The Bitcoin Mercantile Exchange (BitMEX) offers peer-to-peer trading in cryptocurrency derivatives and is currently based in Asia.
The TT platform supports trading in all futures, options, and currencies instruments available at BitMEX. On TT, currency instruments are perpetual swaps contracts that trade like spot contracts. Options instruments are BitMEX Up and BitMEX Down contracts that support trading during a market rally or market decline.
A unique exchange API key and secret are required for connecting to BitMEX via the TT platform. Users need to log in to their account at bitmex.com to select their account name, and navigate to Account & Security | Account & Preference | API keys to create and provide you with these credentials.
Note: Users need to ensure the following when creating API keys for use on TT:
Note: When setting up a BitMEX user, account, and connection in TT, you must adhere to the following requirements in order to connect to the exchange correctly:
The TT Order Connector (OC) for BitMEX routes orders to the exchange REST endpoints and listens to executions on the websocket feed.
Periodically, BitMEX goes into periods of “Load Shedding”, but the websocket connections are maintained. Orders routed to the exchange are rejected when load shedding is occuring. With regards to TT’s Autospreader and ADL automated trading applications, Autospreader orders will not be re-attempted and ADL algos will pause due to load shedding rejects.
Because Load Shedding is not considered a state by the exchange, Bitmex does not broadcast or provide any way for TT to determine if the exchange is experiencing load shedding. The only way for a trader to know BitMEX is rejecting orders due to load shedding is if they receive a reject for a submitted order. The trader's Audit Trail will explain that the reason for the order reject was due to load shedding.
The TT Order Connector (OC) implements the exchange's Dead Man's Switch (Cancel On Disconnect) functionality. In the event of disconnect to the exchange, the OC repeatedly calls the BitMex exchange endpoint "cancelAllAfter" every 15 seconds with a timeout of 60 seconds. After 60 seconds of sensing a disconnect, TT allows BitMEX to cancel all orders for all traders' who are on that connection.
BitMEX rate limits allow 60 requests or “tokens” every 60 seconds, and BitMEX continuously refills the tokens. Given these specifications from the exchange, TT’s BitMEX Order Connector implements adaptive rate limits, in which the rate limit per user is continuously adjusted by the number of tokens remaining on a per user basis. Orders are rejected before leaving TT if the rate limit is exceeded.
The adaptive rate limits enable a trader to have maximum throughput. Essentially, a trader using TT may never get blocked by BitMEX because the Order Connector has implemented the adaptive rate limit feature.