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Experienced Options Trader - SOFR

Akuna Capital · Chicago, IL · Electronic Trading

Posted Sep 11, 2026 · We last checked this listing on Sep 20, 2026

Apply at Akuna Capital

Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

Behavioral

Walk me through your background trading SOFR, Eurodollar, or short-term rate options electronically. What was your book size and how was your P&L measured?

whether the candidate has genuine, accountable market-making experience at the scale this desk requires

Tell me about a time you were carrying a position that moved against you hard. What did you do, and what did you learn about your own risk discipline afterward?

self-awareness about mistakes and whether they cut losses or let ego drive the book

Describe a time you worked directly with a quant or technology team to change a pricing model or automation logic. What was your role versus theirs?

whether they can genuinely collaborate on strategy logic rather than just consume tools built for them

Tell me about a time you disagreed with a risk manager or senior trader about a position you were holding. How did that get resolved?

how they balance ownership of their book against firm-level risk controls

Give me an example of mentoring a junior trader or teammate. What did you actually change in how they thought or acted?

leadership substance versus title, since the role explicitly expects mentorship

Technical

How would you construct a volatility surface for the SOFR options complex, and what breaks first when the curve inverts or flattens sharply?

depth of options theory and whether they actually understand term structure dynamics, not just Greeks by rote

Explain how SR3, S0, and S2 relate to each other on the curve, and how you would manage risk across that complex if one leg moves independently of the others.

whether they can actually trade the specific product suite named in the posting, not adjacent products

If you had to write pseudocode or a rough script to flag when your quoted vol surface has drifted too far from a fair value benchmark, how would you approach it?

hands-on technical engagement claimed in the posting, not just comfort using existing systems

How does OIS or Fed Funds context change how you'd think about relative value in SOFR options versus trading the product in isolation?

whether their fixed income context is broad enough to catch cross-market signals

Situational

Say you're making two-sided markets in SR3 and a large order flow hits your quotes right as the front-end curve is repricing off a Fed statement. What do you do in the first thirty seconds?

decisiveness and risk instinct under real-time pressure, not textbook knowledge

You notice a recurring flow pattern that seems to be leaking edge from your quotes. Walk me through how you'd diagnose it and what you'd change.

market microstructure fluency and whether they think in terms of adverse selection, not just P&L

Suppose you're given full ownership of this desk with prescribed limits. What's the first thing you'd look at to decide whether the current risk posture makes sense?

whether they think like an owner of a book and P&L, matching the 'path to desk ownership' framing in the posting

A market maker in a related product suddenly widens out or pulls quotes entirely. What's your read on what might be happening and how do you react?

pattern recognition and composure when the market signals something is wrong before it's confirmed

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The full job description

As published by Akuna Capital.

About Akuna:   Akuna Capital is an innovative trading firm with a strong focus on collaboration, cutting-edge technology, data driven solutions, and automation. We specialize in providing liquidity as an options market maker – meaning we are committed to providing competitive quotes that we are willing to both buy and sell. To do this successfully, we design and implement our own low latency technologies, trading strategies, and mathematical models.   Our Founding Partners first conceptualized Akuna in their hometown of Sydney. They opened the firm’s first office in 2011 in the heart of the derivatives industry and the options capital of the world – Chicago. Today, Akuna is proud to operate from additional offices in Sydney, Shanghai, London and Singapore.  What you’ll do as a SOFR Options Trader at Akuna:  We are seeking an experienced electronic options trader to join our SOFR desk. This is a mid-to-senior level role with a clear path to full desk ownership for the right candidate. You will be responsible for making markets and managing risk across CME SOFR options while collaborating with our floor team to maximize profitability.    You will work at the intersection of trading, technology, and quantitative research. Akuna’s SOFR desk combines systematic pricing infrastructure with trader judgment – you’ll be expected to manage your positions decisively while actively contributing to the automation and tooling that drives the desk’s edge forward. This is a role for someone who takes genuine ownership, brings intellectual curiosity to every aspect of the business, and thrives in a high-performance, collaborative environment. In this role, you will:  <ul> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Profitably manage a SOFR options portfolio with full responsibility for P&L and dynamic risk management within prescribed limits</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Make two-sided markets across the SOFR options complex (SR3, S0, S2), maintaining disciplined risk across the curve</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Develop and refine volatility surface models, term structure analysis, and hedging strategies in close collaboration with our quant and technology teams</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Identify structural opportunities and flow-driven inefficiencies in the short-end rates market and act on them decisively</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Partner with our technology team to evaluate, improve, and expand the automated trading infrastructure underpinning the desk – including contributing directly to strategy logic, parameter optimization, and signal development</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Analyze desk data and market microstructure to continuously improve pricing, execution quality, and risk-adjusted returns</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="1" data-aria-level="1">Contribute to the broader Akuna trading community through cross-desk collaboration, knowledge sharing, and mentorship of junior traders </li> </ul> Qualities That Make Great Candidates:  <ul> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">2+ years of experience trading SOFR, Eurodollar, or short-term interest rate options in an electronic market making environment, with clear P&L accountability</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Deep understanding of options theory – Greeks, vol surface construction, term structure dynamics, and interest rate curve relationships</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Proven risk management discipline: comfortable managing positions under pressure and across varied market regimes</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Entrepreneurial self-starter who takes initiative and acts decisively, with a strong sense of ownership over their book and their desk’s performance</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Technically engaged: able to analyze data, optimize parameters, and work hands-on with trading systems.</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Bachelor’s degree in Engineering, Economics, Statistics, Mathematics, Computer Science, Actuarial Science, or a related quantitative field</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Strong quantitative and analytical instincts, with the ability to react quickly and accurately to rapidly changing market conditions</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Collaborative mindset: able to communicate clearly and efficiently with quant researchers, technologists, and risk managers while fostering productive relationships across the firm</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">Detail-oriented and rigorous in approach, with a drive to continuously learn and improve </li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="8" data-aria-level="1">The ability to react quickly and accurately to rapidly changing market conditions, including the ability to quickly and accurately respond and/or solve math and coding problems are essential functions of the role</li> </ul> Additional Experience We Value:  <ul> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="17" data-aria-level="1">Specific experience with CME SR3 market microstructure and electronic liquidity provision</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="17" data-aria-level="1">Familiarity with swap curve dynamics, OIS, Fed Funds, or broader fixed income context</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="17" data-aria-level="1">Experience building or improving trading tools, pricing models, or automation in Python, C++, or similar</li> <li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" data-aria-posinset="17" data-aria-level="1">Track record of mentorship </li> </ul> In addition to technical skillsets, Akuna values the unique perspectives people can bring to the table to collaboratively solve complex problems and drive Akuna forward. We want everyone to feel empowered to apply. We welcome your application and encourage you to take the first steps toward your future with us! In accordance with Illinois Equal Pay Act, the minimum base salary starts at $145,000. Exact compensation offered may vary based on many factors including, but not limited to, the candidate’s experience, qualifications, and skill set. This role is also eligible for a discretionary performance bonus as part of the total compensation package and includes a comprehensive benefits package that may encompass employer-paid medical, dental, vision, retirement contributions, paid time off, and other benefits. The minimum base salary herein was determined in good faith by Akuna Capital LLC.

Apply at Akuna Capital

Experienced Options Trader - SOFR

Likely interview questions for this role

Practice this interview out loud.

The full job description

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