Derivatives Risk & Pricing Specialist

About BybitEstablished 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 OverviewResponsible for building the foundational risk framework for the exchange's derivatives product line, covering pricing logic, risk parameter design, and monitoring mechanisms for perpetual contracts, delivery contracts, options, and other products. Ensures products remain risk-controllable and system-stable under extreme market conditions.Core ResponsibilitiesDerivatives Financial Logic DesignDesign the perpetual contract funding rate mechanism, including funding interval, upper/lower bounds, and premium index calculation logicParticipate in designing the settlement price methodology for delivery contracts, including TWAP/index source weighting and anti-manipulation mechanismsDesign options pricing models (Black-Scholes, volatility surface fitting) and assess systemic risk under various market scenariosRisk Parameter Design & IterationEstablish maximum leverage multiples and Position Limit strategies for each asset, dynamically adjusted based on market depthDesign the ADL (Auto-Deleveraging) trigger mechanism and ranking rules, optimizing both user experience and risk isolationRisk Monitoring & Early WarningDesign Insurance Fund utilization rules and replenishment mechanismsDevelop circuit-breaker contingency plans and emergency response procedures for extreme market conditions (flash crashes, liquidity crises)Monitor abnormal deviations of Mark Price from the spot index to prevent unwarranted liquidationsCross-Functional CollaborationWork with the Product team to define risk-control onboarding standards for new derivatives listings (currency liquidity, market cap, volatility thresholds)Participate in Market Surveillance efforts to investigate suspected manipulation, forced liquidations, wash trading, and other market misconductRequired QualificationsBachelor's degree or above in Finance, Mathematics, Statistics, Computer Science, or a related field3+ years of experience related to derivatives, including traditional finance (futures/options market making, risk management) or crypto exchange risk managementDeep understanding of perpetual contract mechanics (funding rate, Mark Price, liquidation logic) and how they differ from traditional futuresProficient in Python, able to independently perform data analysis, parameter backtesting, and model validationSolid foundation in probability theory and statistics, with an understanding of risk measurement methods such as VaR and Expected ShortfallPreferred QualificationsFamiliarity with options pricing theory, with experience in volatility smile/surface modelingAble to independently query on-chain or internal exchange dataWhat We OfferDirect leadership of a strategically important, newly formed team with executive visibilityOpportunity to define risk frameworks from the ground up across an expanding product ecosystemCompetitive compensation package commensurate with experienceFast-paced environment with real impact on business decisionsWhy to JoinAt 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.