Oct 08, 2026 by Offer

Akuna Capital Market Making Game 2027: How to Play

For the Akuna Capital market making game, quote a two-sided market around your best estimate: e.g., 45 bid at 55 — a fair value of 50 with a spread compensating your uncertainty. Commonly reported by candidates, this tests Bayesian updating and spread logic, not the 'right' number.

What This Question Assesses

This tests market-making instincts: can you form a fair value from no information, protect yourself with a spread, and update as information arrives? The interviewer will then draw marbles and trade against you — watching how your market tightens and shifts with evidence. Static quotes fail; adaptive ones pass.

How to Answer: Akuna Capital Market Making Game

Step 1 — Start from symmetry: with no information, fair value is 50 red marbles — state your prior explicitly.
Step 2 — Quote a spread: e.g., 45 bid / 55 offer — the spread compensates your uncertainty and the risk of trading with better-informed flow.
Step 3 — Update on draws: each red drawn raises your estimate; each blue lowers it — shift the mid and tighten the spread as uncertainty falls.
Step 4 — Manage the position: if the interviewer keeps buying, raise your market — their flow is information; adjust rather than stubbornly holding.

Example: "With no information my fair value is 50, so I would quote 45 bid at 55. As we draw marbles I will update: reds push my market up, blues push it down, and my spread tightens as I learn the true composition."

Common Mistakes on Akuna Capital Market Making Game

Quoting with no spread (50/50) — that gives away free edge to anyone with information.
Never updating the market — the game is about Bayesian updating; static quotes show you missed the point.
Ignoring the interviewer's trading flow — persistent buying is information; a market maker adjusts.

Market-making games cannot be memorized — but the instincts can be practiced. Play estimation games with friends and narrate your updating aloud.