find-xemm-opps

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Find Cross-Exchange Market Making (XEMM) opportunities by comparing order book depth and liquidity across exchanges. Identifies pairs where one exchange has thin liquidity (ideal for quoting) and another has deep liquidity (ideal for hedging).

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Sourcehummingbot/skills
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NPX Install

npx skill4agent add hummingbot/skills find-xemm-opps

Tags

Translated version includes tags in frontmatter
xemm-opportunitieshummingbot-apiorder-book-analysiscross-exchange-market-making

SKILL.md Content

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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
bash <(curl -s https://raw.githubusercontent.com/hummingbot/skills/main/skills/lp-agent/scripts/check_prerequisites.sh)

Workflow

Step 1: Define Token Pair

bash
# 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:
ColumnDescription
MidMid-price between best bid and ask
SpreadBid-ask spread as % of mid
Bid/Ask DepthTotal quote value of top-N order book levels
B/ABid-to-ask depth ratio (>1 = more buy pressure)
Spread ratioMaker spread ÷ taker spread — higher = better maker edge
Depth ratioTaker depth ÷ maker depth — higher = better hedge liquidity

Script Options

OptionDescription
--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

bash
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