Derivatives Risk Manager

***Relocation and onsite work in Abu Dhabi is needed after 3 months
About Bybit
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 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.
Position Overview
We are seeking a Derivatives Risk Manager to design, build, and oversee the quantitative foundation and core risk engine of our derivatives exchange. In this role, you will lead the financial logic and parameter design for our suite of derivative products—including perpetual contracts, futures, and options. You will be responsible for balancing exchange growth with systemic stability, ensuring risk controllability, capital efficiency, and resilience during extreme market volatility.
Core Responsibilities
1. Derivatives Financial Logic & Mechanism Design
Perpetual Contracts: Design funding rate mechanisms, including interest rate components, premium index calculation logic, upper/lower clamps, and dynamic billing frequency.
Futures & Expiries: Develop robust settlement methodology designs (TWAP/VWAP mechanisms, index source weighting, and manipulation-resistant pricing inputs).
Options Architecture: Implement options pricing models (Black-Scholes, volatility surface/smile fitting) and evaluate systemic risk/margin implications prior to listing.
Mark Price Mechanics: Design robust Mark Price algorithms to insulate the liquidations engine from single-exchange manipulation and spot price anomalies.
2. Quantitative Risk Parameter Design & Iteration
Leverage & Limits: Formulate instrument-level maximum leverage tiers, position limits, and maintenance margin schedules tied dynamically to order book depth and asset liquidity.
Liquidation & ADL: Refine liquidation cascades and optimize Auto-Deleveraging (ADL) trigger mechanisms and queuing rules to minimize user drag while isolating platform exposure.
Capital Reserve Management: Define Insurance Fund utilization rules, health metrics, and strategic replenishment algorithms.
3. Real-Time Risk Monitoring & Emergency Response
Extreme Event Planning: Engineer market circuit breakers, volatility halts, and emergency response procedures for black swan events, flash crashes, and liquidity dry-ups.
Mark Price Monitoring: Establish real-time tracking systems for abnormal Mark Price vs. Index deviations to prevent erroneous or predatory liquidations.
4. Strategic Cross-Department Collaboration
Listing Admission: Partner with Product & Strategy teams to define quantitative risk criteria for listing new derivative assets (minimum token liquidity, market cap depth, volatility thresholds).
Market Surveillance: Collaborate with Compliance and Market Integrity teams to investigate liquidation manipulation, wash trading, spoofing, and pump-and-dump schemes.
Qualifications & Key Requirements
Required
Education: Master’s degree or higher in Quantitative Finance, Mathematics, Statistics, Financial Engineering, Computer Science, or a related quantitative discipline.
Experience: 5+ years in quant risk management or trading, ideally from top-tier cryptocurrency exchanges.
Domain Mastery: In-depth technical knowledge of perpetual contracts, funding rate dynamics, index pricing, cross-margin systems, and liquidation workflows.
Technical Skills: Advanced proficiency in Python for data analysis, risk engine backtesting, and quantitative model validation.
Risk Theory: Strong foundation in probability theory, numerical methods, and risk measures including Value at Risk (VaR), Expected Shortfall (ES), and Stress Testing scenarios.
Preferred / Nice-to-Have
Experience with options pricing theory, volatility surface fitting, and Greeks-based portfolio margining.
Hands-on proficiency in SQL, PySpark, or similar big-data frameworks for querying large-scale transaction and order book datasets.
Prior experience managing small, highly quantitative teams or working directly with engineering to deploy risk models into production environments.
Why to Join
At Bybit, we are committed to fostering a supportive and enriching work environment. Our benefits include:
Modern Workspace: Work in Austria's tallest office building, offering state-of-the-art facilities and panoramic views of Vienna.
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.

Work arrangement
Yes