Market Making Interview Drills by Skill
Market-making interview drills organized by fair value, spread, inventory, quote updates, mental math, and communication.
Candidates who need targeted market-making practice instead of random trading games.
Fair-value drills
Practice turning probabilities, expected values, ranges, and estimates into midpoint values. Time the drill, but review the model choice afterward.
Spread drills
Given the same fair value, vary uncertainty, competition, and adverse selection. The goal is to explain why the spread is tight, medium, or wide.
Concrete drill
Pick fair value 100, then run five states: flat and confident, flat and uncertain, long inventory, short inventory, and new adverse signal. Quote each state aloud.
Update drills
After each hypothetical fill, state cash, inventory, new fair value if any, and next quote. This trains the loop that live rounds require.
Common mistakes
Candidates often do more problems without diagnosing the weak skill. A drill should isolate one behavior and make the next attempt measurably cleaner.
Practice the pattern
Use the LeetQuidity curriculum and calibration to turn this topic into a focused practice plan.