Quantitative Risk Modeling Manager

Ready to be pushed beyond what you think you’re capable of?

At Coinbase, our mission is to increase economic freedom in the world. It’s a massive, ambitious opportunity that demands the best of us, every day, as we build the emerging onchain platform — and with it, the future global financial system.

To achieve our mission, we’re seeking a very specific candidate. We want someone who is passionate about our mission and who believes in the power of crypto and blockchain technology to update the financial system. We want someone who is eager to leave their mark on the world, who relishes the pressure and privilege of working with high caliber colleagues, and who actively seeks feedback to keep leveling up. We want someone who will run towards, not away from, solving the company’s hardest problems.

Our

work culture

is intense and isn’t for everyone. But if you want to build the future alongside others who excel in their disciplines and expect the same from you, there’s no better place to be.

While many roles at Coinbase are remote-first, we are not remote-only. In-person participation is required throughout the year. Team and company-wide offsites are held multiple times annually to foster collaboration, connection, and alignment. Attendance is expected and fully supported.

Team/ Role Paragraph

As part of Coinbase’s broader risk management organization, the Risk Quant team is responsible for building quantitative models that assess and mitigate risks associated with our risk-bearing products, as well as measuring and monitoring portfolio exposures across the platform. We are looking for a Senior Quantitative Researcher (IC) to lead the design of Coinbase’s next-generation

Global Liquidation Engine

.

In this role, you will not only manage risk; you will architect the automated machinery that protects the platform during extreme volatility. You will build the algorithms responsible for liquidating distressed portfolios across Spot and Derivatives (Futures, Options) at a global scale. This engine must optimize for aggregated risk reduction, trade slippage, and liquidity fragmentation across multiple venues simultaneously.

You will act as the bridge between Financial Risk, Exchange Liquidity, and Engineering, serving as our resident expert on Market Microstructure and Order Book Dynamics.

What You’ll Be Doing (ie. Job Duties)

• Global Liquidation Engine Design

Design Optimal Liquidation Logic

Develop stochastic control models (adapting Almgren-Chriss frameworks) to determine the optimal trajectory for unwinding distressed portfolios. You must solve for the trade-off between market risk (holding the position too long) and market impact (selling too fast and crashing the price).

Global Optimization

Move beyond single-client liquidation. Build logic that optimizes risk at the

aggregated level

—managing multiple concurrent liquidations to minimize total market impact and maximize liquidity usage across various venues.

• Execution Algorithms & Strategy

Build "crisis-ready" Algos

Adapt standard execution benchmarks (VWAP, POV, Implementation Shortfall) for stressed regimes where liquidity evaporates and spreads widen.

Portfolio-level Unwinds

Develop logic to liquidate based on risk sensitivities (

Greeks

) rather than just line items (e.g.,

"Don't just sell the spot asset; buy the put options to flatten the Delta first"

).

• Default Waterfall Architecture

Design And Tune The Decision Logic For The Liquidation Lifecycle

Open Market Liquidation (smart order routing and order book interaction).

Internalization / Hedging (Delta-neutralizing the portfolio internally).

Private Auctions (soliciting bids from liquidity providers).

• Market Microstructure & Regulation

Liquidity Intelligence

Collaborate with Exchange Liquidity Managers to estimate order market impact and monitor L1-L3 order book dynamics.

Regulatory Defense

Ensure all liquidation logic meets the "Commercially Reasonable" standard. Produce quantitative evidence and backtesting results to justify execution decisions to regulators and institutional clients.

What We Look For In You (ie. Job Requirements)

Education

Ph.D. or Master’s degree in a highly quantitative field (Physics, Mathematics, Statistics, Financial Engineering, or Computer Science).

Experience

6+ years

of relevant experience with a Ph.D from a top program.

8+ years

of relevant experience with a Master’s degree.

Industry Background

You Must Have Experience In One Of The Following Hybrid Areas

Central Risk Book (CRB)

execution trading quant at a Tier 1 Investment Bank.

Default Management

risk quant at a major Clearing House (CCP) or Prime Broker.

Electronic Market Making

with a specific focus on inventory management, liquidation, or risk constraints.

Technical Expertise

Deep understanding of

Almgren-Chriss frameworks

, Order Book Dynamics (L1-L3 data), and Auction Theory.

Experience With

Cross-Margining

methodologies and models (e.g., offsetting Crypto futures against Spot, or Equity Options against Index futures).

Coding & Engineering

Production-level proficiency in

Python

.

Experience Deploying Quantitative Models Into Production Environments And Integrating With Execution Apis.

Soft Skills

Proven ability to lead cross-functional projects (Product, Eng, Data Science) and communicate complex technical findings to non-technical stakeholders.

Nice To Haves

Hybrid Asset Class Experience

Hands-on experience modeling both Delta-One (Spot/Futures) and Non-Linear (Options/Vol) products.

Data Engineering

Familiarity with modern data pipelines (e.g.,

Airflow

) and real-time data streaming architectures (e.g.,

Kafka

).

Crypto Native

Understanding of specific nuances in crypto market structure (24/7 trading, fragmented liquidity, on-chain vs. off-chain settlement).

Job #: P76028

Pay Transparency Notice

:

Depending on your work location, the target annual

base

salary for this position can range as detailed below. Full time offers from Coinbase also include bonus eligibility + equity eligibility + benefits (including medical, dental, vision and 401(k)).

Base salary range shown. Total compensation also includes equity and bonus eligibility and benefits:

$207,485

—

$244,100 USD

Please be advised that each candidate may submit a maximum of four applications within any 30-day period. We encourage you to carefully evaluate how your skills and interests align with Coinbase's roles before applying.

Commitment to Equal Opportunity

Coinbase is proud to be an Equal Opportunity Employer.  All qualified applicants will receive consideration for employment without regard to race, color, religion, creed, gender, national origin, age, disability, veteran status, sex, gender expression or identity, sexual orientation or any other basis protected by applicable law. Coinbase will also consider for employment qualified applicants with criminal histories in a manner consistent with applicable federal, state and local law.  For US applicants, you may view the

Employee Rights

and the

Know Your Rights notices

by clicking on their corresponding links. Additionally, Coinbase participates in the

E-Verify program

in certain locations, as required by law.

Coinbase is also committed to providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation because of a disability for any part of the employment process, please contact us at accommodations[at]coinbase.com to let us know the nature of your request and your contact information.   For quick access to screen reading technology compatible with this site

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.

Global Data Privacy Notice for Job Candidates and Applicants

Depending on your location, the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) may regulate the way we manage the data of job applicants. Our full notice outlining how data will be processed as part of the application procedure for applicable locations is available

here

. By submitting your application, you are agreeing to our use and processing of your data as required. For US applicants only, by submitting your application you are agreeing to arbitration of disputes as outlined

here.

AI Disclosure

For select roles, Coinbase is piloting an AI tool based on machine learning technologies to conduct initial screening interviews to qualified applicants. The tool simulates realistic interview scenarios and engages in dynamic conversation. A human recruiter will review your interview responses, provided in the form of a voice recording and/or transcript, to assess them against the qualifications and characteristics outlined in the job description.

For select roles, Coinbase is also piloting an AI interview intelligence platform to transcribe and summarize interview notes, allowing our interviewers to fully focus on you as the candidate.

The above pilots are for testing purposes and Coinbase will not use AI to make decisions impacting employment

. To request a reasonable accommodation due to disability, please contact accommodations[at]coinbase.com