Senior Manager, Market Making & Liquidity

Role MissionImprove order book depth across major and long-tail contracts, tighten spreads and reduce slippage, and build a stable, sustainable and cost-controlled liquidity framework so that the platform is usable for institutions and large traders.Key ResponsibilitiesLiquidity targets and monitoring: Define metrics such as depth (e.g. at +/-0.1%, +/-0.5%, +/-2%), bid-ask spread, slippage and order book stability; benchmark against leading venues; run daily and weekly reporting.Market maker partnerships: Onboard, evaluate, contract and manage external market makers; design rebates, dedicated fee tiers and credit lines; assess performance on quoting uptime, spread, depth and volume contribution; replace underperformers when necessary.In-house market making (if applicable): Oversee proprietary market making strategies, inventory and risk limits; evaluate hedging and P&L.Long-tail and new-contract liquidity: Design day-one liquidity plans for newly listed contracts (including TradFi/RWA contracts) and improve order book quality on long-tail contracts.Technical collaboration: Work with the matching engine, market data and API teams on latency, rate limits, WebSocket stability, dedicated market maker connectivity and test environments.Anti-manipulation and risk: Monitor wash trading, self-dealing and abnormal quoting in coordination with Risk and Compliance; lead liquidity handling and post-mortems during extreme market events (wicks, ADL, liquidation shortfalls).Cost and return management: Account for rebates, incentives and hedging losses; assess the return of liquidity spend against volume and revenue; continuously optimize the budget.RequirementsEducation: Bachelor's degree or above in finance, mathematics, computer science or a related field.Experience: 4+ years in crypto exchange liquidity, market maker relations, market making or high-frequency quantitative trading, including 1-2 years leading projects or a team.Product knowledge: Solid understanding of perpetual contract mechanics (funding rate, margin, liquidation, ADL), order books and matching logic.Industry network: Familiar with the market maker ecosystem and partnership models, with verifiable relationships and track record.Data and technical skills: Strong data analysis skills (SQL, Python preferred); able to build order book quality dashboards and discuss API and matching engine requirements with engineers.Commercial skills: Contract negotiation and incentive design; fluent English.Nice to have: Proprietary market making or quantitative development background; TradFi/RWA contract market making experience; Asian and emerging-market market maker relationships; experience on the liquidity team of a top-tier exchange.Cognitive RequirementsIndustry awareness: Understands the liquidity flywheel (better depth reduces slippage, lower slippage drives volume, volume generates fees, fees fund incentives); understands the needs and risks of different market maker types (professional market makers, quant funds, proprietary firms); recognizes that wash volume is not real liquidity.Business awareness: Liquidity is both a cost center and a growth engine and its return must be measured; distinguishes effective depth from raw resting orders; understands that market makers pull quotes in extreme conditions and designs mechanisms in advance.Mindset: Metric-driven and consistently benchmarked against leading venues; tiers the approach across major, long-tail and newly listed contracts; builds long-term partnerships rather than one-off incentives; stays alert to risk and tail events.Integrity: Avoids conflicts of interest and information asymmetry with market makers; strictly protects trading and customer data.Key Performance Indicators (Reference)Depth, spread and slippage on major contracts (benchmarked against leading venues)Number, quality and stability of qualified market makersLiquidity cost as a share of trading volume or revenueOrder book recovery time after extreme market eventsDay-one order book target achievement rate for new contracts