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market-maker

Exchange-integrated Go market-making bot for Numo markets.

This bot keeps one market non-empty with one resting bid and one resting ask. It uses the same underlying exchange flow already present in the sibling repos:

  • markets-service HTTP API for market metadata, order submission, book, trades, and owner+nonce cancels
  • markets-service Postgres active_orders table for full live-order reconciliation
  • execution-contracts / risk-core deployments plus RPC for EIP-712 order signing and subaccount balance reads

It supports one market per process. The intended symbols are:

  • USDCcNGN-SPOT
  • USDCcNGN-APR30-2026

What The Bot Does

On startup it:

  1. loads the selected market metadata from /v1/markets
  2. loads all active orders for the configured owner in the selected market from Postgres
  3. loads book, trades, and balances to compute fresh target quotes
  4. classifies every existing order deterministically
  5. adopts safe existing quotes when they already match the current target closely enough
  6. cancels only stale, duplicate, malformed, ambiguous, or strategy-incompatible orders
  7. restores its local nonce state from MM_STATE_FILE

On each cycle it:

  1. fetches book and recent trades from markets-service
  2. fetches subaccount balances from chain
  3. optionally fetches an external anchor price
  4. computes reserved exposure from active orders
  5. derives available balances
  6. runs risk checks
  7. computes one target bid and one target ask
  8. cancels stale or wrong orders
  9. places missing passive quotes using signed POST /v1/orders payloads

Repo Layout

cmd/mm-bot/main.go
internal/config
internal/exchange
internal/marketdata
internal/strategy
internal/risk
internal/execution
internal/state
internal/metrics

Required Environment Variables

  • MM_API_BASE_URL
  • MM_RPC_URL
  • MM_DATABASE_URL or DATABASE_URL
  • MM_CHAIN_ID
  • MM_OWNER_PRIVATE_KEY
  • MM_SUBACCOUNT_ID

Common Optional Environment Variables

  • MM_MARKET_SYMBOL
  • MM_SIGNER_PRIVATE_KEY
  • MM_OWNER_ADDRESS
  • MM_SIGNER_ADDRESS
  • MM_RECIPIENT_ID
  • MM_MATCHING_REPO_PATH
  • MM_RISK_CORE_REPO_PATH
  • MM_MATCHING_ADDRESS
  • MM_TRADE_MODULE_ADDRESS
  • MM_SUBACCOUNTS_ADDRESS
  • MM_WORST_FEE
  • MM_ORDER_EXPIRY_SECONDS
  • MM_STATE_FILE
  • MM_POLL_INTERVAL_MS
  • MM_QUOTE_REFRESH_INTERVAL_MS
  • MM_ORDER_SIZE
  • MM_HALF_SPREAD_BPS
  • MM_INVENTORY_SKEW_BPS
  • MM_MAX_LONG_INVENTORY
  • MM_MAX_SHORT_INVENTORY
  • MM_MAX_NOTIONAL_PER_SIDE
  • MM_MAX_NET_INVENTORY
  • MM_MAX_QUOTE_AGE_SECONDS
  • MM_MAX_ANCHOR_DEVIATION_BPS
  • MM_STALE_MARKET_DATA_TIMEOUT_SECONDS
  • MM_STALE_BALANCE_TIMEOUT_SECONDS
  • MM_STALE_ANCHOR_TIMEOUT_SECONDS
  • MM_MIN_QUOTE_LIFETIME_SECONDS
  • MM_MIN_PRICE_MOVE_BEFORE_REPLACE_BPS
  • MM_MAX_CANCELS_PER_MINUTE
  • MM_MIN_BASE_BALANCE
  • MM_MIN_QUOTE_BALANCE
  • MM_CANCEL_STALE_ORDER_THRESHOLD_BPS
  • MM_ADOPT_SIZE_TOLERANCE
  • MM_OPERATOR_MODE
  • MM_ANCHOR_SOURCE_TYPE
  • MM_ANCHOR_URL
  • MM_ANCHOR_FIXED_PRICE
  • MM_KILL_SWITCH_FILE
  • MM_DRY_RUN
  • MM_LOG_LEVEL
  • MM_METRICS_ADDR
  • MM_READINESS_MISSING_QUOTE_TIMEOUT_SECONDS
  • MM_SOAK_LOG_INTERVAL_SECONDS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_ENABLED
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_PROVIDER
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BASE_URL
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_API_KEY
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_CHAIN_ID
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SELL_TOKEN
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BUY_TOKEN
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_AMOUNT
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_TIMEOUT_MS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_MAX_AGE_SECONDS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_MAX_DEVIATION_BPS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BOOTSTRAP_ONLY
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SPREAD_MULTIPLIER
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SIZE_MULTIPLIER

Auth And Signing

Order placement follows the same signed action structure used by execution-service/scripts/generate_trade_order.mjs.

The bot:

  • resolves matching and trade addresses from execution-contracts/deployments/<chain>/matching.json unless overridden
  • resolves subAccounts from risk-core/deployments/<chain>/core.json unless overridden
  • ABI-encodes TradeModule.TradeData
  • signs the Action EIP-712 payload with domain:
    • name=Matching
    • version=1.0
    • chainId=MM_CHAIN_ID
    • verifyingContract=matching

If your deployment uses a dedicated signer/session key, set MM_SIGNER_PRIVATE_KEY and optionally MM_SIGNER_ADDRESS. Otherwise the owner key is used for both.

Startup Reconciliation

The bot treats exchange state as the source of truth.

At boot it queries all active orders for the configured owner and selected market from Postgres, computes the fresh target quotes, and then reconciles.

An order is adopted only if all are true:

  • it is clearly bot-owned by the bot-managed order id convention mm:<market>:<side>:<nonce>
  • it is in the selected market
  • its side is buy or sell
  • it is the only adoptable order on that side
  • its price is within MM_CANCEL_STALE_ORDER_THRESHOLD_BPS of the current target quote
  • its size is within MM_ADOPT_SIZE_TOLERANCE of the target size
  • adopting it does not violate current risk checks

Orders are canceled on startup if any are true:

  • duplicate orders exist on one side
  • ownership is ambiguous
  • metadata is malformed
  • price is too far from target
  • size is too far from target
  • the current strategy would not quote that side
  • startup risk checks are halted

Startup reconciliation also respects operator mode:

  • bid-only adopts or places only the bid side and cancels the ask side
  • ask-only adopts or places only the ask side and cancels the bid side
  • pause and dry-run-health do not keep live quotes working

The reconciliation result is deterministic and records:

  • adopted bid order id
  • adopted ask order id
  • canceled order ids
  • rejection reasons for non-adopted orders

The bot persists only local nonce progression in MM_STATE_FILE. That file is used to avoid owner+nonce reuse across restarts. It is not treated as authoritative for live orders; Postgres and onchain balances are.

Persisted fields now include:

  • nonce progression by side
  • last submitted bid order id
  • last submitted ask order id
  • last adopted bid order id
  • last adopted ask order id
  • last halt reason
  • last inventory snapshot

Balance And Exposure Accounting

The bot reads total balances from SubAccounts.getAccountBalances(accountId) and computes:

  • total: onchain subaccount balance
  • reserved: open-order exposure inferred from active orders
  • available: total - reserved

Sizing rules:

  • bids are capped by available quote balance divided by bid price
  • asks are capped by available base balance
  • inventory caps still apply after available-balance capping

Anchor Price And Fair Value

The bot can consume an external anchor price:

  • MM_ANCHOR_SOURCE_TYPE=none
    • disables external anchor pricing
  • MM_ANCHOR_SOURCE_TYPE=fixed
    • uses MM_ANCHOR_FIXED_PRICE
  • MM_ANCHOR_SOURCE_TYPE=http
    • fetches MM_ANCHOR_URL?market=<symbol>
    • accepts either {"price":123.45} or a plain numeric response body

Reference price selection is:

  1. anchor price when available
  2. local mid from top of book
  3. last trade
  4. otherwise no quote

The bot also computes a local reference from the market itself. If local price deviates from anchor by more than MM_MAX_ANCHOR_DEVIATION_BPS, quoting halts and managed orders are canceled.

Anchor freshness is tracked independently from exchange market-data freshness. MM_STALE_ANCHOR_TIMEOUT_SECONDS controls how long the bot will tolerate an old anchor before halting with anchor data stale.

USDC/cNGN Spot External Bootstrap Anchor

USDCcNGN-SPOT has a narrow bootstrap-only external anchor path to seed an otherwise empty local spot book.

It is enabled only with:

  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_ENABLED=true
  • MM_MARKET_SYMBOL=USDCcNGN-SPOT

The bot then uses the configured external anchor as an indicative mark when and only when the local spot market has no usable local reference.

External-anchor selection for USDCcNGN-SPOT is:

  1. local mid from top of book
  2. local last trade
  3. external bootstrap anchor
  4. otherwise halt with reference price unavailable

This path does not apply to:

  • USDCcNGN-APR30-2026
  • any other future market
  • any other spot market

Bootstrap settings:

  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_PROVIDER
    • 0x
      • uses the 0x read-only price endpoint
    • cngn-price-oracle
      • reads the Base Chainlink cNGN/USD oracle described in wrappedcbdc/cngn-price-oracle
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BASE_URL
    • for 0x: base price endpoint, for example a proxied 0x price endpoint
    • for cngn-price-oracle: not required by the on-chain oracle path
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_API_KEY
    • optional direct 0x API key header for the read-only price endpoint
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_CHAIN_ID
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SELL_TOKEN
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BUY_TOKEN
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_AMOUNT
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_TIMEOUT_MS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_MAX_AGE_SECONDS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_MAX_DEVIATION_BPS
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BOOTSTRAP_ONLY
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SPREAD_MULTIPLIER
  • MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SIZE_MULTIPLIER

Safety rules:

  • non-200 responses are rejected
  • malformed payloads are rejected
  • zero or negative prices are rejected
  • cached anchor values older than MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_MAX_AGE_SECONDS are rejected
  • wild moves beyond MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_MAX_DEVIATION_BPS from the last accepted external mark are rejected

For cngn-price-oracle, the bot reads the Base mainnet Chainlink cNGN/USD feed documented in the repo at:

  • contract 0xdfbb5Cbc88E382de007bfe6CE99C388176ED80aD
  • reference endpoint shape if you run the repo's API server yourself: GET /api/price
  • the bot converts the on-chain feed into cNGN per USDC before using it as the spot bootstrap mark

When the active reference source is the external bootstrap anchor:

  • quote spread is widened by MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SPREAD_MULTIPLIER
  • quote size is reduced by MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_SIZE_MULTIPLIER

When MM_USDCCNGN_SPOT_EXTERNAL_ANCHOR_BOOTSTRAP_ONLY=true, the bot stops polling and using the external bootstrap anchor as soon as a usable local spot book or trade reference appears.

Operator Modes

MM_OPERATOR_MODE supports:

  • normal
    • standard two-sided quoting
  • bid-only
    • quote only the bid side
  • ask-only
    • quote only the ask side
  • pause
    • cancel managed quotes and hold
  • dry-run-health
    • refresh dependencies and compute health only; do not reconcile or quote

Quote Churn Controls

The bot includes three controls to reduce churn in thin books:

  • MM_MIN_QUOTE_LIFETIME_SECONDS
    • prevents replacing a quote until it has been live long enough
  • MM_MIN_PRICE_MOVE_BEFORE_REPLACE_BPS
    • prevents replacing a quote for small drift even when the stale threshold is crossed
  • MM_MAX_CANCELS_PER_MINUTE
    • halts quoting when replace-driven cancels exceed the configured per-minute budget

Cancels caused by risk halts, startup reconciliation, and explicit operator actions are still allowed. When a replace is suppressed by the lifetime or move guard, the bot logs that suppression and keeps the live order in place.

Fill Accounting

Fill accounting uses this hierarchy:

  1. open-order state truth
    • if a known live order disappears or its remaining size decreases, the bot records a fill on that order side
  2. trade stream truth
    • if new market trades appear and no direct order-state delta is visible, the bot infers maker-side fills from aggressor side
  3. inventory delta fallback
    • used only as a last-resort diagnostic signal

Partial fills are detected from real remaining-size changes in live open orders when that data is available.

Quote Age Sources

The bot exposes both:

  • local quote age
    • derived from the bot’s own LastQuoteUpdate
  • exchange-observed quote age
    • derived from live order created_at timestamps when available

If exchange order timestamps are unavailable, exchange-observed quote age falls back cleanly to 0 and local quote age remains available.

Kill Switch

If MM_KILL_SWITCH_FILE is set, the bot checks for that file on startup and on every cycle.

When the file exists:

  • the bot cancels all managed orders in the selected market
  • quoting halts immediately
  • /readyz returns 503
  • metrics expose the halt reason kill switch active
  • MM_STATE_FILE stores last_halt_reason=kill switch active

Running

export MM_API_BASE_URL=http://127.0.0.1:8080
export MM_RPC_URL=https://base-rpc.example
export MM_DATABASE_URL=postgres://...
export MM_CHAIN_ID=8453
export MM_OWNER_PRIVATE_KEY=0x...
export MM_SUBACCOUNT_ID=10
export MM_MARKET_SYMBOL=USDCcNGN-SPOT

go run ./cmd/mm-bot

Futures Fair-Value HTTP Anchor

For futures markets (for example USDCcNGN-APR30-2026), run a local anchor service that derives fair value from spot:

fair = spot * exp(r * T) + carry_abs + spot * (carry_bps / 10000)

where:

  • spot comes from USDCcNGN-SPOT top-of-book mid (or last trade fallback)
  • r is FAIR_ANCHOR_RATE_APR
  • T is years until FAIR_ANCHOR_EXPIRY_UTC

Start the anchor service:

export PORT=8080
export FAIR_ANCHOR_API_BASE_URL=https://<your-markets-service-public-url>
export FAIR_ANCHOR_FUTURES_SYMBOL=USDCcNGN-APR30-2026
export FAIR_ANCHOR_EXPIRY_UTC=2026-04-30T00:00:00Z
export FAIR_ANCHOR_RATE_APR=0.08
export FAIR_ANCHOR_CARRY_ABS=0
export FAIR_ANCHOR_CARRY_BPS=0

go run ./cmd/fair-anchor

Point the market maker to this HTTP anchor:

export MM_MARKET_SYMBOL=USDCcNGN-APR30-2026
export MM_OPERATOR_MODE=normal
export MM_DRY_RUN=false
export MM_ANCHOR_SOURCE_TYPE=http
export MM_ANCHOR_URL=http://<fair-anchor-service-internal-domain>/price?market=USDCcNGN-APR30-2026

go run ./cmd/mm-bot

Sanity-check the anchor output:

curl -s "http://127.0.0.1:8090/price?market=USDCcNGN-APR30-2026"

Health-check anchor usability (fails closed with 503 if spot/fair cannot be produced):

curl -s -i "http://127.0.0.1:8090/healthz"

Health and metrics:

  • GET /healthz
  • GET /readyz
  • GET /metrics

/healthz is liveness-only and returns 200 while the process is running.

/readyz returns 503 when:

  • the bot is halted
  • anchor data is stale
  • balances are stale
  • exchange market data is stale
  • a required quote side has been missing longer than MM_READINESS_MISSING_QUOTE_TIMEOUT_SECONDS

Dry Run

With MM_DRY_RUN=true, the bot still loads books, trades, balances, and open orders, computes quotes, runs startup reconciliation logic, and logs all decisions. It does not submit live cancels or placements.

MM_DRY_RUN and MM_OPERATOR_MODE=dry-run-health are different:

  • MM_DRY_RUN=true still runs the normal decision flow but suppresses live mutations
  • MM_OPERATOR_MODE=dry-run-health skips live reconciliation and quoting entirely

Metrics To Watch First

Start with:

  • mm_bot_halted
  • mm_bot_halt_reason
  • mm_bot_ready
  • mm_bot_open_bid_present
  • mm_bot_open_ask_present
  • mm_bot_anchor_freshness_age_seconds
  • mm_bot_exchange_market_data_freshness_age_seconds
  • mm_bot_balance_freshness_age_seconds
  • mm_bot_order_cancels_total_by_category
  • mm_bot_fills_total
  • mm_bot_partial_fills_total
  • mm_bot_quote_age_seconds
  • mm_bot_exchange_quote_age_seconds
  • mm_bot_net_inventory
  • mm_bot_live_quoted_spread_bps
  • mm_bot_external_anchor_present
  • mm_bot_external_anchor_age_seconds
  • mm_bot_external_anchor_price
  • mm_bot_external_anchor_refresh_total
  • mm_bot_external_anchor_refresh_failures_total
  • mm_bot_reference_source

Healthy steady-state usually looks like:

  • mm_bot_halted == 0
  • mm_bot_ready == 1
  • freshness-age gauges remain comfortably below their configured thresholds
  • required quote sides are present for the active operator mode
  • risk_triggered and kill_switch cancel categories stay at 0 during normal operation
  • quote-age gauges move but do not grow without bound

Overnight Soak Runs

Set MM_SOAK_LOG_INTERVAL_SECONDS to enable periodic status lines:

export MM_SOAK_LOG_INTERVAL_SECONDS=60
export MM_READINESS_MISSING_QUOTE_TIMEOUT_SECONDS=120
go run ./cmd/mm-bot

Each soak line includes quoting state, halt state, inventory, live bid/ask counts, fills since start, cancels since start, and dependency freshness ages. On shutdown the bot emits a final summary with uptime, fills, partial fills, cancels by category, halt count, last halt reason, and observed maxima for quote age, anchor deviation, and net inventory.

Live Integration Harness

The repo includes a standalone live harness at cmd/mm-bot-integration.

It is intended for a real exchange stack where:

  • markets-service API is reachable
  • the matcher is running
  • Postgres contains live active_orders
  • RPC access to the deployed contracts is available
  • you have one bot subaccount and one separate taker subaccount funded and ready
  • the selected market can be kept isolated for the test

Additional required env vars for the harness:

  • MM_INT_TAKER_OWNER_PRIVATE_KEY
  • MM_INT_TAKER_SUBACCOUNT_ID

Additional optional env vars:

  • MM_INT_TAKER_SIGNER_PRIVATE_KEY
  • MM_INT_TAKER_OWNER_ADDRESS
  • MM_INT_TAKER_SIGNER_ADDRESS
  • MM_INT_TAKER_RECIPIENT_ID
  • MM_INT_SCENARIO
  • MM_INT_TIMEOUT_SECONDS
  • MM_INT_POLL_INTERVAL_MS

Run it with:

export MM_API_BASE_URL=http://127.0.0.1:8080
export MM_RPC_URL=https://base-rpc.example
export MM_DATABASE_URL=postgres://...
export MM_CHAIN_ID=8453
export MM_OWNER_PRIVATE_KEY=0x...
export MM_SUBACCOUNT_ID=10
export MM_STATE_FILE=/tmp/mm-bot-integration-state.json
export MM_MARKET_SYMBOL=USDCcNGN-SPOT

export MM_INT_TAKER_OWNER_PRIVATE_KEY=0x...
export MM_INT_TAKER_SUBACCOUNT_ID=11
export MM_INT_SCENARIO=happy

go run ./cmd/mm-bot-integration

Supported MM_INT_SCENARIO values:

  • happy
  • partial_fill
  • restart_under_open_order
  • stale_startup
  • duplicate_startup

Scenario behavior:

  • happy
    • verifies one bid and one ask appear
    • crosses one side fully
    • verifies trade presence, inventory change, requote, and restart adoption
  • partial_fill
    • verifies a partial fill on one resting side
    • verifies remaining live order state is sane
    • verifies inventory changes and no duplicate side orders appear
  • restart_under_open_order
    • verifies managed quotes survive a clean stop
    • verifies restart adopts them
    • verifies the next sync cycle is stable and does not churn
  • stale_startup
    • seeds intentionally stale bot-owned orders
    • verifies startup cancels them and fresh quotes are placed
  • duplicate_startup
    • seeds duplicate bot-owned orders on one side
    • verifies startup cancels duplicates and converges to one order per side

Common preconditions:

  1. the selected market must be isolated enough to be empty after the harness clears the bot and taker's own orders
  2. both the bot and taker subaccounts must be funded sufficiently for the selected scenario
  3. the matcher and persistence path must be live enough to update book, trades, and balances within the configured timeout

The harness fails loudly with actionable errors if required services are missing or the market is not isolated enough to run deterministically.

Known Failure Modes

  • If Postgres is unavailable, the bot cannot reconcile or compute reserved exposure correctly and will fail.
  • If the deployment addresses or chain ID do not match the target environment, signed orders will be rejected.
  • If the exchange changes /v1/orders payload validation or market metadata format, the client must be updated.
  • If the anchor source fails and neither top-of-book nor last trade can provide a local fallback, the bot halts.
  • For USDCcNGN-SPOT, if the local market is empty and the external 0x bootstrap anchor is missing, stale, malformed, or rejected by the deviation guard, the bot halts with reference price unavailable.
  • Available-balance accounting assumes open-order reserve semantics are:
    • bid reserves quote asset size * price
    • ask reserves base asset size
  • Ownership is considered unambiguous only when the order matches the bot-managed order-id convention already used by this bot.
  • Reconciliation adopts at most one order per side. Any duplicates on a side are canceled rather than partially adopted.
  • The live integration harness requires an isolated market. If external orders remain in the book after cleanup, it aborts rather than running nondeterministically.
  • The partial-fill scenario assumes the exchange leaves a remaining live resting order or a replacement state visible quickly enough to observe before timeout.

Halt Reasons

The bot halts quoting and cancels managed orders in the selected market when any of these conditions occur:

  • reference price unavailable
  • exchange market data stale
  • balances stale
  • anchor data stale
  • quote age exceeded
  • anchor deviation exceeded
  • open order notional exceeds limit
  • inventory exceeds max long inventory
  • inventory exceeds max short inventory
  • available base balance below threshold
  • available quote balance below threshold
  • operator pause active
  • kill switch active
  • cancel rate limit exceeded

Dependency freshness is split in metrics and health diagnostics:

  • exchange market data stale
    • local book, trades, or open-order refresh is too old
  • balances stale
    • balance refresh is too old
  • anchor data stale
    • external anchor refresh is too old

Cancel Categories

Cancel metrics are split by category:

  • replace_driven
    • quote maintenance cancel/replace activity
  • startup_reconciliation
    • startup cleanup of stale, duplicate, malformed, or non-adopted orders
  • risk_triggered
    • cancels triggered by risk halts, stale dependencies, or cancel-budget halt
  • kill_switch
    • cancels triggered by the file-based kill switch

mm_bot_order_cancels_total still exposes total cancels, while mm_bot_order_cancels_total_by_category shows the category breakdown.

Verification

go test ./...
go build ./cmd/mm-bot

Live integration:

go run ./cmd/mm-bot-integration

What a passing run proves:

  • happy: end-to-end quote placement, fill visibility, inventory movement, requote, and restart adoption
  • partial_fill: partial fill handling without duplicate side orders
  • restart_under_open_order: restart stability with live managed quotes
  • stale_startup: stale managed orders are canceled, not adopted
  • duplicate_startup: duplicate managed orders are cleaned up deterministically

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Market making bot for USDC/cNGN markets.

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