Options Market-Making Interview Questions
Options market-making interviews focus on derivatives intuition, probability, and mental math - how you price, quote, and hedge under time pressure.
Expect a blend of quick mental math, probability and expected-value problems, and options and market-making intuition - pricing, quoting, and hedging. Programming questions appear for quant and engineering tracks.
For trading roles, the assessment commonly combines a fast mental-math and sequences test with a coding exercise and a probability-based betting game, before market-making games in later rounds and a final assessment day.
135 questions tagged to Options Market-Making · 97 free to practise now.
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This format emphasises options intuition, market-making, and quick math. Practise with:
- A dice sum divisible by threeEasyProbabilityView →
- A die with one face decrementedEasyProbabilityConditional Probability & ExpectationView →
- A dry weekend, assuming independenceEasyProbabilityView →
- A heart or a king given redEasyProbabilityConditional Probability & ExpectationView →
- A sum of four before a sum of twoEasyProbabilityView →
- A three given a sum divisible by threeEasyProbabilityConditional Probability & ExpectationView →
- Ants on a squareEasyProbabilityBrainteasersView →
- Area between a parabola and a lineEasyCalculusView →
- Average speed over three lapsEasyBrainteasersView →
- Backing out the correlation from portfolio riskEasyRandom VariablesStatisticsView →
- Bacteria doubling on a clockEasyBrainteasersView →
- Both red among the top twoEasyProbabilityConditional Probability & ExpectationView →
- Capped exponential payoutEasyRandom VariablesExpected ValueView →
- Counting flushesEasyProbabilityCombinatoricsView →
- Dots on distinct edgesEasyProbabilityCombinatoricsView →
- Even count until the coin repeatsEasyProbabilityView →
- Exactly one ace in three drawsEasyProbabilityCombinatoricsView →
- Expected sets for a favored playerEasyProbabilityExpected ValueView →
- Face card or heartEasyProbabilityView →
- Face or ace given a red cardEasyProbabilityConditional Probability & ExpectationView →
- Fair odds on a parlayEasyMarket Making & Betting GamesView →
- Fair price of a high-faces-only dice sumEasyExpected ValueMarket Making & Betting GamesView →
- Fair price of a higher-die contractEasyExpected ValueMarket Making & Betting GamesView →
- First success on an even trialEasyRandom VariablesExpected ValueView →
- First tail within two flipsEasyProbabilityView →
- Four dice summing to twentyEasyProbabilityCombinatoricsView →
- Heads given at least one headEasyExpected ValueView →
- Hopping rabbitEasyProbabilityCombinatoricsView →
- How many sixes on the die?EasyExpected ValueBrainteasersView →
- Interior crossings of a decagon's diagonalsEasyCombinatoricsView →
- Keep the d8 or gamble on the d12?EasyProbabilityExpected ValueView →
- Matching chips, two drawsEasyCombinatoricsExpected ValueView →
- More heads than tails in six flipsEasyProbabilityView →
- One blue die matches the redEasyProbabilityView →
- One re-roll allowedEasyExpected ValueView →
- Present value of a deferred growing perpetuityEasyFinance & DerivativesView →
- Probability two dice sum to a primeEasyProbabilityCombinatoricsView →
- Rank of a matrix productEasyLinear AlgebraView →
- Retries under a hard capEasyExpected ValueStochastic ProcessesView →
- Rolling a die to size the next dieEasyConditional Probability & ExpectationExpected ValueView →
- Rolling until you match the first rollEasyProbabilityExpected ValueView →
- Rolls until an even sumEasyProbabilityExpected ValueView →
- Round table with a couple togetherEasyCombinatoricsView →
- Sample SD with Bessel's correctionEasyStatisticsView →
- Shrinking the standard errorEasyStatisticsView →
- Sizing a put–call parity mispricingEasyFinance & DerivativesView →
- Slope of a product at a special pointEasyCalculusView →
- Spread of a coin-flip payoffEasyRandom VariablesStatisticsView →
- Strictly increasing three-digit numbersEasyCombinatoricsView →
- Summing n plus one over two to the nEasyCalculusView →
- The distance-2 layer of a graphEasyProgramming & DSAView →
- The higher die shows a fourEasyProbabilityView →
- The straddle's upper breakevenEasyFinance & DerivativesView →
- Three dice, increasingEasyProbabilityCombinatoricsView →
- Three distinct dice, no sixEasyProbabilityCombinatoricsView →
- Three primes in six rollsEasyProbabilityView →
- Three-dice total given the firstEasyProbabilityConditional Probability & ExpectationView →
- Top three dice summing to eighteenEasyProbabilityCombinatoricsView →
- Two mismatched diceEasyProbabilityView →
- Value of the put insurance in a crashEasyFinance & DerivativesView →
- Variance of a reciprocal uniformEasyRandom VariablesStatisticsView →
- Ways to reach deuceEasyProbabilityCombinatoricsView →
- When the colony outgrows its life supportEasyBrainteasersCalculusView →
- Where the maximum landsEasyRandom VariablesStatisticsView →
- Which side holds the heavy weightEasyProbabilityCombinatoricsView →
- Which side of a two-sided marketEasyExpected ValueMarket Making & Betting GamesView →
- A 5 before a 7MediumProbabilityView →
- An ace in every pileMediumProbabilityCombinatoricsView →
- Bridge and torchMediumBrainteasersView →
- Cash out or bustMediumProbabilityExpected ValueView →
- Coin sets the number of dice rollsMediumProbabilityConditional Probability & ExpectationView →
- Distinct faces in three rollsMediumExpected ValueView →
- Eight dice summing to twelveMediumProbabilityCombinatoricsView →
- Expected fives before the first sixMediumProbabilityExpected ValueView →
- Expected gap on 30-sided diceMediumProbabilityExpected ValueView →
- Expected median of three diceMediumProbabilityExpected ValueView →
- Filling a pool with the drain openMediumBrainteasersView →
- Four fives before the first sixMediumProbabilityRandom VariablesView →
- Heads given the ends differMediumConditional Probability & ExpectationExpected ValueView →
- How fast the bubble's skin growsMediumCalculusView →
- Locking a profit by hedging after the odds moveMediumExpected ValueMarket Making & Betting GamesView →
- Matching penniesMediumMarket Making & Betting GamesView →
- Pay to play with a capMediumExpected ValueMarket Making & Betting GamesView →
- Pricing the higher of two diceMediumExpected ValueMarket Making & Betting GamesView →
- Profit on a risk reversalMediumFinance & DerivativesView →
- Rolling a 5-sided die to reach fiveMediumProbabilityExpected ValueView →
- Rolling until two rolls differ by twoMediumProbabilityExpected ValueView →
- Rolls to a six before a fiveMediumProbabilityExpected ValueView →
- Sharpe ratio in a marble gameMediumExpected ValueStatisticsView →
- Sizing a cross-book arbitrage lockMediumMarket Making & Betting GamesView →
- Tennis: two sets or three?MediumProbabilityView →
- Three ones in a rowMediumProbabilityCombinatoricsView →
- Three-jug measuringMediumBrainteasersView →
- Distinct toys from seven boxesHardProbabilityExpected ValueView →
- Rolling until two rolls are closeHardProbabilityExpected ValueView →
- Rounds to see all faces with two diceHardProbabilityExpected ValueView →
- Two random subsets that overlapHardProbabilityCombinatoricsView →
- Return speed for a target averageEasyBrainteasers Premium
- The first die beats the secondEasyProbabilityConditional Probability & Expectation Premium
- Ants on a stickMediumBrainteasers Premium
- At least two sixes in five rollsMediumProbabilityRandom Variables Premium
- Break-even half-spread under adverse selectionMediumExpected ValueMarket Making & Betting Games Premium
- Call count of memoized FibonacciMediumProgramming & DSA Premium
- Climbing stairsMediumCombinatoricsProgramming & DSA Premium
- Counting the innermost callsMediumProgramming & DSA Premium
- Detect a cycle in a linked listMediumProgramming & DSA Premium
- Double integral of x + y over the unit squareMediumCalculus Premium
- Eight coins, one lightMediumCombinatoricsBrainteasers Premium
- Empty boxesMediumExpected Value Premium
- Expectation of −2 ln UMediumRandom VariablesCalculus Premium
- Expected absolute difference of two diceMediumExpected Value Premium
- Identical balls, no empty boxMediumCombinatorics Premium
- In-place array rotationMediumProgramming & DSA Premium
- Large sum given a sixMediumProbabilityConditional Probability & Expectation Premium
- Leaves of a degree-3 treeMediumProgramming & DSA Premium
- Math books stay togetherMediumCombinatorics Premium
- Maximum loss on a collarMediumFinance & Derivatives Premium
- Minimum defense frequency against a betMediumProbabilityExpected Value Premium
- Optimal quote widthMediumMarket Making & Betting Games Premium
- Pairing up six peopleMediumCombinatorics Premium
- Prime sumMediumProbability Premium
- Put–call parity arbitrageMediumFinance & Derivatives Premium
- Rank–nullity dimension countMediumLinear Algebra Premium
- Rare-event Poisson approximationMediumProbabilityRandom Variables Premium
- Splitting a merged Poisson totalMediumStochastic Processes Premium
- Two uniforms summing below a halfMediumProbabilityRandom Variables Premium
- Variance of a sum drawn without replacementMediumRandom Variables Premium
- Variance of an aggregate Poisson totalMediumRandom VariablesStochastic Processes Premium
- Volume of revolution of sqrt(x)MediumCalculus Premium
- When a biased estimator winsMediumRandom VariablesStatistics Premium
- When does the system fail to have a unique solution?MediumLinear Algebra Premium
- When to prefer memoization over tabulationMediumProgramming & DSA Premium
- Why covariance matrices are PSDMediumStatisticsLinear Algebra Premium
- Wine and waterMediumBrainteasers Premium
- Exactly one pairHardProbabilityCombinatorics Premium
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Start practising freeFrequently asked questions
- What does an options market-making interview test?
- Options and market-making intuition, probability, and mental math - how you price, quote, and hedge under time pressure. Numerical speed and a feel for derivatives both matter.
- How should I prepare?
- Combine fast mental-math practice with expected-value and market-making reps. NeetQuant's Make a Market and Take the Bet games, plus the Mental Math Blitz, target this format directly.
- Do I need options knowledge going in?
- A working intuition for payoffs and hedging helps. You do not need advanced pricing theory for early rounds, but understanding risk is valuable.