Ethereum: Trigger function every new minute w/ websocket data

Here is a draft article on your request:

Minute Trigger Function with WebSocket Data for Ethereum Trading

As a market participant or researcher, it is essential to stay ahead of the market and have real-time access to trading data. An 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 minute trigger function 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 transaction data streamed by Binance’s global futures trading feed. The problem lies in efficiently processing and analyzing this large volume of data, especially when it comes to high-frequency trading.

Solution: Implementing a WebSocket Trigger Function

Here 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 identifier to each client
socket.id = Math.random().toString(36).substr(2, 9);
// Set the frequency of updates
const updateFrequency = 60000; // 60 seconds
// Function to update transaction data every minute
function updateTradeData() {
// Let's assume an example WebSocket message structure
socket.on('trade', (trade) => {
// Parse and process transaction data here
console.log(Received trade: ${trade.id} (${trade.side}) - Value: ${trade.value});
// Update your transaction logic here, for example, 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 an update every minute
setInterval(() => {
updateTradeData();
}, updateFrequency);
}
// Function to trigger one side of the trade based on market or taker condition
function triggerSide(side) {
if (side === 'market') {
console.log(Market Side Trade Trigger: ${side});
} else if (side === 'taker') {
console.log(Triggering the taker side transaction: ${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 a WebSocket server.

• When a new connection is established, we assign a unique identifier to each client.

• We set 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 the trade data. When 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 the market or taker conditions.

Remember to replace the updateTradeData function with your actual trading logic and adjust the update frequency according to your needs.

Conclusion

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

FILECOIN CHAINLINK LINK