Senior Derivatives Risk Control Specialist

Bybit; Kuala Lumpur; On-site; MYR 120,000 - 210,000; Full time

Benefits offered by this job

Study Growth Fund

Internal Events

Global Collaboration

Career Advancement

Internal Mobility

Job summary

Bybit, a leading cryptocurrency exchange, seeks a Derivatives Risk Specialist to design funding, pricing, and risk controls for perpetuals, futures, and options. You will backtest models, validate parameters, and monitor market integrity while collaborating with product and risk teams in a fast-paced, global environment.

Ideal candidates have 3+ years in derivatives, strong Python skills, and a solid grasp of risk metrics and pricing theory.

Qualifications

• Degree in finance, math, statistics, CS or related field.
• 3+ years in derivatives-related roles in finance or crypto.
• Strong knowledge of perpetual contracts, funding rate, and risk concepts.
• Proficient in Python with data analysis and backtesting experience.

Responsibilities

• Design perpetual contract funding rate mechanisms and pricing logic.
• Develop futures settlement price methodology and anti-manipulation measures.
• Create options pricing models and assess systemic risk.
• Set leverage and position limits by instrument with market depth.
• Build ADL triggers and ranking rules to optimize risk isolation.
• Define insurance fund rules and replenishment mechanisms.
• Plan circuit breakers and emergency responses for extreme events.
• Monitor Mark Price vs spot to prevent liquidations.
• Collaborate on risk control criteria for new derivatives listings.
• Assist Market Surveillance in identifying market abuses.

Skills

Python

Data analysis

Backtesting

Model validation

Probability theory

Statistics

Risk management

Education

Bachelor's degree or above in Finance/Math/CS

Tools

SQL

Spark

Job description

Established in 2018, Bybit is one of the world’s leading cryptocurrency exchanges and digital financial platforms, serving over 80 million users across more than 200 countries and regions. Powered by world-class technology and a user-first mindset, Bybit delivers a seamless ecosystem across trading, payments, wealth management, custody, institutional services, and Web3 — connecting users to the future of digital finance.

Our core values define how we build. We listen, care and improve to create products and experiences that put users first. Backed by a global team of ambitious builders, problem-solvers, and innovators, we foster a high-performance and fast-moving environment where talent is empowered to drive real impact at the global scale. Supported by 24/7 multilingual customer service and a strong commitment to innovation, we are shaping the future of finance through technology, collaboration, and bold execution.

Today, Bybit is recognized as one of the most trusted and transparent platforms in the digital asset industry, continuing to expand its global presence while building the infrastructure for the next generation of financial services.

Core Responsibilities

Derivatives Underlying Financial Logic Design

• Design perpetual contract funding rate mechanisms, including billing frequency, upper/lower bounds, and premium index calculation logic
• Participate in futures contract settlement price methodology design, including TWAP/index source weighting and anti-manipulation mechanisms
• Design options product pricing models (Black-Scholes, volatility surface fitting) and assess systemic risk upon introduction
• Develop maximum leverage, position limit strategies per instrument, dynamically adjusted based on market depth
• Design ADL (Auto-Deleveraging) trigger mechanisms and ranking rules, optimizing user experience and risk isolation effectiveness
• Design insurance fund utilization rules and replenishment mechanisms
• Develop circuit breaker contingency plans and emergency response procedures for extreme market events (flash crashes, liquidity crises)
• Monitor abnormal Mark Price deviations from spot index to prevent unreasonable liquidations
• Collaborate with product teams to define risk control admission criteria for new derivative listings (token liquidity, market cap, volatility thresholds)
• Participate in Market Surveillance to investigate suspected manipulation of liquidations, wash trading, pump-and-dump, and other market violations

Qualifications

Required

• Bachelor's degree or above in Finance, Mathematics, Statistics, Computer Science, or related fields
• 3+ years of derivatives-related experience, including traditional finance (futures/options market making, risk management) or crypto exchange risk management
• Deep understanding of perpetual contract mechanics (funding rate, Mark Price, liquidation logic) and differences from traditional futures
• Proficient in Python, capable of independently conducting data analysis, parameter backtesting, and model validation
• Solid foundation in probability theory and statistics, understanding of VaR, Expected Shortfall, and other risk measurement methodologies

Preferred

• Familiarity with options pricing theory, with experience in volatility smile/surface modeling
• Proficiency in SQL / Spark, able to independently query on-chain or exchange internal data

Why Join Us

At Bybit, we are committed to fostering a supportive and enriching work environment.

Our benefits include:

- Study Growth Fund: We support your professional development and continuous learning.

- Internal Events: Participate in regular team-building activities, workshops, and events designed to promote collaboration and innovation.

- Global Collaboration: Be part of a diverse, international team, working alongside colleagues from around the world.

- Career Advancement: Access opportunities for growth and advancement within a rapidly expanding global company.

- Internal Mobility: Grow with us- Your long-term development is important to us. We offer internal job opportunities to help build your career path.