The geometric Satake correspondence gives an equivalence of categories between the representations of a semisimple group and the spherical perverse sheaves on the affine Grassmannian of its Langlands dual group. Bezrukavnikov-Finkelberg developed a derived version of this equivalence which relates the derived category of -equivariant constructible sheaves on with the category of -equivariant ${\mathcal O}(\mathfrak g)$-modules. In this paper, we develop a K-theoretic version of the derived geometric Satake which involves the quantum group . We define a convolution category whose morphism spaces are given by the -equivariant algebraic K-theory of certain fibre products. We conjecture that is equivalent to a full subcategory of the category of -equivariant $ \mathcal O_q(G) $-modules. We prove this conjecture when . A key tool in our proof is the spider, which is a combinatorial description of the category of $U_q \mathfrak{sl}_n$ representations. By applying horizontal trace, we show that the annular spider describes the category of -equivariant -modules. Then we use quantum loop algebras to relate the annular spider to . This gives a combinatorial/diagrammatic description of both categories and proves our conjecture.

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