Hops-Bot Settings
Last updated
Last updated
IP Address — The IP address is used by Hops-Bot's servers to communicate with the exchange. As mentioned earlier, this address must be added to the list of trusted IP addresses on Binance to unlock full API key functionality.
API/Secret Key — These are the API keys that Hops-Bot uses to interact with the exchange and execute trades.
Pay Trading Fees in [Currency] — Many exchanges offer discounted trading fees if a specific asset is used to pay the fees. We recommend enabling this feature to save on costs and maximize your profits.
For Binance, the designated asset is BNB. BNB is the native token of the BNB Chain, used for transactions, covering fees, and participating in network governance. On Binance, it can be used to get various benefits, including a discount on trading fees. To use this feature, make sure:
You have a sufficient balance of BNB.
The option to pay spot trading fees with BNB is enabled on your Binance account (this is enabled by default).
On cryptocurrency exchanges, makers and takers are the two main participants in trading, defined by their actions in relation to market liquidity:
Maker:
A maker adds liquidity to the market by placing limit orders that do not execute immediately. These orders remain in the order book until someone else fills them. Example: You place a buy order for Bitcoin at a price below the current market price or a sell order above the market price. The order remains in the book until matched. Advantage: Makers “create” the market and often benefit from reduced fees as their actions increase exchange activity.
Taker: A taker removes liquidity from the market by executing existing orders in the order book. This happens when placing a market order, which matches with existing orders immediately. Example: You place a market order to buy Bitcoin at the current market price, and it is executed instantly against the available offers. Disadvantage: Takers often pay higher fees as their actions reduce market liquidity.
Fee Differences:
Makers: Frequently enjoy lower fees for contributing to market liquidity.
Takers: Tend to pay higher fees for consuming liquidity.
Limit Order:
A limit order allows you to specify a price at which you want to buy or sell an asset. The trade only executes when the market reaches the specified price.
Features:
Full control over the trade price.
The order remains in the book until it is filled or canceled.
The trade may not execute if the market never reaches the specified price.
Example: The current price of Bitcoin is $30,000. You want to buy it at $29,500. You place a limit order, which will execute only if the price drops to $29,500 or lower.
Market Order:
A market order executes instantly at the current market price. Instead of selecting a specific price, you agree to trade at the best available price in the order book.
Features:
Guarantees immediate execution but at the current price, which may fluctuate due to volatility.
Suitable for situations where speed is more important than price precision.
May incur higher fees as you act as a taker.
Example: You want to buy Bitcoin quickly without waiting for a specific price. You place a market order, which executes at the current price, such as $30,000.
Price Control
Full control
No control
Execution Time
May take time
Instant
Fees
Usually lower
Usually higher
Slippage Risk
None
Possible
Choosing between a limit and a market order depends on your goals:
If you want a precise price → Limit Order. If you want a fast transaction → Market Order.
Other Execution Settings:
Max. time of open orders: Sets a time limit for open orders. If the order isn’t executed within this period, it will be automatically closed, concluding the arbitrage process.
Minimum Expected Spread: Defines the minimum profit threshold at which the bot initiates arbitrage.
Profit Conversion: Automatically converts profits into USDT once the minimum conversion amount is reached.
Deposit — The maximum amount that can be used for arbitrage in a specific asset. Hover over the icon to view the available balance for this asset on the exchange.
Minimum Deposit — The minimum amount required for arbitrage in a specific asset.
Start Search with This Asset — When enabled, the selected asset will be used as the starting point for arbitrage searches.
Hover over the "i" icon to check your exchange wallet balance for each asset. To adjust the deposit amount, simply place your cursor in the field and use the keyboard arrows.
In the Pairs Settings, you can add or remove trading pairs for arbitrage.
Enable Telegram notifications to receive updates on completed arbitrage transactions and bot activity. Follow the step-by-step instructions in this settings section to activate them.
