Joshua Lim is the Global Co-Head of Markets at FalconX, a digital asset prime brokerage. He is also the co-founder of the crypto derivatives trading firm Arbelos Markets, which was acquired by FalconX in 2025. His career began in traditional finance at firms including Goldman Sachs and UBS before he transitioned to leadership roles at prominent digital asset companies such as Circle, Galaxy Digital, and Genesis Trading. ^{[1] [2]}

Education

Lim attended the Massachusetts Institute of Technology (MIT) from 2005 to 2009, where he earned a Bachelor of Science degree in Mathematics and Computer Science. This educational background provided a quantitative foundation for his subsequent career in financial derivatives and trading in both traditional and digital asset markets. ^{[3] [7]}

Career

Joshua Lim began his career in traditional finance, focusing on equity derivatives. He worked as an Associate in Equity Derivatives Trading at Goldman Sachs from 2009 to 2014 and also held a role in the equity derivatives division at UBS. In 2014, he transitioned to the nascent digital asset industry by joining Circle, where he served as Vice President of Treasury and Trading Operations until May 2017. At Circle, he was instrumental in building the company's Treasury and Over-the-Counter (OTC) trading desk. Following his tenure at Circle, Lim took on the role of Head of Trading Strategy at Galaxy Digital from September 2018 to March 2020, where he managed trading strategies for the digital asset merchant bank. He then joined Genesis Trading in May 2020 as Managing Director and Head of Derivatives, a position he held until August 2022, leading the firm's expansion in the crypto derivatives space.

In October 2023, Lim co-founded Arbelos Markets, a crypto derivatives-focused trading firm, where he served as CEO. The firm was acquired by FalconX in early 2025 as part of FalconX's strategy to expand its presence in the global derivatives market. Following the acquisition, Lim was appointed Global Co-Head of Markets at FalconX, one of the firm's three primary business verticals. In this role, he is involved in the company's strategic direction, focusing on identifying growth opportunities through partnerships and acquisitions to create a comprehensive service offering for institutional clients. ^{[2] [1] [3] [4] [7] [8]}

Angel Investments

Lim is an active angel investor in the Web3 and decentralized finance (DeFi) sectors, participating in multiple funding rounds for early-stage projects. His investment portfolio focuses on companies building critical infrastructure, derivatives protocols, and novel financial applications on the blockchain. His investments include:

• 3Jane: A credit-based money market protocol.
• Bracket: A decentralized derivatives protocol.
• Contango: A decentralized exchange focused on derivatives.
• Eden Network: A multi-chain infrastructure provider focused on Maximum Extractable Value (MEV).
• Ethena: A synthetic dollar protocol that created the USDe stablecoin.
• fomo: A SocialFi trading application built on Solana.
• mevvynetwork: An MEV execution platform.
• MyPrize: A GambleFi ecosystem and online gaming platform.
• neutrl: A synthetic dollar protocol.

These investments reflect his focus on the development of sophisticated financial primitives and infrastructure within the digital asset ecosystem. ^{[1] [4]}

Market Analysis

Lim's public commentary often provides in-depth analysis of complex market events and protocol mechanics. He has published detailed threads breaking down DeFi exploits, such as those affecting Mango Markets and GMX, connecting the risks to principles learned from traditional market-making. He also offers nuanced perspectives on major regulatory developments, including the U.S. Securities and Exchange Commission's approval of options for spot Bitcoin ETFs. His analysis frequently highlights the scale of institutional activity in the crypto options and volatility markets. ^[5]

Public Speaking and Media Appearances

Lim is a regular speaker at major industry events and a guest on financial podcasts, where he represents FalconX and shares his market insights. His notable appearances include:

• TOKEN2049 Singapore (September 2025): Scheduled speaker at the "Signal: Institutional Strategies Amid the Noise" summit.
• TheTieIO's Out East Summit (July 2025): Spoke on a panel titled "DeFi at a Crossroads: Can Decentralized Markets Win Institutional Volume?"
• Blockworks' Empire Podcast (June 2025): Appeared as a guest to discuss the state of crypto derivatives, institutional basis trades, and the evolution of on-chain structured credit.
• ETHDenver (February 2025): Moderated a panel on derivatives and market efficiency and served as a panelist for a discussion on institutional demand in 2025.
• Arca's That's Our 2 Satoshis LIVE (December 2024): Appeared as a guest to share predictions for DeFi in 2025, focusing on institutional adoption.

These engagements underscore his role as an influential voice on the convergence of traditional finance and digital assets. ^[4]

Notable Quotes

• On the scale of institutional derivatives trading in early 2022, he stated: "in last 24h, our vol trading desk printed 3 separate crypto option tickets of $80mm notional size or higher... the institutions are here." ^[5]
• Regarding FalconX's growth strategy, Lim commented in June 2025: "There are a lot of potential partnership or acquisition targets that provide a service in between our established business verticals—services that a customer might otherwise have to piece together from outside our firm. We want to strategically partner or buy companies that can fill those gaps.” ^[2]
• In September 2025, upon FalconX's integration of Ethena's stablecoin, USDe, he remarked: "Ethena is developing a new category of internet-native money. FalconX’s support helps bring liquidity and access at an institutional level." ^[6]

Interviews

FalconX, JitoSOL, and Solana’s Trading Stack #01

In June 2025, Joshua Lim participated in episode 04 of Rightcurve, a program on the Jito YouTube channel. In the interview, he spoke about the structure and evolution of cryptocurrency markets, drawing on his role as Global Head of Markets at FalconX.

During the conversation, Lim described the role of prime brokers in the cryptocurrency sector, noting their function in facilitating liquidity, financing, and derivatives access for institutional participants such as hedge funds and corporate treasuries. He outlined FalconX’s position as an intermediary operating between centralized finance (CeFi) and decentralized finance (DeFi), with services that include regulated swap dealer operations and customized derivative products.

Lim also observed a broader transition in the crypto market, where institutional capital inflows have gained prominence relative to retail speculation. According to him, this shift has been accompanied by reduced reliance on leverage and has reinforced the use of assets such as Bitcoin and Solana within long-term investment frameworks.

In relation to Solana, Lim pointed to the adoption of derivative strategies, including covered calls and structured options, as tools used by institutions to generate income and mitigate risk. He also discussed the use of yield-bearing assets such as JitoSOL, noting their dual role in combining staking rewards with on-chain liquidity and collateral applications.

The interview further addressed trading patterns surrounding memecoins. Lim drew comparisons with equity market meme stocks, explaining that these assets often rely on trading momentum and community participation. Finally, he commented on developments in regulation and financial product design, highlighting discussions around staking-linked exchange-traded funds (ETFs) and the potential expansion of institutional engagement with crypto markets as regulatory frameworks become clearer. ^[9]

CoinDesk Discussion on Crypto Markets #02

On July 10, 2025, Joshua Lim, Global Co-Head of Markets at FalconX, gave an interview to CoinDesk in which he outlined his perspective on conditions in the cryptocurrency market. He noted that implied volatility was near historically low levels, which he associated with reduced speculative activity in digital assets and an increased flow of capital into equities. According to Lim, this trend was partly facilitated by the accessibility of equity markets through retail platforms and the involvement of corporate treasury vehicles acquiring Bitcoin, Ethereum, and Solana.

Lim observed that blockchain-based markets were extending beyond traditional cryptocurrencies to incorporate tokenized real-world assets, prediction markets, and instruments linked to equities. He stated that activity in the options market suggested limited interest in directional exposure, with many participants focusing on option selling strategies that reinforced a stable, rangebound environment.

On the subject of altcoins, Lim remarked that many were underperforming due to elevated Bitcoin dominance and ongoing liquidations. He added that some hedge funds were paying closer attention to tokens associated with specific on-chain applications, particularly those that generated yield through lending, credit, or other DeFi mechanisms.

Lim further described a gradual change in trading patterns, with activity shifting away from centralized exchanges toward decentralized venues and regulated derivatives markets. He identified events such as Circle’s initial public offering and large-scale token sales as factors that temporarily reduced liquidity in secondary markets.

Looking forward, Lim pointed to macroeconomic developments, including monetary policy decisions by the U.S. Federal Reserve, tariff-related announcements, and shifts in global money supply, as key variables likely to influence the market. He also suggested that demand for long-dated call options on Bitcoin and Ethereum could increase following the quieter summer period, which in his view could contribute to higher volatility later in the year. ^[10]