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Arbitrage Bots

Setup

  • Install NodeJS and make sure its added to Path
  • Install your favorite IDE that supports TypeScript (Like VSCode)
  • Clone the White Whale Bot repository to your machine
  • Open the repository folder in your IDE as root folder
  • In Console type npm install to make sure the required packages are added to the project
  • In Console type npm run build to build the project for the first time
  • You are ready to go

Project Folder Outline

The bot uses an environment file (.env) for the required configuration settings. This file needs to be provided in the root directory of the code in order for the bot to function properly. A typical working directory would look like this (after first a first build with npm run build).
root
├── node_modules
├── out
├── src
├── .env #-- you have to add this file yourself
├── .gitignore
├── package.json
├── package-lock.json
├── README.md
└── tsconfig.json

The Configuration File (.env )

There are multiple properties that are required to be set for the bot to function properly. Also, there are a few properties that are optional and influence the bots behaviour, although they are not required, it is adviced to include them in the .env anyways and make sure they are switched off. Below a full list of configuration settings used by the bot, all settings are to be formatted as string.

General Settings

Setting
Required
Values
Description
WALLET_MNEMONIC
yes
24-words forming the mnemonic key
The mnemonic used to sign transactions and pay the gas fee
USE_MEMPOOL
yes
"1"/"0"
States whether the bot should use mempool to project potential transactions on the actual blockstate and calculate potential arbitrage that arises. note: this incurs extra risk of failed transactions and lost gas fees. Defaulted to "1"
GAS_UNIT_USAGES
yes
"number,number"
Denotes the amount of gas units the bot will use for transactions. The first number corresponds to a 2-message arbitrage transaction and the second to a 3-or-more-message arbitrage transaction. note: will only be used when using USE_MEMPOOL=1, else the client will estimate gas units and fees
PROFIT_THRESHOLD
yes
"number"
States the minimal profit threshold as a multiplier of the paid transaction fees, differentiated between a 2-message arbitrage and a 3-or-more-message arbitrage transaction
SLACK_TOKEN
no
"tokenstring"
A OAuth2 Slack token that will be used to log certain events to Slack if provided
SLACK_CHANNEL
no
"channel"
The specific Slack channel to log to if provided
USE_SKIP
no
"1"/"0"
Whether or not to use Skip Protocol for bidding on blockspace to use the bot as MEV arbitrage bot. Defaulted to "0"
SKIP_BID_RATE
no
"number"
The fraction of profit to be used as height of the bid for the blockspace. E.g. 0.1 means 10% of the calculated expected profit is used to bid on the transaction using Skip Protocol. Requires USE_SKIP="1"

Chain Specific Settings

Setting
Required
Values
Description
BASE_DENOM
yes
"denom"
Denom from which the bot will arb from and to. Also the denom that will be used to pay the transaction fees with
CHAIN_PREFIX
yes
"prefix"
Prefix used by the specific chain the bot will run on. E.g. for the Terra chain this means "terra", for Juno chain this means "juno"
RPC_URL
yes
"url"
The RPC-endpoint to be used for the bot, this can be either a publicly available endpoint or your own private endpoint
GAS_UNIT_PRICE
yes
"number"
The price in BASE_DENOM per gas unit
POOLS
yes
"{pool},{pool},..,{pool}"
The list of pools that will be used to arb with. This setting is explained in more detail below
FACTORIES_TO_ROUTERS_MAPPING
yes
"{mapping},{mapping}"
A list of mappings from specific pair-factories with their corresponding trade router contracts. This setting is explained in more detail below
SKIP_URL
no
"skipurl"
The endpoint provided by Skip Protocol to broadcast transactions to. Requires USE_SKIP="1"
SKIP_BID_WALLET
no
"walletaddress"
The Skip Protocol auction wallet to send the bid to. Requires USE_SKIP="1"
Important: Do not expose the `MNEMONIC` setting described above. Be careful with sharing `.env` files. White Whale will never ask for your MNEMONIC

POOLS setting

The pools variable represents a list of pools that will be used for arbitrage. However, for each of the pools we have to denote the trading fees that are applied by the DEX. Some DEXes use 0.3% fee and some use 0.4% fee. There's currently not a generic method to derive those fees, therefore we have to enter it manually. There's also a distinction between fees deducted from the incoming asset amount (Uniswap default) and fees deducted from the returned asset amount (Astroport default). Each pool in the lists has to be in the following format:
{"pool": "terra1zdpq84j8ex29wz9tmygqtftplrw87x8wmuyfh0rsy60uq7nadtsq5pjr7y","inputfee": 0,"outputfee": 0.3}'
In which:
  • pool denotes the address of the pool
  • inputfee denotes the deducted fee on the input asset
  • outputfee denotes the deducted fee on the returned asset Each pool object in the list is separated by a ,, multiple entries therefore look like this:
POOLS='{"pool": "terra1fd68ah02gr2y8ze7tm9te7m70zlmc7vjyyhs6xlhsdmqqcjud4dql4wpxr","inputfee": 0,"outputfee": 0.3},
{"pool": "terra1zrs8p04zctj0a0f9azakwwennrqfrkh3l6zkttz9x89e7vehjzmqzg8v7n","inputfee": 0,"outputfee": 0.3},
{"pool": "terra190alph3r79rm2ypefamglwk53ln2qr3ud09sa3mnxexxf0p8xv3qzume3r","inputfee": 0,"outputfee": 0.25}'

FACTORIES_TO_ROUTERS_MAPPING setting

This variable sets a mapping between pool factories and pool routers. Factories are used by protocols to create new pools on-chain and hold all created pools by the factory. Routers are used for swaps that have to go trough multiple pools to achieve the requested asked asset. The mapping is used to backwards engineer the affected pools from an on-chain router message. The mappings are separated the the same way as the POOL variables are separated, an example:
FACTORIES_TO_ROUTERS_MAPPING='{"factory":"terra1f4cr4sr5eulp3f2us8unu6qv8a5rhjltqsg7ujjx6f2mrlqh923sljwhn3","router":"terra1p37jrwlaqpklzlu4rwjyjrmzuezdgk3pyuyk2zclc4rda6awkm3qnj6f0a"},
{"factory":"terra14x9fr055x5hvr48hzy2t4q7kvjvfttsvxusa4xsdcy702mnzsvuqprer8r","router":"terra1j8hayvehh3yy02c2vtw5fdhz9f4drhtee8p5n5rguvg3nyd6m83qd2y90a"}'
A full example of a .env file can be found here

Your First Run

After following the instructions described above we can start the bot for the first time. It will look for arbitrage opportunities on the provided pools on a 2-hop basis as well as a 3-hop basis. In the root folder:
Linux
Windows
npm start
in console
npm run build "&&" node out/index.js
in console
The bot will start running and initialising the entered configuration file, example output: Every 150 blocks it will log a sign of life, if SLACK_TOKEN is provided this will happen to the provided SLACK_CHANNEL, if not it will log to stdout. Every trade attempt will also be logged.