Senior Manager, Market Risk (Trading & Derivatives)

Building the Future of Crypto

Our Krakenites are a world-class team with crypto conviction, united by our desire to discover and unlock the potential of crypto and blockchain technology.

Proof of work

The team

Crypto markets run 24/7, volatility is structural, and liquidity can shift across venues in seconds.

Kraken operates one of the world’s most sophisticated digital asset trading platforms, supporting spot markets, margin trading, futures, options, and a rapidly growing OTC business.

We’re looking for a Market Risk Lead to help design and oversee risk frameworks that support Kraken’s trading businesses.

This role is ideal for someone with deep trading intuition and derivatives expertise. Many successful candidates come from trading desks, options market making, or derivatives risk teams at major banks or proprietary trading firms.

If you enjoy understanding how markets behave under stress and building systems that allow trading businesses to operate safely at scale, this role is for you.

The opportunity

AsSenior Manager, Market Risk, you will help design the risk architecture supporting Kraken’s OTC desk, derivatives platform, and trading liquidity systems.

This role goes beyond traditional monitoring — you will work closely with traders, quants, and product teams to design risk frameworks that scale with Kraken’s trading ecosystem.

You will play a key role in ensuring Kraken can continue expanding its trading products while maintaining disciplined risk management.

Build Trading Risk Frameworks

• Design risk frameworks governing spot, derivatives, options, and OTC trading

• Define exposure limits, position controls, and escalation frameworks for trading activities

• Partner with traders to ensure risk frameworks support efficient market-making and liquidity provision

Options & Derivatives Risk

• Build analytics and controls for managing options and derivatives exposures

• Monitor risk factors including delta, gamma, vega, volatility regimes, and liquidity conditions

• Evaluate risk scenarios during periods of extreme crypto market volatility and design mitigations

Trading & Liquidity Risk

• Assess risks associated with large trading flows, OTC activity, and cross-venue liquidity

• Monitor how liquidity fragmentation across exchanges and protocols affects risk exposures

• Help design safeguards against market dislocations and liquidity shocks

Risk Analytics & Monitoring

• Build and improve market risk analytics including VaR, stress testing, and scenario analysis

• Develop dashboards and tools for monitoring trading exposures in real time

• Partner with engineering teams to improve risk infrastructure supporting Kraken’s trading platforms

Market Structure Insights

• Analyze how crypto market structure — including derivatives liquidity, funding rates, and exchange flows — affects Kraken’s risk profile

• Provide insights to trading teams and leadership during periods of market stress

• Additional duties and responsibilities as assigned

Skills you should HODL

• 8+ years of experience in market risk, derivatives trading, or trading desk risk

• Strong understanding of options, derivatives, and trading risk management

• Experience working closely with trading desks or market-making businesses

• Deep familiarity with risk metrics such as VaR, stress testing, and options Greeks

Nice to haves

• Former trader, structurer, or options market maker

• Python or quantitative modeling experience

• Experience working in 24/7 markets or crypto trading environments

Unless a specific application deadline is stated in the job posting, applications are accepted on an ongoing basis.

Please note, applicants are permitted to redact or remove information on their resume that identifies age, date of birth, or dates of attendance at or graduation from an educational institution.

We consider qualified applicants with criminal histories for employment on our team, assessing candidates in a manner consistent with the requirements of the San Francisco Fair Chance Ordinance.