Fee optimization with maker orders is a way to let Shrimpy know that you would prefer us to first attempt rebalancing with maker orders. That means during the regular order of execution, we will take time to attempt maker orders.
What is a Taker Order?
A buy order placed at the same price or above the current best sell order, or a sell order placed at the same price or below the current best buy order. In either case, the order is immediately executed and incurs taker fees. These are the orders which will be placed if you don't use the "Fee Optimization with Maker Orders" setting.
What is a Maker Order?
A sell order placed above the current best buy order, or a buy order placed below the current best sell order. In either case, the order is left open on the exchange for another person to take. Maker orders incur maker fees. These are the trades which will be prioritized if you enable "Fee Optimization with Maker Orders" on your portfolio strategy.
How Long Does it Take to Run a Taker-Only Rebalance?
Generally, you should expect taker-only rebalances (rebalances which don't use the "Fee Optimization with Maker Orders" setting) to execute over the course of 1-2 minutes. That means the majority of taker-only rebalances should complete in less than 2 minutes. If you have a large portfolio or the market is volatile, it may take a few extra minutes to complete the rebalance.
How Long Does it Take for a "Fee Optimization with Maker Orders" Rebalance?
When you use the "Fee Optimization with Maker Orders" setting, you should expect the time to complete the rebalance to drastically increase. Instead of executing in a few minutes, it can take up to an hour to complete the rebalance.
In the quickest scenario, it will take only 10 minutes to complete a rebalance with the "Fee Optimization with Maker Orders" setting enabled. However, we would recommend anticipating these rebalances to take longer. As you allow these rebalances to execute several times, you will begin to understand how long they will take based on the size of your portfolio, the liquidity of your exchange, and volatility of the market at the time.
Will this Feature Only Use Maker Orders?
No, this feature will attempt to use maker orders, but it does not guarantee we will only use maker orders. If the maker orders we are placing aren't filling in a reasonable amount of time, we will force some trades to complete using taker orders.
How do I Cancel a "Fee Optimization with Maker Orders" Rebalance?
Since a rebalance using the "Fee Optimization with Maker Orders" setting can take a significant amount of time. Shrimpy allows these rebalances to be cancelled.
The above image shows that these rebalances can be cancelled by clicking the rebalance icon at the top of the screen and selecting the "CANCEL" button that is right above the progress bar.
Note: normal "Taker-Only" rebalances do not have the option to cancel. Once they begin, they will go to completion.
Can I Pause a "Fee Optimization with Maker Orders" Rebalance?
Yes, you can pause these rebalances and they will resume once you select to "RESUME". The place where you would pause these rebalances is in the same dropdown as the progress bar and "CANCEL" option.
Note: You still need to select a rebalance period or threshold. This setting will simply change the way the trades are executed in your existing strategy. Optimizing fees is not a stand along strategy.
Read more in our blog post here: https://blog.shrimpy.io/blog/fee-optimized-crypto-rebalancing-with-maker-trades