BitMex trading bot
BitMex is a crypto derivatives exchange that offers a variety of contract types. All contracts are brought and paid out in Bitcoin. It is a platform that offers a “perpetual P2P swap”, which is a contract that has no expiry date.
BitMex platform has been growing rapidly, partly due to their ability to open traders up to various kinds of interesting derivative markets, and keeping their customers happy with transparency, open communication, having strong security in place, and most importantly, a highly advanced yet user-friendly trading platform.
BitMex provides Bitcoin markets such as Bitcoin/ US dollar (XBT). There are also alternative cryptocurrency markets traded on BitMex such as Ethereum, Ripple, Litecoin, EOS Token, Cardano, Tron and Bitcoin Cash.
For Margin trading, depending on the market Bitmex offers flexible leverage for up to 100x for Bitcoin markets and up to 33x for Altcoin markets.
BitMex offers a complete REST API and a powerful streaming WebSocket API. All market and user data is available and updated in real-time. The BitMex APIs are open. Every function used by the BitMEX website is exposed via the API, allowing developers full control to build any kind of application on top of BitMex.
BitMEX allows subscribing to real-time data. This access is not rate-limited once connected and is the best way to get the most up-to-date data to your programs.
Through its API, BitMEX offers “Dead Man’s Switch” functionality to help traders avoid unexpected losses from network deficiencies. If you are putting up large assets on BitMEX, it can be stressful to think of what might happen if you or your datacenter loses connectivity.
A BitMex object wrapping the REST and WebSocket APIs.
- All data is real-time and efficiently fetched via the WebSocket. This is the fastest way to get market data.
- Orders may be created, queried, and cancelled via BitMEX.buy(), BitMEX.sell(), BitMEX.open_orders() and the like.
- Withdrawals may be requested (but they still must be confirmed via email and 2FA).
- Connection errors and WebSocket reconnection.
- Permanent API Key support is included.
BitMex Market Making bot
For market making through its Websockets, platforms and bots can be streaming real-time data. The Market Maker will interact with the Websockets as if it were REST endpoints and with the latest update Market Makers can get much more real-time data without heavily pulling the API. The API could provide many properties as raw data objects. The Market Maker can synchronously ask for a push of data right before it starts using the data.
Other bots for BitMex
At Empirica, we have integrated our trading bots with BitMEX API, so that our customers can use it out of the box. Let’s name some trading bots that can be applied through API integration on BitMEX:
- Market Making bot: the process of quoting continuous passive trades prices to contribute liquidity, and also be able to make some profits along this process.
- Arbitrage bot: takes advantage of small differences between markets. It is a trading activity that makes profits by exploiting the price differences of identical or similar financial instruments on different markets.
- Price mirroring bot: this bot uses liquidity and hedging possibilities from other markets to make the markets in a profitable way.
- Triangular Arbitrage bot: using this bot a trader could use the opportunity of exploiting the arbitrage opportunity from three different FX currencies or Cryptocurrencies.
- Basket Orders bot: with this bot, it is possible to execute trades on multiple coins at the same time with the possibility to hedge against other coins.
- VWAP bot: using this bot a trader can achieve the best price with large order by splitting it into multiple smaller ones throughout the trading day.
- Smart Order Routing bot: with this bot, the trader can find the best price for your order on all crypto exchanges and execute it.
In case you would need help from professional software developers to help you build proprietary trading bots and integrate it with API of BitMex or other crypto exchanges, you can consult with our quant team.
Have you implemented other trading bots?
We have implemented following bots and algorithms: