Switching to HFT crypto company?

Capital One / Design 257jdx
Apr 27 10 Comments

Thinking of joining my friend’s 5 person high-frequency trading crypto company, as a “Trade Support Engineer” — still trying to figure out exactly what this role would entail.

I would be employee #6. They would be offering me ~$140k in SF. I currently make $130k at a startup in Virginia, but have an interview with a public non-prestigious Bay Area company that could offer me $250k TC.

I’m a product designer by trade and have zero coding skills, other than basic HTML/CSS stuff. Everyone else at the HFT firm has CS degrees, some come from Stanford and Princeton — it’s a bit intimidating.

Part of me thinks this is an exciting opportunity to try something new and join a stellar team from which I might be able to learn from. Another part of me thinks I’ll just get stuck doing shitty work with no potential for growth since I can’t code.

Thoughts?

YoE: 4 years

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TOP 10 Comments
  • Microsoft richardhea
    What’s high frequency for crypto, 3 tx/day?
    🍆
    Apr 27 5
    • LinkedIn
      tendies

      LinkedIn

      BIO
      sex work, quantum computing, and crypto HFT
      tendiesmore
      I know your joking around, but in all seriousness there are some big opportunities in crypto HFT due to the legality of wash trading and lack of regulation. Most exchanges cap their apis at x requests per second, such as 6 or 10, with premium subs available where you can go higher.
      Apr 27
    • Susquehanna International / Eng Kristaps11
      There’s potential in quant trading crypto (most established props have big footholds in it already), but you can’t do HFT with crypto. Transport protocols, formats, etc aren’t regulated or formalized. Exchange infra are all over the place. Hopefully as the big exchanges mature these things become less of a problem. I think Gemini can have a good future.
      Apr 27
    • New / Eng sol65
      The fee structure is shit for crypto. Volatility to make your money back after paying the exchange can be anywhere from minutes to hours or days. Apis are also shit and dont give you the fine market data youd want to use for making good decisions.
      Sep 12
    • LinkedIn
      tendies

      LinkedIn

      BIO
      sex work, quantum computing, and crypto HFT
      tendiesmore
      Ok then how did Alameda research make more than 70 million in less than 2 years? It was founded by an ex Jane street etf trader and I'm sure theyve made more than 150 mill since on bitmex alone they made more than 70 m according to the leaderboard. They said they do more than 5% of crypto market daily and are active across all major exchanges. Going from fix to json websockets isn't that big of a difference right?

      Also, gemini will never be a good exchange because it's hosted in the USA. Any exchange in the USA is trash because that means it needs to do kyc aml and is regulated. Any regulation will always cut into profits and deter retail traders.
      Sep 12
    • Susquehanna International / Eng Kristaps11
      You don’t have to be hft to trade crypto profitably. Automated trading faster than human capable trading still doesn’t necessarily qualify as hft.

      Going from barebones tcp to websockets is kinda a big difference in both performance and flexibility at the unique scale of hft. But there are many other infra issues to take into account other than just the transport protocol you’re sending orders with.

      EDIT
      If you check out Alameda Research’s website they actually specifically point out most of their trading is in the middle frequency timescale space.
      Sep 13
  • Google
    tsukino

    Google

    BIO
    w
    tsukinomore
    Bad idea - this crypto "HFT" startup doesn't sound like it'll be able to provide the mentorship and dev resources for a budding frontend engineer (plus you are just a back office cost center, so forget the hype). At trading shops, if the title doesn't mention "support" then it still might be a support role. If it mentions support, you are definitely the trader's dog.

    Source: I know people who have worked in similar roles. It was not exciting, to say the least.
    Apr 27 0
  • LinkedIn tendies
    What exchanges are they on? Lxdx? Bitmex (lol)? Are they gunning for institutional trading platforms or ones hosted in aws? How can I get in touch with these peeps
    Apr 27 0
  • New / Eng Endlessly
    Do you get equity? Commission? I'd say go for it if you think it sounds exciting and you're in a stage of life where you have room to take some risk
    Apr 27 0
  • Sounds like a great opportunity to move into development, if that’s what you want to do. For an entry-level dev, the salary and opportunity are great.

    Just set the expectation that you want to be able to code, not handle customer support issues.

    You’re not getting paid much so the learning should be great.
    Apr 27 0