CoinDCX - Associate/Senior Associate - Quant Researcher

ROLE SUMMARY:

We are seeking a Quantitative Associate to join our Market Operations team at our crypto exchange.

This role is critical to maintaining efficient, competitive, and well-priced markets across spot and derivatives trading platforms. You will be responsible for market quality monitoring, derivatives pricing oversight, quantitative analysis of order books, and development of data-driven insights to improve spreads, depth, and pricing integrity.

This is a hands-on quantitative role working closely with trading, market making, product, and engineering teams in a fast-paced, 24/7 market environment.

KEY RESPONSIBILITIES

MARKET QUALITY MANAGEMENT

- Own and optimize spread and depth metrics across spot and futures order books

- Monitor real-time order book dynamics to maintain target spread and liquidity levels across market conditions

- Analyze historical spread and depth patterns to identify improvement opportunities

- Develop systematic, data-driven approaches to enhance market quality

DERIVATIVES PRICING OVERSIGHT

- Monitor and manage price deviations between derivatives contracts and corresponding mark prices

- Track and analyze price differentials between internal derivatives products and global benchmarks (Binance, OKX, Bybit, Deribit, CME)

- Investigate pricing anomalies and coordinate with trading, market making, and engineering

teams to resolve issues

- Minimize basis risk and ensure pricing integrity across derivatives books

RISK MONITORING & QUANTITATIVE ANALYSIS

- Build and maintain dashboards and alerting systems for market quality and pricing metrics

- Conduct post-trade analysis to evaluate market making effectiveness

Perform statistical analysis on:

- Order book dynamics

- Pricing deviations

- Market microstructure behavior

- Support data-driven decision-making through quantitative insights

CROSS-FUNCTIONAL COLLABORATION

- Work closely with Trading, Product, and Engineering teams to understand market making strategies

Partner with Engineering to implement:

- Monitoring tools

- Automated alerts

- Systematic pricing improvements

- Communicate findings and recommendations clearly to senior stakeholders

YOULL EXCEL IF YOU HAVE:

Bachelors or Masters degree in Mathematics, Statistics, Physics, Computer Science, Finance, Economics, or related quantitative field.

1-3 years of experience in:

- Quantitative trading

- Market making

- Market surveillance (crypto or traditional derivatives preferred)

Strong understanding of:

- Market microstructure

- Order book dynamics

- Derivatives pricing principles

Technical proficiency in:

- Python (pandas, numpy, scipy)

- SQL

- Large time-series datasets

- Statistics and probability applied to financial markets

PREFERRED QUALIFICATIONS

- Prior experience at a crypto exchange, trading firm, or HFT environment

Familiarity with:

- Perpetual futures

- Dated futures

- Options

Experience with:

- Real-time data processing and monitoring systems

- Market making algorithms

- Liquidity provision strategies

- Funding rates

- Index pricing

- Mark price methodologies in crypto derivatives

- Experience with Tableau, Grafana, or similar visualization tools

TECHNICAL SKILLS

Programming:

- Python

- SQL

- APIs

- Real-time data streams

Tools:

- Jupyter notebooks

- Git

- Linux / command line

Mathematics:

- Statistics

- Probability

- Time-series analysis

- Optimization

Financial Knowledge:

- Derivatives pricing

- Market microstructure

- Risk metrics

Additional:

- Python / Rust coding capabilities

WHAT WERE LOOKING FOR:

- Analytical rigor: Ability to extract actionable insights from complex datasets

- Attention to detail: High vigilance on pricing accuracy and market quality metrics

- Problem-solving mindset: Proactive, systematic approach to issue resolution

- Communication skills: Ability to explain technical concepts to diverse audiences

- Adaptability: Comfort operating in fast-moving, 24/7 market environments

- Collaboration: Strong team orientation across trading, quant, and engineering functions

YOULL KNOW YOURE WINNING WHEN

- Arbitrage strategies are developed and deployed based on funding and pricing inefficiencies in derivatives books

- Market quality metrics (spreads, depth, pricing deviations) show consistent improvement

- Pricing anomalies are detected early and resolved quickly

- Quantitative insights directly influence trading and market making decisions

HIRING PROCESS:

1. Application Review

2. Recruiter Connect

3. Functional Round(s)

4. Assignment / Simulation Round

5. Culture & Values Discussion

6. Founder Conversation (Optional)

WHERE WE WORK:

We operate as a work-from-office organisation based out of Bangalore, where collaboration,

speed, and innovation happen in real time.

PERKS & BENEFITS:

- Flexible benefits structure

- Unlimited wellness leaves

- Mental wellness support

- Bi-weekly learning and growth sessions

READY TO BUILD WHATS NEXT?

If youre looking for a role that gives you direct access to high-stakes decisions, deep impact,

and a chance to build the future of finance, this is it.

Join CoinDCX and help make crypto accessible to every Indian, together.