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 is important to stay ahead of the market and have access to trading data in real time. One effective way to achieve this is to use WebSockets, which provide 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 new minute using WebSocket data for Ethereum trading.

Problem

To calculate the total value of all trades on each side (market maker/taker), you need to analyze the trade data streamed by the Binance Futures Total Trade Stream. The challenge is to efficiently process and analyze this large amount of data, especially in the case of fast trading.

Solution: Implementing a WebSocket Trigger Function

Below is 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 update frequency
const update Frequency = 60000; // 60 seconds
// Trade data update function every minute
function updateTradeData() {
// Let's 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 trade 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();
}, update frequency);
}
// Function to trigger a side of a trade based on the state of the market or taker
function triggerSide(side) {
if (side === 'market') {
console.log(Market side trade activation: ${side});
} else if (side === 'taker') {
console.log(Trade 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 application and start the WebSocket server.

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

• We define the update frequency (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 it and process it.

• We trigger functions for each trading party (market or receiver) based on the condition.

• We schedule the next update using setInterval.

Use Case Example

To test this implementation, you can use a WebSocket client like WebSocket.io to simulate trade data. Once 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 receiver conditions.

Remember to replace the “updateTradeData” function with your actual trade logic and adjust the update frequency to suit your requirements.

Conclusion

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