Internship Choices: MM vs Prop vs Start-Up Prop

I'm currently in my penultimate year of my bachelors (in APAC) and have/am expecting 3 internship offers, for which I need to make a decision on pretty rapidly. For some context on my background, I've worked as a Quant Intern at a BB, and am currently a SWE at a Fundamental/'Quantamental' Hedge Fund (One of the best based in APAC according to people in the industry, although likely not one most have heard of as they obsessively keep a low profile).

My profile isn't incredible on account of my sub-par GPA and I've struggled quote a bit with that this application cycle but have been fortunate enough to secure/confidently expect to secure 3 offers. I'd love for people from the industry to weigh in on the opportunities. While I am mainly experienced as a SWE, I am interested in transitioning more towards a Quant Dev/maybe even QT/QR type role (my degree is not CS and is very maths heavy). I intend to stay in APAC for my career, and likely in the city that I am currently in which is a major financial hub in APAC.

1. Offer 1: Software Developer - Rapid Application Development (RAD) - Python - APAC based Prop-trading firm
   1. Basic info:
      - Their internship pay is around 4000 USD per month, I might be able to negotiate them up to 5000. Where I live it's above the norm but barely par for the industry.
   2. Pros:
      - Starting graduate pay is allegedly decent, 6 figures including bonus, after tax. Confirmed from a past employee that it's accurate
      - Good reputation in APAC as a strong prop firm that's been around for a number of years and survived. Not in the same league as JS and the like of course but still not irrelevant
   3. Cons:
      - Their glassdoor is not great, within the range of 2.7 and 3.3. People generally mention high turnover and poor culture. I don't really have many people to ask about it because its not a huge firm but I haven't heard great things overall from the 1-2 reddit threads mentioning their name.
      - Heard personally about someone getting a return offer, and then having it rescinded a month before their start-date due to 'business reasons' (firm-wide layoffs)
      - Python RAD means likely writing small tooling here and there to help different trading/portfolio teams with their process. My understanding is I'm nowhere close to the alpha generation.
      - Not sure about the culture match overall after going through the interview process.
      - Not much of a reputation outside of APAC. 
      - Not sure if I'll be able to jump to a more finance-y role. Looking at past SWE employees, they tend to upgrade to a better company in the tech sphere. Very rarely (although it does happen) people upgrade within finance 
2. Offer 2: MM - Software/Data Analyst in Systematic Data team - Infrastructure Side (not a pod)
   1. Basic Info:
      - MM (Amongst the likes of Millennium, Schonfeld, BAM, etc.)
      - Most of my info for this role stems from my source who works in the team that I would be placed in (indicated with a *)
      - Internship pay in US is very good as per levels(.)fyi, in APAC for SWE supposedly nowhere near as good. Its about the same if not less than Offer 1*
      - I don't know the exact pay since I don't have the offer yet, but have been given a pretty reliable idea*
   2. Pros:
      - Immense brand reputation, top-tier firm. Would be very helpful in jumping to another firm
      - Good opportunity to start my career off at a good firm, having solid brand reputation on my CV
      - Exposure to pods with the potential to jump down the line* where compensation is a lot better
   3. Cons:
      - Grad pay is not great in APAC office. The grad compensation is less than Offer 1 by about 30%*
      - Rarely any exposure to alpha generation directly*, generally just working with data and pipelines for said data
      - Hours can be rough when full-time, global firm means calls at late-pm hours for APAC staff
      - According to source on team, Offer 1 is generally better
3. Offer 3: Startup-Prop firm - SWE? Quanty? Something in between?
   1. Basic info:
      - Startup Prop firm that spun out of a top tier MM. Have no online presence yet but are launching soon. 
      - Pay etc. is unknown. Small firm so nothing to go off of in the past. Still waiting to get offer but quite reliably sure I have it. So it's a bit of a wildcard.
   2. Pros:
      - Team is pretty bright. They all come from good firms, known each other a long time, evidently very smart and talented and have good AUM backing them already.
      - I have the opportunity (if they like me enough) to keep working part time throughout the semester, earning some pay throughout the year and learning/contributing more
      - Because they're a small pretty tight knit firm, I will likely have more responsibility and the chance to do more; as well as the flexibility to define my role a bit more
      - Seem to have a culture of educating and growing young talent
      - Since I'm earlier on in my career, I'm more willing to take on a bit more of a risk
      - Working to build up a firm from scratch is pretty cool, would learn a lot and hopefully can market those skills elsewhere easily
      - If they do blow up - I can hopefully (coping) be ferried away with the PM/team into another MM
   3. Cons:
      - They can blow up. They're new, risky. High-risk, maybe high-reward, maybe not even that. (I plan to hopefully use this when negotiating pay - any tips to do this effectively are much appreciated)
      - Lots to do means maybe frequent overtime or extra work
      - No name brand. Unlike offer 2, might be harder for me to jump? (Although, it is a spin-off from a top tier firm which may count for something)
      - No strong reputation and not very public means they can throw me around and do anything, could rescind offers suddenly or not give me a return (though tbf that didn't stop the company from Offer 1 from doing the same)

Sorry for the long essay, feel free to ask any extra questions if I missed any relevant info. And if you vote, I would immensely appreciate if you could take the time to comment and give a brief overview of why you thought that offer is better over the other two :)