3. Report Mode
Initially we will go through setting up the bot in Report mode. Report mode means you must manually execute the arbs yourself.
Firstly you should decide the strategy that you wish to report on, strategies are defined in the strategies.json file. Included in the code are a couple of example strategies.
The reporting requires a Telegram bot to be created, and a channel for it to post to. Full instructions for setting up a Telegram bot are here:
Once your bot and channel are set up, input the TELEGRAM_ACCESS_TOKEN and TELEGRAM_CHANNEL into the .env environment file. If you have your Telegram set up correctly, it will report the strategies that have been configured and notify that it is polling for arbs.
Then when a new arbitrage opportunity is identified it will be reported. Remember arbs typically only exist for a short period of time before they are exploited. So it’s important to act quickly if you wish to manually execute the arb.
Below is an example of an arbitrage opportunity reported via the bot to telegram:
The arb will continue to be reported until it is exploited, you can set how often the bot reports via the strategies file polling interval setting. A value of 5 is 5 minutes, which means it reports available arbs every 5 mins.
The advantage of setting up your own bot is that you can decide your own strategies and get instant notifications. No need to keep refreshing those arb reporting sites!
Not technical? No worries, we have a reporting bot set up on Telegram, it reports arbitrage opportunities over 20% for ETH and BTC that are sold on Lyra.
