Print desk·2026-08-03.md·.md
Jump Trading vs Jane Street: different books, same decade
HFT and principal trading. Crypto and traditional. Speed is the product. Trading P&L. There is no SaaS attach. The desk is the product.
Jump Trading leads on Trading P&L (100%). Jane Street leads on Trading P&L (100%). The seat follows the slice that pays.
The mix
Hover a slice
HFT and principal trading. Crypto and traditional. Speed is the product.
Pays: Markets.
Builds: SWE, FPGA, QR. The stack is the edge.
Trading P&L. There is no SaaS attach. The desk is the product.
Pays: Markets. Other desks. Nobody 'subscribes.'
Builds: QR, QT, and SWE on the same floor. The book is the firm.
The seat
Do not treat Jump Trading and Jane Street as one market. SWE, FPGA, QR. The stack is the edge. That is not QR, QT, and SWE on the same floor. The book is the firm. Name the book before the interview.