Keepers

Keeper Bots

Keeper Bots listen, store, sort and fill valid limit orders. Keepers do this by compiling all valid open orders found on-chain and organising them into an off-chain orderbook. These orders are sorted by price and age, and if two orders have the same age, they’re then sorted by position size.

Each Keeper holds its own orderbook (hence decentralised orderbook).

Keepers then listen to trigger conditions and match crossing orders and limit orders against the AMM when the users’ trigger or limit price is met.

For performing this critical duty, the Keepers earn a fee for every trade they execute. Similar to liquidation bots, Keepers will compete for fees in a decentralised system; the most profitable Keepers are:

1

Fastest

Speed is a primary advantage in competing for fees.

2

Best price improvement for takers

Keepers that provide better prices to takers gain a competitive edge.

3

Fulfil orders in the protocol’s desired sequence

Keepers that execute orders in the desired order — oldest and largest first — are preferred.

Reference implementations for the filler and trigger Keepers are provided: Keeper Bots.