Scavenger Bot – Bitmex Automation

Scavenger Large

I started using Scavenger bot back in November of 2018. The idea is intriguing: Run a short bot on one Bitmex account, run a long bot on another account, and let them both run, straddling the market, using Cross leverage and in theory making profits in both directions.

It worked great – but then we hit a large price spike, and at the time the short bot just kept buying into positions (It continuously buys as needed to increase your position and DCA the entry point).  The result: Short Bot liquidated the account. (Liquidation on Bitmex basically means that you just used all of your account balance to fund your leveraged orders. Poof. 100% at risk)

Since then (end of November), the devs have put in some more protections. Gains have fallen to about a .3% daily return (per bot), but both bots have weathered some large movements.

Is this a bot for everyone? Nope. It is in development – you really should know how Bitmex works and understand the inherent risks of leveraged trading.

Having said all that – it is a very interesting and promising project. If you have BTC to risk (you are at 100% risk – which can be mitigated some if you are actively managing your bots and funds) give it a shot – The risks will always be there, but the active development of the bot lessens those risks over time.