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name bitmex-testnet-strategy
version 1.0.0
description Strategy testing on BitMEX testnet: setup, limitations, validation workflow, and PnL review.
metadata
openclaw requires depends
category
finance
bins
bitmex
bitmex-shared

bitmex-testnet-strategy

BitMEX testnet (testnet.bitmex.com) is the correct environment for strategy development and validation. Use --testnet on every command. There is no paper trading mode — testnet is the equivalent.

Setup

  1. Register at https://testnet.bitmex.com
  2. Create API keys at https://testnet.bitmex.com/app/apiKeys
  3. Set env vars:
export BITMEX_API_KEY="testnet-api-key"
export BITMEX_API_SECRET="testnet-api-secret"

Or use the config file:

bitmex --testnet auth set --api-key <key> --api-secret <secret>

Basic Connectivity Test

bitmex --testnet market instrument --symbol XBTUSD -o json 2>/dev/null | \
  jq '.[0] | {symbol, lastPrice, markPrice}'

bitmex --testnet account me -o json 2>/dev/null | \
  jq '{username, id}'

Place Test Orders

# Validate first
bitmex --testnet order buy XBTUSD 100 \
  --price 50000 \
  --order-type Limit \
  --exec-inst ParticipateDoNotInitiate \
  --validate -o json 2>/dev/null

# Place
bitmex --testnet order buy XBTUSD 100 \
  --price 50000 \
  --order-type Limit \
  --exec-inst ParticipateDoNotInitiate \
  -o json 2>/dev/null | jq '{orderID, ordStatus, price, ordQty}'

Monitor Testnet Positions

bitmex --testnet position list --symbol XBTUSD -o json 2>/dev/null | \
  jq '.[0] | {currentQty, avgEntryPrice, markPrice, unrealisedPnl, liquidationPrice}'

Test Stop Loss Trigger

# Enter long position
bitmex --testnet order buy XBTUSD 100 --order-type Market -o json 2>/dev/null

# Place stop immediately
bitmex --testnet order sell XBTUSD 100 \
  --order-type Stop --stop-px 45000 \
  --exec-inst ReduceOnly,MarkPrice \
  -o json 2>/dev/null

# Verify stop is in open orders
bitmex --testnet order list --symbol XBTUSD -o json 2>/dev/null | \
  jq '[.[] | select(.ordType == "Stop") | {orderID, stopPx, execInst}]'

Test Dead Man's Switch

# Enable DMS
bitmex --testnet order cancel-after 10000 -o json 2>/dev/null
# Wait 10 seconds without renewing
sleep 15
# Verify orders were cancelled
bitmex --testnet order list --symbol XBTUSD -o json 2>/dev/null | \
  jq '[.[] | select(.ordStatus == "New")] | length'
# Expected: 0

Testnet Limitations

Limitation Detail
Prices may diverge Testnet prices are independent of mainnet
Periodic resets Testnet balances and positions are reset periodically
Liquidity differs Order fills may behave differently than production
WebSocket differences Some testnet WebSocket events may lag

PnL Review After Testing

bitmex --testnet execution trade-history --count 100 -o json 2>/dev/null | \
  jq '
    {
      trades: length,
      realised_pnl: (map(.realisedPnl // 0) | add),
      total_fees: (map(.commission // 0) | add),
      win_count: (map(select((.realisedPnl // 0) > 0)) | length),
      loss_count: (map(select((.realisedPnl // 0) < 0)) | length)
    }
  '

Validation Checklist Before Promoting to Live

  • Strategy ran for 5+ complete cycles on testnet
  • Stop losses triggered correctly and closed position fully
  • Dead man's switch verified to cancel orders on timeout
  • Average fill prices are within expected slippage
  • No unexpected open positions left after session end
  • Error recovery logic tested (simulate network error by killing process)
  • Position cap enforced — orders rejected when limit reached