Introduction

Yesterday, Binance announced a Market Maker Competition for their new Futures platform. Included in the competition is $0 Market Maker fees, and a prize pool of $hundreds thousands USDT.

My Plan

I ported Deribit’s Python Example Market Maker to Binance Futures, using CCXT to connect the API.

Issues

I can’t seem to edit my orders, so every bot run I cancel all the orders (by looping through open orders..) slowing down the bot considerably.

Findings

In total, in 5ish hours I traded over 80 BTC notional – almost $1m CAD. I lost about $90 USD in fees, and lost about $150 of my deposit.Note that I deposited $250 USD, and traded $1m CAD. That’s about $3.37m USD per 24 hours, projected.Over the last 100 trades, since optimizing the params as best as my human mind can achieve, there’s been a timespan of 10 minutes.In this 10 minutes, I’ve traded more than 1 BTC notional, made $0.613 realized gains and paid $1.285 in fees.

Tomorrow

When I’m accepted into the Market Maker program, and pay $0 market maker fees, my bot will achieve about 3.6% return on equity per hour. It will trade more than $3m USD notional per day. Moreover, my benefactors will fund an account with more equity and we’ll trade even more than that – and optimize the bot for the evolving market using our proprietary AI.