find-xemm-opps
Find Cross-Exchange Market Making (XEMM) opportunities by analyzing order book depth and liquidity across connected exchanges.
XEMM involves quoting on one exchange (the maker side) while hedging fills on another (the taker/hedge side). The best opportunities exist where:
- One exchange has a wide spread and thin book (maker side — room to quote profitably)
- Another has a tight spread and deep book (taker side — cheap to hedge)
- A mid-price difference exists between them
Prerequisites
Hummingbot API must be running with exchange connectors configured:
bash <(curl -s https://raw.githubusercontent.com/hummingbot/skills/main/skills/lp-agent/scripts/check_prerequisites.sh)
Workflow
Step 1: Define Token Pair
# Scan for SOL/USDT XEMM opportunities
python scripts/find_xemm_opps.py --base SOL --quote USDT
# Include fungible equivalents
python scripts/find_xemm_opps.py --base ETH,WETH --quote USDT,USDC
# Filter to specific connectors
python scripts/find_xemm_opps.py --base BTC --quote USDT --connectors binance,kraken,coinbase,okx
# Minimum mid-price spread between exchanges (default: 0.0%)
python scripts/find_xemm_opps.py --base SOL --quote USDC --min-spread 0.05
Step 2: Interpret Results
The script outputs a market overview table and ranked XEMM opportunity pairs:
====================================================================
XEMM Opportunities — SOL / USDC
Order book depth: 20 levels | Sources: 18
====================================================================
Exchange Pair Mid Spread Bid Depth Ask Depth B/A
---------------------- -------------- ---------- -------- ------------ ------------ ------
bitstamp SOL-USDC $87.45 0.120% $23.4K $18.9K 1.24
binance SOL-USDT $87.51 0.015% $412.0K $389.0K 1.06
okx SOL-USDT $87.56 0.023% $287.0K $301.0K 0.95
...
Top XEMM Opportunities (MAKER → hedge on TAKER):
----------------------------------------------------------------
#1 Score: 8.42
MAKER bitstamp $87.45 spread 0.120% depth $42.3K
TAKER binance $87.51 spread 0.015% depth $801.0K
Mid-price gap: 0.0686% | Spread ratio: 8.0x | Depth ratio: 18.9x
Columns explained:
| Column | Description |
|---|---|
| Mid | Mid-price between best bid and ask |
| Spread | Bid-ask spread as % of mid |
| Bid/Ask Depth | Total quote value of top-N order book levels |
| B/A | Bid-to-ask depth ratio (>1 = more buy pressure) |
| Spread ratio | Maker spread ÷ taker spread — higher = better maker edge |
| Depth ratio | Taker depth ÷ maker depth — higher = better hedge liquidity |
Script Options
| Option | Description |
|---|---|
--base | Base token(s), comma-separated (e.g., ETH,WETH) |
--quote | Quote token(s), comma-separated (e.g., USDT,USDC) |
--connectors | Filter to specific connectors (optional) |
--depth | Order book depth per exchange (default: 20) |
--min-spread | Minimum mid-price spread % between exchanges (default: 0.0) |
--include-btc-markets | Include btc_markets (Australian residents only) |
--include-ndax | Include ndax (Canadian residents only) |
--json | Output as JSON |
Environment Variables
export HUMMINGBOT_API_URL=http://localhost:8000
export API_USER=admin
export API_PASS=admin
Scripts check for .env in: ./hummingbot-api/.env → ~/.hummingbot/.env → .env
Requirements
- Hummingbot API running
- At least 2 exchange connectors configured with API keys