Overview

Edgehog Trading is a proprietary trading firm that focuses on electronic option market making strategies. It runs algorithmic trading to post bids and offers in options markets, aiming to profit from small price differences while managing risk through automation and data-driven decisions. The company achieves this with a team that combines traders, developers, and data scientists, all working to scale and automate profitable strategies across markets. The main differentiators are its in-house, data-centered approach and a problem-solving framework that helps it address complex challenges in efficient markets. The goal is to grow and fully automate its profitable strategies to a high level of precision and scale.

Simplify's Take

What believers are saying

• Retail options trading grew 40% YoY through 2025, expanding addressable market.
• 16+ operational options exchanges create demand for sophisticated routing and execution.
• Volatility derivatives automation opens adjacent revenue streams beyond core market-making.

What critics are saying

• CEO Michael Jang and core quants represent existential single-point-of-failure risk.
• SEC regulatory crackdown on rebates and PFOF compresses margins 30-50% within 18 months.
• 100% revenue concentration in options; flash crash or regulatory halt eliminates all income.

What makes Edgehog Trading unique

• Specialized options market microstructure expertise with automated execution algorithms.
• Positioned to capitalize on SEC 2024-2025 transparency reforms and multi-venue fragmentation.
• Lean 15-person team enables rapid strategy iteration in fast-moving options markets.

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