain data
• Design inventory-aware hedging framework, portfolio risk limits, governance
• Partner with engineering on low-latency implementation; validate in high-fidelity sim/canary
• Own P&L attribution, TCA/markout analysis, and research standards
• Lead the TradFi FX entry research workstream (LSEG FX Spot Matching, Euronext FX)

Skills

Advanced probability

Time-series analysis

Market microstructure

Python (NumPy/Pandas)

C++ / Rust

Education

MSc or PhD in quantitative field

Live trading track record

Tools

Python

NumPy

Pandas/Polars

PyTorch

C++

Rust

Job description

WhiteBIT is seeking a seasoned Quantitative Researcher to advance our liquidity and trading strategies across crypto and TradFi assets. You will design and optimize market-making programs, analyze tick data, and collaborate with engineering on ultra-low latency implementations.

Ideal candidates hold a MSc/PhD in a quantitative field with 5+ years in research or trading at top-tier firms, and possess strong Python and C++/Rust skills, plus hands-on experience with FX or futures.