Ethereum: Trigger function every new minute w/ websocket data

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Trigger function every minute with WebSocket data for Ethereum trading

As a market participant or researcher, it is important to stay ahead of the market and access trade data in real time. One effective way to achieve this is by using WebSockets, which allow two-way communication between a client (e.g. your trading platform) and a server (e.g. Binance). In this article, we will focus on creating a trigger function every minute with WebSocket data for Ethereum trading.

The problem

To calculate the total value of all trades per side (market maker/taker), you need to analyze the trade data streamed by Binance’s Futures Aggregate Trades stream. The problem is how to efficiently process and analyze this large amount of data, especially in high frequency trading.

Solution: Implement a WebSocket trigger function

Here is a sample implementation using Node.js, Express.js and WebSockets:

const express = require('express');
const app = express();
const http = require('http').createServer(app);
const io = require('socket.io')(http);
// Set up WebSocket connections
io.on('connection', (socket) => {
console.log(New connection established);
// Assign a unique ID to each client
socket.id = Math.random().toString(36).substr(2, 9);
// Set frequency of updates
const updateFrequency = 60000; // 60 seconds
// Function to update trade data every minute
function updateTradeData() {
// Assume example of WebSocket message structure
socket.on('trade', (trade) => {
// Parse and process trade data here
console.log(Received trade: ${trade.id} (${trade.side}) - Value: ${trade.value});
// Update your trading logic here, e.g. total value calculate
// Trigger function for each side of the trade
if (trade.side === 'market') {
triggerMarketSide(trade);
} else if (trade.side === 'taker') {
triggerTakerSide(trade);
}
});
// Schedule update every minute
setInterval(() => {
updateTradeData();
}, updateFrequency);
}
// Function to trigger one side of the trade based on market or taker conditions
function triggerSide(side) {
if (side === 'market') {
console.log(Triggering a trade on market side: ${side});
} else if (side === 'taker') {
console.log(Triggering a trade on taker side: ${side});
}
}
// Start server
http.listen(3000, () => {
console.log('Server is listening on port 3000');
});
});

How ​​it works

• We create an Express.js app and start a WebSocket server.

• When a new connection is made, we assign a unique ID to each client.

• We define the frequency of updates (in this case, every minute) and schedule the updateTradeData function using setInterval.

• In the updateTradeData function:

• We wait for Trade messages on the socket connection.

• When a trade is received, we parse and process it.

• We trigger functions for each side of the trade (market or taker) based on the condition.

• We schedule the next update using setInterval.

Example Use Case

To test this implementation, you can use a WebSocket client like WebSocket.io to simulate trade data. When a new connection is established, you will receive trade messages every minute. You can then trigger functions for each side of the trade based on market or taker conditions.

Remember to replace the “updateTradeData” function with your actual trading logic and adjust the frequency of updates according to your needs.

Conclusion

By using WebSockets and a trigger function, you can efficiently process and analyze Ethereum trade data every minute.

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