Ethereum: Trigger function every new minute w/ websocket data

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Trigger Function every new minute with WebSocket data for Ethereum Trading

As a market participant or researcher, it’s essential to stay ahead of the market and have real-time access to trade data. One effective way to achieve this is by using WebSockets, which provide bi-directional communication between a client (e.g., your trading platform) and a server (e.g., Binance). In this article, we’ll focus on creating a trigger function every new 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 lies in efficiently processing and analyzing this large volume of data, especially when dealing with high-frequency trading.

Solution: Implementing a WebSocket Trigger Function

Here’s an example 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);


  // Define the frequency of updates

  const updateFrequency = 60000; // 60 seconds


  // Function to update trade data every minute

  function updateTradeData() {

    // Assume a sample 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., calculate total value


      // 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 a side of the trade based on market or taker condition

  function triggerSide(side) {

    if (side === 'market') {

      console.log(Triggering market-side trade: ${side});

    } else if (side === 'taker') {

      console.log(Triggering taker-side trade: ${side});

    }

  }


  // Start the server

  http.listen(3000, () => {

    console.log('Server listening on port 3000');

  });

});

How it works

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

• When a new connection is established, 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 listen for trade messages on the socket connection.

* If 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’ll 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 requirements.

Conclusion

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