BitMEX Enhances APIs with New transactTime Feature for Orderbook Feeds

BitMEX,
a
leading
cryptocurrency
exchange,
has
announced
an
enhancement
to
its
API
services.
The
platform
will
be
adding
the

transactTime
feature
to
its
Level
2
(L2)
and
Level
25
(L25)
orderbook
feeds
on
both
WebSocket
and
REST
APIs,
according
to
the

BitMEX
Blog.

Key
API
Enhancement

The
new

transactTime
attribute
is
designed
to
improve
the
trading
experience
by
providing
more
precise
timestamps
for
orders
on
the
orderbook
feeds.
This
addition
is
optional
and
aims
to
offer
traders
better
data
accuracy
and
enhanced
trading
strategies.

Implementation
Timeline

The
update
will
be
available
in
the
production
environment
starting
from
June
11,
2024,
at
04:00
UTC.
This
timeline
provides
developers
and
traders
a
brief
window
to
adjust
their
systems
and
integrate
the
new
feature
seamlessly
into
their
trading
activities.

Industry
Implications

This
API
update
underscores
BitMEX’s
commitment
to
continuous
improvement
and
innovation
in
the
cryptocurrency
trading
space.
By
offering
more
granular
data
through
the
inclusion
of

transactTime,
BitMEX
is
enabling
traders
to
make
more
informed
decisions,
potentially
enhancing
the
overall
market
efficiency.

API
enhancements
like
these
are
critical
in
the
highly
competitive
and
fast-paced
digital
asset
market,
where
milliseconds
can
translate
into
significant
financial
opportunities
or
losses.
The
inclusion
of
more
detailed
timestamps
can
help
in
better
order
matching
and
execution,
which
is
crucial
for
high-frequency
trading
algorithms.

Related
Developments

In
related
news,
other





cryptocurrency
exchanges
have
also
been
focusing
on
improving
their
API
offerings.
For
instance,
Binance
recently
introduced
new
API
endpoints
to
provide
more
comprehensive
market
data.
These
industry-wide
updates
reflect
a
broader
trend
toward
enhancing
data
transparency
and
trading
precision
across
the
cryptocurrency
market.

The
move
by
BitMEX
to
include

transactTime
is
seen
as
a
positive
step
towards
providing
traders
with
the
tools
they
need
to
succeed
in
a
highly
volatile
market.
It
remains
to
be
seen
how
this
update
will
impact
trading
volumes
and
user
engagement
on
the
platform.

Image
source:
Shutterstock

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