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As cryptocurrency and digital asset markets continue to expand and mature, there is an increasing demand for a robust infrastructure solution to connect the fragmented liquidity markets spread across different exchanges. The crypto space has seen an influx of innovative cryptocurrency tracking and management products popping up across the industry.
However, there still exists the challenge of integrating fully-featured trading capabilities into these applications. Although solutions currently exist in the market such a CCXT, these primarily exist as a software-only solution. Open source projects such as CCXT can be a great solution for developers looking to build applications for personal use but fall short when being scaled for business and enterprise use.
When it comes to creating actual trading applications, developers are still responsible for managing the back-end infrastructure required to run their applications. Updates to code repositories require redeployment, which involves inevitable downtime. Integrating every exchange on an individual basis is impractical. Each exchange has its own quirks, unique endpoints, and arbitrary update cycles. This becomes a nightmare situation for most application developers who are already on a tight development schedule.
Shrimpy Universal Crypto Exchange API
Imagine a world where you had every exchange at the tips of your fingers. A simple world where integrating one API meant you integrated every exchange. Shrimpy’s Developer API is meant to solve these problems by taking care of exchange integration so that a single set of APIs can be used across any number of exchanges. No more code changes, no more redeployment, no more additional exchange integrations, and certainly no more server scaling!
Shrimpy’s Universal Crypto Exchange API takes away the painstaking process of integrating with each exchange, allowing developers to focus on building out their actual trading product. By providing an underlying trading and exchange infrastructure to accelerate development within the space, Shrimpy hopes to address the commonly encountered issue of maintaining infrastructure to support each and every exchange.
Shrimpy’s Universal Crypto Exchange API was created to address critical developer challenges in the crypto space:
- Low-Latency Order Execution & Automated Trading
- User Authorization and Management
- Business & Product Scaling
- Real-time Data & Analytics
Low-Latency Order Execution & Automated Trading
Intelligent Trade Routing & Order Execution
While many trading libraries provide a degree of convenience, developers are still required to implement a trading strategy. This includes complex trading logic, data collection, and error handling. Shrimpy understands how much work it is to execute effective strategies. We soften the burden placed on developers by providing options for smart order routing, automated trade execution, and portfolio allocation. These options come with Shrimpy APIs right out of the box.
While intelligent order routing might be convenient for some, we understand other developers will want full control over their order execution. Shrimpy supports low latency immediate or cancel (IOC) and open order placement. These endpoints are ideal for real-time, algorithmic, and high-frequency trading.
Portfolio Rebalancing & Management
Shrimpy’s Universal Crypto Trading API allows developers to directly implement Shrimpy’s easy-to-use indexing and rebalancing features into their own application. In a few seconds, developers can allocate a portfolio and automate a rebalancing strategy for each user. The months of work we spent perfecting strategies is accessible to every developer who manages their users through Shrimpy’s APIs.
User Authorization & Management
Serverless User Authorization
Shrimpy’s Universal Crypto Trading API provides a solution for developers to manage all of their users, essentially acting as a complete user management solution. Instead of bogging down your servers with user requests, each user can directly communicate with Shrimpy to access their accounts, execute trades, and collect data. This frees up development resources and allows your team to focus on your core product offerings.
User Account & API key Security
Every API key is securely encrypted and stored using FIPS 140–2 validated hardware security modules (HSMs) to protect the confidentiality and integrity of your users’ exchange API keys. Developers no longer need to maintain their own complex security architecture for managing user API keys. Shrimpy facilitates API key management by leveraging our robust security infrastructure.
Business & Product Scaling
Shrimpy understands that the aforementioned issue is a huge challenge for independent developers to build scalable crypto trading and management products. Shrimpy’s Universal Crypto Exchange API is intended to address this exact developer dilemma by providing a simple and unified API solution.
Cloud-based Infrastructure
Although a plethora of crypto trading libraries exists in the space, these open source trading libraries do not provide the infrastructure that is required to deploy a functional application which scales.
For businesses to support a fully-featured tracking and trading application, a disproportionate number of servers are required to support a relatively small number of users. The high barriers of entry make it extremely difficult to accommodate a large active community.
Beyond the back-end system architecture required to create a low latency trading application, developers who try to integrate exchanges manually are also faced with maintaining each exchange through sporadic updates. As the number of exchanges increases, so does the difficulty with maintaining these exchanges. Using the Shrimpy APIs doesn’t require this level of maintenance. The Shrimpy team will handle every exchange integration and any updates that require immediate attention.
Endpoint Management
Every exchange supports a unique set of endpoints. There are no standards to which endpoints exchanges implement, and there are no standards to which endpoints they will continue to support in the future. The Shrimpy APIs simplify this problem by offering a common set of endpoints across every exchange. Even when an exchange doesn’t support an endpoint we offer, our team will construct an endpoint which will functionally behave the same. This way, developers never need to worry about developing new trading logic every time they integrate a new exchange. It will always be uniform.
Real-time Data & Analytics
Real-time Orderbook & Market Data
Many cryptocurrency trading services leverage generic market data aggregated from sources such as CoinMarketCap. While this provides a basic level of functionality to most traders, complete order book details are required for an in-depth view on advanced market insights such as arbitrage opportunities. Shrimpy’s Universal Crypto Trading API pulls complete order book and live market data for timely decision making.
Backtesting
Shrimpy’s Universal Crypto Trading API also includes a unique backtesting feature that lets users analyze various time-based rebalancing strategies. Most crypto backtesting tools tend to pull data from aggregated sources such as CoinMarketCap due to its convenience of integration. However, aggregated exchange data is not recommended for detailed and precise backtesting purposes, as complete order book details are omitted for aggregation purposes.
Shrimpy’s API includes a built-in backtesting tool which analyzes precise exchange data. Unlike most cryptocurrency backtests which analyze inaccurate OHLCV data, Shrimpy’s backtests include full price and order book data collected from exchanges on an individual basis, ensuring only the most accurate and precise results are obtained.
Shrimpy’s API takes care of User Management and Exchange Interaction
Pricing
Shrimpy understands that one of the biggest hassles that developers face is the cost of running their cloud-computing solution on which their applications run on. Existing cloud solutions charge based on computing power, which can serve as a huge pain point for small scale and independent developers looking to develop a low-cost crypto trading application that relies on real-time data and arbitrage opportunities.
Shrimpy’s API solves the most commonly encountered developer hurdles by providing an affordable hosted solution at the price of only $0.99/month/user! Developers will be charged based on the number of users that trade using Shrimpy’s API.
Shrimpy for Developers
Shrimpy’s mission is to facilitate developer activity and build a platform which connects global exchange and liquidity markets together. Shrimpy’s Universal Exchange API was created as a hosted solution to address major developer roadblocks in Feature Development, Product Scalability, and User Management. With Shrimpy’s API in hand, developers are empowered to create new and innovative services that will shape the future of the crypto space.
Get started here: https://developers.shrimpy.io
About Shrimpy
Shrimpy.io is a crypto management tool that lets anyone manage their own cryptocurrency assets like an index portfolio or mutual fund. Users are able to configure a custom cryptocurrency portfolio and implement a passive management strategy, removing the hassle of having to actively trade crypto.
In addition to free crypto trading & portfolio management, Shrimpy also offers a monthly subscription service that includes the following:
- Social: Follow, communicate, and share strategies with other Shrimpy traders
- Insights: Learn how other Shrimpy users are constructing and managing their crypto portfolio.
- Advanced Backtesting: An robust backtesting tool for evaluating custom cryptocurrency portfolio & strategies.
Free Sign Up: https://www.shrimpy.io/signup
Originally published at blog.shrimpy.io.
Develop Trading Applications with Shrimpy’s Crypto Exchange API was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.