Lead Product Manager, Market Data

Your Role:

We're seeking a Lead Product Manager, Market Data to define and own Alpaca's market data strategy—both as a capability that powers our platform and as a standalone, revenue-generating product line.

This role is equal parts strategy and delivery. You'll decide what data we source, how we package and price it, what we build versus buy – and then ship the APIs, feeds, and tooling that partners and internal teams depend on every day.

What You'll Walk Into

You won't be starting from zero — you'll be owning live problems:

• Multiple new exchange onboardings in flight, each with its own licensing, entitlement, and redistribution constraints.
• A pricing and packaging model that needs rethinking as we expand across asset classes and geographies.
• Partners asking for data we don't serve yet — consolidated feeds, historical datasets, derived analytics — you’ll be building those requests against cost and commercial upside.
• Internal teams (trading, algo routing, compliance, clearing) consuming market data with no product owner ensuring coverage keeps pace.

Things You Get To Do

• Negotiate or inform negotiations on exchange licensing, redistribution rights, and entitlements as Alpaca onboards new exchanges and asset classes — you'll talk to vendors and global venues directly.
• Assess build-vs-buy for data infrastructure: where do we source from third parties, where do we invest in proprietary collection and normalization, and where do we create derived or value-added data products.
• Build the commercial model: define pricing and packaging (real-time vs. delayed, depth-of-book tiers, historical datasets, derived analytics) and work with sales to grow market data revenue.
• Own the competitive position: understand how dedicated market data providers price and differentiate, and identify where Alpaca's bundled brokerage-plus-data model creates a defensible edge.
• Own the developer experience for market data APIs (REST, WebSocket/SSE, historical endpoints) — coverage, latency, reliability, and documentation that developers actually want to read.
• Lead partner discovery: understand what data capabilities are table-stakes vs. differentiating for neobrokers, RIAs, hedge funds, and crypto exchanges, and turn that into prioritization.