Citadel quant developer joins Kalshi

Citadel's quantitative developer Chao Peng has joined prediction markets platform Kalshi, signaling the company's commitment to enhancing its engineering and trading technology as it expands rapidly, according to eFinancial Careers. Peng, who spent six years at Citadel building trading systems, expressed enthusiasm about contributing to Kalshi's trading infrastructure as it enters its next growth phase.

The hiring occurs as Kalshi intensifies its focus on technology following a fast-paced expansion in prediction markets. Founded in 2021, the company is still in an expansion stage, with significant portions of its market infrastructure under development. Peng's expertise extends beyond Citadel, having worked at fintech firm Beacon and earning a Master’s degree in Financial Engineering from Baruch College.

The appeal of Kalshi for Peng lay in the chance to construct fundamental elements of a relatively new trading platform, as opposed to working on a more established system. Kalshi has intensified its product launch this year, introducing perpetual futures trading in May, with reported trading volumes exceeding $1bn within a week of its debut.

Additionally, the firm unveiled Kalshi Pro, a professional trading interface designed for active market participants who need faster execution and the capability to trade multiple markets concurrently. Furthermore, Kalshi has been bolstering its senior leadership, appointing former JPMorgan executive and derivatives regulator Sudhir Jain earlier this year, further bolstering its capabilities as it broadens its institutional services.