ZAVARA
Holdings LLC
Engineering & Ops — Bios
Confidential · Allocator Distribution
Updated 2026-05-21

The team behind the stack

Zavara runs a small, senior bench. Every production surface — the Rust trading pipeline, multi-venue connectivity, cross-venue arbitrage, the real-time data & AI infrastructure, and the trade-ops, custody and reconciliation layer — is owned by a named individual. No offshore body-shopping, no junior contractors.

Team Lead
Adam
Team Lead
30+ Yrs Options Markets

Adam is a career options trader with 30+ years in volatility arbitrage and market making. He spent a decade at Goldman Sachs (1995–2005) — starting on the LIFFE floor trading Bund options, then progressing onto the OTC exotic JPY currency options desks across London, Tokyo and New York, where he ultimately led the global JPY exotic market-making book. Post-Goldman he built and ran ISM Capital in London, a boutique oil & gas options market-making operation, which he sold to a global market maker.

Today he is Team Lead at Zavara Holdings LLC, a quantitative crypto derivatives firm market-making BTC/ETH options on Deribit and running cross-venue volatility arbitrage. He leads a 6-person AI-assisted development team building institutional-grade infrastructure in Python and Rust, with the Paradigm RFQ auto-quoter as the desk's primary revenue stream. Educated at LSE (Mathematics & Economics, First Class) and Nottingham (Computer Science, First Class).

Career Arc
  • Zavara Holdings (2025–): Team Lead · BTC/ETH options MM on Deribit
  • Family Office (2018–2025): Principal · entry into BTC options from 2022
  • ISM Capital (2005–2018): Founder & Head of Trading · oil & gas options MM (sold)
  • Goldman Sachs (1995–2005): Lead, Global JPY Exotic OTC desk · LDN / TYO / NYC
  • NatWest Markets (1993–1995): Junior LIFFE floor trader · Bund futures
Core Competencies
Vol Arb Market Making OTC Exotics Crypto Options eSSVI Calibration Greeks Mgmt Team Leadership Business Building LSE · Nottingham
Senior Advisor · Trading
Ture
Senior Advisor — Trading, Liquidity & Execution
30+ Yrs FX · Digital · Systematic

Ture is a senior trading executive and portfolio manager with 30+ years across FX, digital assets, and systematic trading. He is an expert in fragmented markets, order-book analysis, event-driven signals, and high-frequency / mid-frequency strategies. He has built OTC businesses, algorithmic trading strategies, liquidity solutions, and execution infrastructure for leading firms — including B2C2, Tower Research Capital, and Société Générale.

As a portfolio manager, he has run a single core multi-day-hold systematic strategy at three institutional shops, scaling capital from $50M at Soren Capital Management to $200M at Graham Capital and $100M at Infini Capital — a repeatable, transferable book of work across funds, geographies and market regimes. At Zavara he advises on trading strategy, liquidity sourcing, and execution architecture for the BTC/ETH options and cross-venue vol-arb desk.

$50M Soren Capital PM · Systematic
$200M Graham Capital PM · Systematic
$100M Infini Capital PM · Systematic
Same core multi-day-hold strategy run across all three mandates · ~$350M aggregate AUM managed
Career & Expertise
  • B2C2: OTC market making · institutional digital-asset liquidity
  • Tower Research Capital: high-frequency / systematic trading
  • Société Générale: algorithmic strategies & execution infrastructure
  • Graham · Soren · Infini: portfolio manager, multi-day systematic book
  • Domain depth: fragmented markets, order-book microstructure, event-driven
Core Competencies
FX Digital Assets Systematic Trading HFT / MFT Order-Book Analysis OTC / Liquidity Algorithmic Execution Event-Driven Portfolio Mgmt
Senior Advisor · Market Strategy
Darpen
Senior Advisor — Market Strategy & Crypto Derivatives
25+ Yrs Derivatives · FX · Digital

Darpen is a market strategist with 25+ years across global derivatives, commodities, FX and digital-asset markets, with seats in London, Dubai and New York City. He combines deep trading experience with market analysis, strategy development and execution across diverse market conditions — the kind of operator who has traded through multiple cycles and built playbooks that survive regime changes.

More recently his work has focused on crypto derivatives, options volatility, signal generation and the continued development of trading frameworks for fast-moving digital markets. At Zavara he works directly with the quant and engineering teams on systematic trading strategies, low-latency execution systems, and the ongoing refinement of trading methodologies as market conditions evolve. Educated at Loughborough University — BEng (Hons) Manufacturing Engineering & Management and MSc Information Technology.

Career & Expertise
  • Cross-asset depth: derivatives, commodities, FX, digital assets
  • Global experience: London · Dubai · New York City trading floors
  • Crypto derivatives: options vol, signal generation, framework design
  • Strategy & execution: across diverse market regimes & cycles
  • Quant / eng partnership: systematic strategies & low-latency systems
Core Competencies
Market Strategy Derivatives Commodities Options Vol Signal Generation Crypto Derivatives FX Systematic Loughborough · BEng · MSc
Quantitative Researcher
Davie
Quantitative Researcher — Models, Vol & Execution Algorithms
Quant Physics · Maths

Davie read Physics and Mathematics at university and, after a stint in manufacturing, moved into programming to apply rigorous quantitative methods to complex, data-driven markets. He cut his teeth on sports analytics — building statistical models and machine-learning systems that combined probabilistic forecasting, optimisation, Bayesian inference and real-time data processing to surface market inefficiencies and generate alpha for professional betting syndicates.

He then transitioned into cryptocurrency markets, extending those systems and going on to design and implement automated trading systems for options traders. At Zavara he applies that quantitative toolkit directly to the desk's models — building algorithmic execution engines, volatility models, and systematic risk-management frameworks tuned for the dynamics of digital-asset derivatives.

Areas of Ownership
  • Volatility models: surface fitting, term structure, regime detection
  • Execution algorithms: systematic quoting, fill optimisation, slicing
  • Statistical modelling: Bayesian inference, probabilistic forecasting
  • ML / signal research: alpha extraction, feature engineering, validation
  • Risk frameworks: systematic risk limits, exposure attribution
Toolkit
Python NumPy / SciPy pandas Bayesian Machine Learning Optimisation Probabilistic Models Vol Surface Fitting Real-Time Data
Senior Solution Architect
Duong
Senior Solution Architect — Trading Infrastructure
13+ Years Experience

Duong is a quantitative trading-infrastructure engineer with 13+ years building high-performance, low-latency backend systems for financial and digital-asset platforms. He specialises in Rust development for highly concurrent, performance-critical systems — HFT bots, exchange connectivity, and backend services where speed, memory efficiency and reliability are non-negotiable.

At Zavara he leads architectural decisions across the trading stack: order-processing pipelines, matching/queue services, wallet infrastructure, and the distributed microservice topology that runs production. His core strengths are distributed systems, scalability, production reliability, and ultra-low-latency execution. Prior roles include Technical Lead and Solution Architect across cryptocurrency, fintech, blockchain and enterprise platforms — including hands-on operation of live high-frequency crypto trading bots with real-time risk management.

Areas of Ownership
  • Exchange connectivity: session, sequencing, FIX/WS dual-path resilience
  • Order processing: request pipelines, matching/queue services, idempotency
  • Wallet & settlement infrastructure: custody integration, balance reconciliation
  • Event-driven architecture: real-time market-data fan-out, microservice topology
  • HFT execution: tick-to-trade hot path, real-time risk gates
Tech Stack
Rust C++ Python Node.js Redis PostgreSQL Kubernetes AWS / EKS FIX 4.4 WebSocket
Senior Engineer
Duy
Senior Engineer — Trading Infrastructure & On-Chain Analytics
8+ Yrs Blockchain Eng.

Duy joined the desk in 2026 and now owns large parts of the Rust pipeline behind the market-making stack — the multi-venue feed layer and the quant engine that sits behind it, currently running live across Deribit, OKX, Hyperliquid, Paradex, Coincall and Derive. He also built and operates the cross-venue funding-rate arbitrage engine, the multi-exchange hedger that keeps delta-neutral inventory in line tick-by-tick, and the Tardis-backed parquet data lake the rest of the desk backtests against.

Outside the Rust stack, Duy leads on-chain analytics and statistical work — tracking DEX flow, liquidity, and protocol-level activity to surface trade ideas — drawing on the eight years of blockchain engineering he brought into the firm. Before Zavara, he shipped production smart contracts and full-stack dApps in C++ on EOSIO/WAX, Solidity on EVM chains, and Hyperledger Fabric, covering NFT DEXs, P2E games, supply-chain ledgers and on-chain ↔ off-chain syncing infrastructure.

Areas of Ownership
  • Rust feed layer: Deribit, OKX, Hyperliquid, Paradex, Coincall, Derive
  • Quant engine: live pricing, signal evaluation, quote generation
  • Funding-rate arbitrage: cross-venue carry capture, basis monitoring
  • Multi-exchange hedger: tick-level delta neutralisation across CEX/DEX
  • Data lake: Tardis ingestion, parquet compaction, backtest substrate
  • On-chain analytics: DEX flow, liquidity, protocol-level signals
Tech Stack
Rust Python C++ Parquet DuckDB Solidity / EVM EOSIO / WAX Hyperledger Tardis.dev WebSocket
Senior Full-Stack Engineer
Sac
Senior Full-Stack Engineer — Real-Time Data & AI Infrastructure
9+ Years Experience

Sac is a full-stack software engineer with 9 years across quant systems, low-latency engineering, and AI infrastructure. His core strengths span C++, Rust, and Python for distributed systems and high-performance backend, alongside modern frontend platforms — the rare combination that lets one engineer ship a latency-sensitive execution service and the operator-facing UI on top of it.

At Zavara he specialises in real-time data engines, market-data-style pipelines, and latency-sensitive execution services — optimising critical paths, memory usage, concurrency models, throughput, and system reliability. He designs and delivers end-to-end low-latency systems on AWS and Azure with hard requirements on availability, scalability, fault tolerance, and production-grade operations. On the AI side he works across data processing, scalable automation, model-serving workflows, and the platform tooling that connects complex backend systems to clean, reliable user-facing interfaces.

Areas of Ownership
  • Real-time data engines: market-data pipelines, streaming ingestion, fan-out
  • Execution services: latency-sensitive paths, throughput & memory tuning
  • AI / ML infrastructure: model-serving workflows, scalable automation
  • Cloud reliability: high-availability topologies on AWS & Azure
  • Full-stack delivery: backend services + operator-facing dashboards
  • Observability & SLOs: measurable systems, fault tolerance, recovery
Tech Stack
C++ Rust Python React / TS AWS Azure Streaming Model Serving Distributed Low-Latency
Trade Ops & Custody
Marc
Trade Ops & Custody Specialist — Middle / Back Office, Reconciliation
9+ Yrs Digital-Asset Ops

Marc is a digital-asset operations specialist covering middle & back office, trade lifecycle validation, reconciliation, and custody workflows — the layer between the trading engine and the books. He has supported institutional environments across OTC desks, hedge funds, exchanges, liquidity providers and digital-asset infrastructure platforms, with a focus on resolving operational breaks across execution, settlement and custody.

Most recently at Stillman Digital (NY), Marc ran institutional OTC ops — RFQ flow, LP coordination across B2C2, FalconX and Wintermute, post-trade reconciliation, and a centralised break-resolution workflow. Prior roles include OEMS technical trading support at CoinRoutes (multi-venue routing, exchange integration, venue-rule mapping) and Digital Asset Trading Analyst → Head Trader at Infini Capital, where he managed intraday P&L tracking, exposure monitoring and counterparty settlement against B2C2, Cumberland and Galaxy. He also builds AI-assisted ops tooling — incident-triage dashboards, attribution-curve engines, and reconciliation workflow systems.

Areas of Ownership
  • Trade lifecycle & reconciliation: expected-vs-actual fills, breaks, settlement
  • Custody operations: deposit/withdrawal flows, transfer integrity, ledger checks
  • Counterparty coordination: LP / OTC venues, credit-style exposure tracking
  • P&L & exposure monitoring: intraday position, attribution, daily review
  • AI-assisted ops tooling: incident triage, attribution, dashboards
Domains
OTC / RFQ Reconciliation Settlement Custody Fireblocks-style B2C2 / FalconX Wintermute OEMS AI Ops Tooling
Capability Matrix — Named Ownership

Every production surface on the desk maps to a single named owner. This is the on-call & design-authority map allocators should ask about during operational due diligence.

Domain
Owner
Production Surface
Strategy & PM authority
Adam
Trade selection, risk appetite, vol-arb / MM strategy design
Trading advisory & liquidity
Ture
Execution architecture, microstructure, OTC / liquidity sourcing
Market strategy & vol
Darpen
Crypto derivatives, options vol, signal generation, frameworks
Vol models & quant research
Davie
Surface fitting, signal research, Bayesian / ML modelling
Execution algorithms
Davie
Systematic quoting, slicing, fill optimisation, risk frameworks
Exchange connectivity & OMS
Duong
FIX 4.4 / WS dual-path, order pipelines, matching/queue services
Multi-venue feed layer
Duy
Deribit, OKX, Hyperliquid, Paradex, Coincall, Derive — Rust
Quant engine (live)
Duy
Pricing, signal evaluation, quote generation in Rust
Funding-rate arb & hedger
Duy
Cross-venue carry capture & tick-level delta neutralisation
Wallet / settlement infra
Duong
Custody integration, balance reconciliation, transfer pipelines
Data lake & backtest substrate
Duy
Tardis ingestion → parquet → DuckDB / Polars research layer
Distributed runtime
Duong
Microservice topology, AWS / EKS, Redis state, Postgres persistence
On-chain analytics
Duy
DEX flow, liquidity, protocol activity → signal pipeline
Real-time data engines
Sac
Streaming ingestion, market-data pipelines, fan-out tuning
Execution services (latency)
Sac
Critical-path optimisation, concurrency, throughput & memory
AI / model-serving infra
Sac
Scalable automation, model-serving workflows, platform tooling
Operator UI & full-stack
Sac
Dashboards, control surfaces, backend ↔ frontend integration
Trade reconciliation & breaks
Marc
Expected-vs-actual fills, LP balances, settlement timing
Custody operations
Marc
Deposit / withdrawal flow, transfer integrity, ledger checks
Counterparty & OTC ops
Marc
B2C2 / FalconX / Wintermute / Cumberland / Galaxy coordination