Thalex Quoter

A market making bot for the Thalex exchange, providing automated quoting for perpetual futures.

📖 For detailed documentation on the behavior of the bot, see BOT_BEHAVIOR.md

Setup

1. Virtual Environment

The project includes a virtual environment. To activate it:

# Option 1: Use the activation script
source activate.sh

# Option 2: Manual activation
source venv/bin/activate

2. Dependencies

All dependencies are already installed in the virtual environment. If you need to reinstall:

pip install -r requirements.txt

3. Configuration

Edit config.py to customize your trading parameters:

• network: Choose between Network.TEST or Network.PROD
• instrument: Trading instrument (default: "BTC-PERPETUAL")
• min_spread_bps / max_spread_bps: Spread range in basis points
• size: Base order size
• max_position: Maximum position size

4. Authentication

Important: The keys.py file is gitignored for security. You need to create it:

# Copy the template and fill in your API keys
cp keys_template.py keys.py

Then edit keys.py with your Thalex API credentials:

• Get API keys from: https://testnet.thalex.com/exchange/user/api (TEST)
• Get API keys from: https://thalex.com/exchange/user/api (PROD)

Usage

Main Quoter

Run the main market making bot:

python not_so_simple_quoter.py

Verbose Mode

For detailed logging and debugging:

python not_so_simple_quoter.py --verbose

Quiet Mode

For minimal logging:

python not_so_simple_quoter.py --quiet

Features

• Automated Market Making: Provides continuous bid/ask quotes
• Volatility-Based Spreads: Adjusts spreads based on market volatility
• Position Management: Automatically adjusts quotes based on current position
• Cooldown Management: Prevents rapid requoting after fills
• Recovery Periods: Gradually returns to normal spreads after cooldowns
• Comprehensive Logging: CSV logs with detailed trading data
• PnL Tracking: Real-time profit/loss monitoring
• WebSocket Integration: Real-time market data and order updates
• Error Recovery: Automatic reconnection and error handling

File Structure

thalex-quoter/
├── not_so_simple_quoter.py   # Main quoter implementation
├── config.py                 # Configuration settings
├── keys_template.py          # Template for API keys
├── keys.py                   # API authentication keys (gitignored)
├── requirements.txt          # Python dependencies
├── pyproject.toml           # Project configuration
├── venv/                     # Virtual environment
├── csv_logs/                 # Trading logs
├── activate.sh               # Environment activation script
├── BOT_BEHAVIOR.md          # Detailed bot behavior documentation
└── README.md                 # This file

Logging

The bot creates detailed CSV logs in the csv_logs/ directory with timestamps. Logs include:

• Mid price, position, spreads
• Unrealized and realized PnL
• Total fees paid
• Volatility and size scaling

Safety Features

• Position Limits: Automatic position size management
• Spread Limits: Configurable minimum/maximum spreads
• Cooldown Periods: Prevents excessive requoting after fills
• Recovery Periods: Gradual return to normal spreads
• Market Crossing Protection: Prevents crossing the market
• Error Handling: Robust error recovery and reconnection

Development

To modify the quoter logic, edit not_so_simple_quoter.py. The main class Quoter contains all the market making logic.