10 Akuna Capital Quantitative Researcher (New Grad) Interview Questions (2026)

Akuna Capital's new-grad quant researcher loop in 2026 emphasizes probability, options-pricing fundamentals, and a trading-game simulation. The Chicago-headquartered firm specializes in options market-making and has a distinctive culture mixing trading-floor energy with quantitative rigor. Expect mental math, probability puzzles, and questions about derivatives pricing intuition.

By Alex Chen, Founder, InterviewChamp.AI · Last verified 2026-05-19

Loop overview

Recruiter outreach → online probability/math test (60 min) → first-round phone (probability + options intuition, 45 min) → onsite of three to four rounds: probability deep-dive, mental math sprint, market-making game, behavioral. Timeline 4-6 weeks. Akuna has a strong intern-to-full-time pipeline; many new-grad hires come from prior summer internships.

Behavioral (3)

You are making a market on the outcome of a fair coin flipped once. Customer can buy at your ask or sell at your bid. What spread do you quote?

Frequently asked

Outline

Truth: heads pays 1, tails pays 0. Fair value 0.5. Quote a spread around 0.5: maybe bid 0.4, ask 0.6. Reasoning: spread is your edge against adverse selection plus profit. Customer accepting buy at 0.6 implies they think P(heads) > 0.6 — uninformative if random, but in real markets traders are usually informed. State the framework: spread reflects uncertainty + profit margin.

Tell me about a time you used data to change someone's mind.

Frequently asked

Outline

STAR. Pick a real disagreement where you produced data that resolved it. Show the methodology: hypothesis, data sourcing, analysis, presentation. Akuna values evidence-based reasoning over authority arguments. Bonus: discuss what you'd do if the data had supported the other side.

Why Akuna Capital rather than a larger firm?

Frequently asked

Outline

Specific reasons: options market-making specialization, Chicago-based with trading-floor culture, structured intern-to-full-time pipeline that builds long-term teams, growing presence in crypto derivatives. Reference Akuna's growth story (founded 2011) and culture. Avoid the 'high pay' lead.

Coding (LeetCode patterns) (2)

Given an array of integers, find the maximum product of any two elements.

Occasionally asked

Outline

Two cases: (1) max two positives, (2) min two negatives (negative times negative = positive). Track top 2 max and top 2 min in one pass. Result = max(max1·max2, min1·min2). O(n) time, O(1) space. Walk through with examples including mixed-sign arrays.

Implement a function that returns whether brackets in a string are balanced (handles {}, [], ()).

Occasionally asked

Outline

Stack. For each character: open bracket → push. Close bracket → check top matches; pop. End: stack must be empty. O(n) time, O(n) space. Edge cases: only closes, only opens, empty string. Walk through with example like '({[]})' (true) and '([)]' (false).

Technical (5)

A stock is at $100. There is a 50% chance it goes up $10 and 50% chance it goes down $10 in one year. What is the value of a call option struck at $100?

Frequently asked

Outline

Two outcomes: $110 (call worth $10) or $90 (call worth $0). Expected payoff = 0.5·10 + 0.5·0 = $5. Ignoring discounting for new-grad simplicity, call value = $5. Discuss this as a one-period binomial model. Mention real options pricing requires risk-neutral probabilities, not real-world probabilities.

Compute 24 × 26 in your head.

Frequently asked

Outline

Difference of squares: 24·26 = (25-1)(25+1) = 625 - 1 = 624. State the trick. Practice these patterns. Akuna expects sub-3-second response.

I flip 3 fair coins. What is the probability of getting at least 2 heads?

Frequently asked

Outline

Binomial. P(2 heads) = C(3,2)·(1/2)^3 = 3/8. P(3 heads) = (1/2)^3 = 1/8. Sum = 4/8 = 1/2. Alternative: by symmetry, P(at least 2 heads) = P(at least 2 tails). They cover all cases except 'exactly some mix' but actually together with the 'exactly 1.5' impossibility, they sum to 1. Quick check: P(at least 2 H) + P(at least 2 T) = 1, so each = 1/2.

You have a 1 in 100 chance of winning the lottery. If you play 100 times, what is the probability you win at least once?

Frequently asked

Outline

Complement. P(never win) = (99/100)^100. P(at least one win) = 1 - (99/100)^100. Compute: (99/100)^100 ≈ 1/e ≈ 0.368. So P(at least one win) ≈ 0.632. State the approximation: (1 - 1/n)^n → 1/e as n → ∞.

What is the relationship between call options and put options with the same strike and expiration?

Frequently asked

Outline

Put-call parity: C - P = S - K·e^(-rT) for European options on non-dividend stock. Intuition: long call + short put has the same payoff as forward (S - K). State the relationship. Discuss extensions: dividends shift the formula, American options have early-exercise premium that breaks parity.

Akuna Capital interview tips

Akuna's options focus means derivatives intuition matters. Read a basic intro to options pricing (Hull's chapters 1-9) before the loop.
Mental math drills pay off. Practice multiplication of two-digit numbers, percent conversions, and quick fraction arithmetic.
Market-making game tests risk discipline. Don't over-bet on individual trades; interviewers watch position sizing.
Probability puzzles benefit from a 'pause and check for elegance' habit. Many have a clean closed-form.
Behavioral round at Akuna tests culture fit with trading-floor energy. Show comfort with directness and intellectual debate.

Frequently asked questions

How long is Akuna Capital's quant interview process in 2026?

Most candidates report 4-6 weeks from initial contact to offer. Onsite-to-decision is often within a week.

What is Akuna Capital's main business?

Options market-making across equities, indices, and increasingly crypto. The firm is one of the larger Chicago-based options specialists.

Does Akuna sponsor visas?

Yes. Chicago HQ supports US H1-B with standard lottery odds. Sydney and Shanghai offices offer alternative paths for international candidates.

How does Akuna's intern-to-full-time pipeline work?

Most new-grad hires come from prior summer internships. Direct new-grad hires are less common but still happen. If you have not interned, the loop is competitive.

Can I reapply to Akuna after rejection?

Yes, after a 12-month cooldown.

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