Onyx Alpha Partners
Relative Value Trader - G10 Rates
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The Mandate
Run a relative value book inside an established multi-manager, multi-strategy hedge fund pod. The seat trades G10 rates RV: government bonds, bond futures basis, asset swaps, and OIS/SOFR/SONIA/ESTR swap spreads and basis. The process is semi-systematic. Structures originate from curve, basis and flow dislocations, are sized and hedged under a codified framework, and are monitored through Python and SQL analytics.
The Hard Questions (What You Will Solve)
- How do you size and hold a swap spread or asset swap structure when balance sheet constraints, supply and quarter-end funding drive the spread more than fair value does?
- How do you separate a durable curve or basis dislocation from a flow-driven move that reverts before your stop, and what in your process tells you which one you are in?
- How do you hedge a multi-leg RV structure across futures, cash and swaps so the residual risk is the one you intended to own, and how do you cap it when liquidity thins?
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The Structural Edge
- Pod-level capital with a defined drawdown framework and clear capacity runway as the book proves out.
- Existing risk, execution and data infrastructure. You are not building plumbing to start trading.
- Direct access to dealer flow and sell-side RV research through the platform's prime and dealer relationships.
- Risk and portfolio construction support from the central team, so the PM seat focuses on structures, not reporting.
Ideal Profile
The Metric
- 5 to 10 years trading G10 rates RV at a multi-manager, systematic fund, prop firm or bank flow/RV desk.
- A verifiable track record judged on risk-adjusted terms: Sharpe, drawdown and capital used. Headline PnL without that context does not count.
- Direct experience with at least two of: government bond RV, futures basis, asset swaps, OIS/SOFR/SONIA/ESTR basis, swap spreads, curve and butterfly structures.
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The Tech
- Python and SQL used in the daily process: signal construction, analytics, backtesting, risk.
- Comfortable working alongside a quant or engineering team.
Compensation & Preferences
- Non-compete: Client is willing to wait up to 6 months, exceptional candidates with up to a year also considered on case by case basis.
- Base salary: £150,000 to £250,000 depending on experience and track record.
- Performance bonus aligned to PnL contribution, exact details are negotiable on a case by case basis.
- This is not a guarantee of compensation or salary; a final offer amount may vary based on factors including but not limited to experience, domain expertise, and geographic location.
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