The Pit
You run the book. The tape moves, the Greeks bite, margin is real. Survive the session.
The brief
You take the book on the floor. Each tick the tape hands you the market — spot, the basis, implied vol, your net Greeks — and your margin, and you fill one order ticket: hedge the risk that will actually hurt you, and size it. Then the market moves and the P&L hits your margin. It starts with a routine futures hedge. By the end you'll face a short-gamma trap, a Fed-day vol bomb, a 2008-style credit event and a crash — often back to back. A delta-neutral book won't save you: you have to know which Greek is the threat. Every world of the course, live.
How you play it
Work an order ticket while the tape moves — hedge it, size it, or stand aside before margin bites.
The job: Trader — Taking, pricing and hedging risk for a firm's own account — where being right about direction matters far less than surviving the path.
What a trader actually does →What you're judged on
Every decision is marked to market server-side. These are the meters that move — run one to zero and the simulation ends there.
What it tests
No trivia — the simulation only asks what the chair actually has to know.
Where you learn this
The Pit is the finale of Hull Street, waiting past Level 21 — The Risk Manager's Final. You can sit down right now and find out how much of it you already know; the course is there for the parts you don't.
Play Hull Street →Other chairs
The Weekend
Sixty-two hours to Tokyo's open. You cannot save everyone — and one of them you cannot lose.
The Structurer
Every note is a bond plus options. Pick the wrong shape and the client finds out at maturity.
The President
Every policy has two halves: what you do, and who pays. The bond market grades the second one.
The First Year
Twelve months on your own. No perfect month — only wiser and poorer ones.
The Newsroom
One shift on the data desk. Every story is a stats trap in disguise.
Mission Control
No options to pick — do the math, key in the number, bring them home.
The Policy Chair
You are the central bank. One rate, every quarter, a whole economy on the line.
The CFO's Chair
You run the firm's capital. Ten board meetings, one question every time: where does the cash go?
Your Own Worst Enemy
The market can't hurt you. You can. Ten moments, one enemy — the one making the decisions.
The Desk
Run a derivatives desk for one week — it does not stay calm.
Rotation Day
Ten desks, one stack of cards each. Sort them right — and never, ever misfile ethics.
The Expert Witness
Ten regression tables enter evidence. The significant one is usually the trap.
The War Room
The VaR says you're fine. The tail says otherwise. Ten audits — read which one is lying.