Bitfinex Exchange Trade Data

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Bitfinex API

Information
Network
-
Source type
CEX
Volume 24h
$ 131,590,932.266
Pairs available
167
Trades 24h
224,434
Exchange Information

What is Bitfinex?

Bitfinex is a cryptocurrency exchange platform founded in 2012 by CEO Jean-Louis van der Velde. It is operated by iFinex Inc., a company based in Hong Kong. The platform allows users to trade a variety of digital assets, including Bitcoin, Ethereum, and other cryptocurrencies. The name "Bitfinex" is a combination of "Bitcoin" and "financial exchange." With a user-friendly interface and advanced trading features, Bitfinex has become a popular choice for crypto trading.

What are the benefits of using Bitfinex?

Bitfinex is a popular cryptocurrency exchange platform that offers a range of benefits compared to its direct competitors. Here are some key advantages of using Bitfinex:

1. Liquidity: Bitfinex is known for its high liquidity, which means that traders can easily buy or sell cryptocurrencies without significant price fluctuations or delays. This is an important factor for active traders who require quick and efficient execution of their orders.

2. Advanced Trading Tools: Bitfinex provides a variety of advanced trading tools and features, such as margin trading, derivatives trading, and a wide selection of order types. These tools allow experienced traders to implement various trading strategies and maximize their potential returns.

3. Security: Bitfinex has invested significantly in enhancing its security measures to protect users' funds. It utilizes industry-standard security protocols, including two-factor authentication (2FA) and cold storage solutions. Additionally, Bitfinex has a track record of successfully handling security incidents and compensating affected users.

4. Variety of Cryptocurrencies: Bitfinex offers a wide range of cryptocurrencies for trading, including major cryptocurrencies like Bitcoin and Ethereum, as well as a variety of alternative coins. This allows traders to access a diverse portfolio of digital assets and explore various investment opportunities.

5. Margin Funding: Bitfinex provides a unique feature called margin funding, which allows users to lend their funds to other traders who wish to trade with leverage. This enables users to earn interest on their idle funds while contributing to the liquidity of the platform.

While there are several other notable cryptocurrency exchanges in the market, Bitfinex stands out with its combination of liquidity, advanced trading tools, security measures, diverse cryptocurrency selection, and margin funding feature. It is important for individuals to carefully evaluate different exchanges based on their specific requirements before deciding to use any platform.

How does Bitfinex work?

Bitfinex is a popular cryptocurrency exchange platform that enables users to trade a wide variety of digital assets. Behind the scenes, Bitfinex relies on advanced technology and utilizes blockchain to ensure secure and transparent transactions.

The blockchain used by Bitfinex is primarily based on the Bitcoin blockchain, with its own modifications and enhancements to cater to the specific needs of the exchange. This underlying technology leverages decentralized consensus mechanisms, cryptographic algorithms, and distributed ledger principles to facilitate the trading process.

Bitfinex functions by allowing users to create accounts and deposit funds. Once the funds are available, users can explore a range of trading options, including spot trading, margin trading, and futures trading. The platform also offers various order types, such as market orders, limit orders, and stop orders, providing users with flexibility in executing their trading strategies.

To ensure sufficient liquidity, Bitfinex operates a matching engine that matches buy and sell orders based on predetermined criteria such as price, quantity, and timing. Additionally, the platform incorporates risk management measures to mitigate potential losses and safeguard user funds.

Bitfinex employs strict security protocols, including cold storage for cryptocurrencies, two-factor authentication, and advanced encryption techniques. This approach aims to protect user assets and prevent unauthorized access.

By combining cutting-edge blockchain technology, a user-friendly interface, and robust security measures, Bitfinex provides a reliable and efficient platform for cryptocurrency trading.

How does DIA fetch Bitfinex trade data?

DIA fetches trade data from Bitfinex using a comprehensive data management strategy that ensures accuracy and reliability. When it comes to centralized exchanges like Bitfinex, DIA utilizes scrapers to directly collect trades from the exchange's databases using Rest APIs or WebSocket APIs. The data collection frequency varies depending on the individual exchange, ranging from 1 to 7 seconds.

For decentralized exchanges (DeFi), DIA takes a different approach. It collects data from various blockchains by subscribing to swap events in liquidity pools. This allows DIA to retrieve trading data directly from the blockchain itself, ensuring enhanced data accuracy. Notable decentralized exchange sources include platforms like Uniswap, curve.finance, and PancakeSwap.

In the case of NFT marketplaces, DIA captures live trading data by closely monitoring the integrated marketplace's smart contracts. The retrieval period for NFT data ranges from 20 seconds to 1 minute, covering all real-time transactions happening on DIA's supported NFT marketplaces. By doing so, DIA ensures data precision while avoiding unreliable bids and offer data. Notable NFT integrated exchange sources include platforms like Blur, X2Y2, OpenSea, and TofuNFT.

This comprehensive data management approach allows DIA to provide highly accurate and customizable price feeds for various cryptocurrency exchanges, DeFi platforms, and NFT marketplaces. By leveraging a network of WebSockets, decentralized node providers, and direct blockchain data retrieval, DIA ensures that trade data from exchanges like Bitfinex is sourced and delivered with accuracy and efficiency.

How build oracles with Bitfinex data?

DIA builds price oracles by computing trade data from Bitfinex in order to provide accurate and reliable price feed information. The process for computing trade data differs depending on whether we're referring to a decentralized finance (DeFi) exchange or a non-fungible token (NFT) exchange.

For DeFi exchanges, DIA follows a two-step process. The first step involves cleaning and detecting outliers in the data. This is done to ensure that trade data used for price estimation is not influenced by irregularities such as market manipulation or flash crashes. DIA applies an Interquartile Range (IR) filter to identify and exclude data points or sets that lie outside an acceptable range relative to the interquartile range. This helps to remove outliers from the data and ensure more accurate price estimation.

In the second step, DIA applies price determination methodologies to calculate the final price from the remaining data points. One example is the Volume Weighted Average Price (VWAP), which considers the different volumes of trades to determine a single price point. Another example is the Moving Average with Interquartile Range Filter (MAIR), where trades are weighted against volume for each data point, and a weighted average price is calculated.

For NFT exchanges, the process is different. DIA determines the floor price of an NFT collection by processing the on-chain trade data in two steps. First, the data is passed through cleansing filters to exclude market outliers and manipulation techniques. Then, a pricing methodology is applied to determine the final price point.

DIA offers different pricing methodologies for NFT collections. One method is the Floor Price, which provides the lowest sale price of an NFT collection recorded on the blockchain within a given time window. However, this method can be manipulated by malicious market actors. To address this, DIA offers more advanced methodologies, such as the Moving Average of Floor Price, which calculates the moving average of a collection's floor price. DIA also applies an interquartile range outlier detection filter to filter out malicious behavior.

In summary, DIA employs various cleaning, outlier detection, and pricing methodologies to compute trade data from Bitfinex and build price feed oracles for both DeFi and NFT exchanges. These processes help ensure the accuracy and reliability of the price data provided by DIA's oracles.

How does DIA source price oracle data?

Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.

Granular trade data collection
DIA retrieves token and NFT tradign data from 100+ exchanges. This enables DIA to build the most precise and customizable price feed oracles.
Instant, direct sourcing
DIA utilizes RPCs and WebSockets to subscribe to swap events and gather trading data from both DEX liquidity pools and CEX databases, allowing for real-time data collection.
Learn more about data sourcing