Belvedere Trading Options & Market Making Interview

The Belvedere Trading Options & Market Making interview is stage 4 of 5 in the Belvedere Trading interview process, after the Probability & EV. Format: 45-60 min - trading intuition. Options basics, micro-price / order-book imbalance, game-theory decisions, and minimum-variance hedging.

What the Options & Market Making tests

QuantVault maps 6 practice problems to this round. By topic, the biggest groups are market microstructure (3), game theory (1), options pricing (1), stochastic processes (1); by difficulty, 1 easy, 5 medium and 0 hard. 2 of them were reported by candidates who interviewed at Belvedere Trading, most recently in Nov 2025.

• At the superday this comes up in a group market-making game against other candidates, often pricing an option on a dice game.

How to prepare for the Options & Market Making

• Micro-price from order-book imbalance.
• Hedge ratios -- minimum-variance across correlated assets.
• Decision under uncertainty -- size sensibly.

Further reading: Market-making game interview guide · How quant superdays work · Behavioral questions at trading firms.

Question types in this round

The 4 largest question types in the Belvedere Trading Options & Market Making practice set; across them the most common sub-topics are Bayes' theorem, conditional probability, expected value. The questions themselves, with worked solutions, are in the round practice.

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