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Ethereum Trading Bot using Binance API: Precision Error

As a successful Ethereum trading bot running on ADAUSDT, I am excited to share with you an update on how we manage our trades. In this article, I will walk you through the steps taken to resolve a precision error that occurred when trading via the Binance API.

Error: Asset Precision is Overdefined

We experienced a serious issue while trading with our bot where the “Precision” parameter was set too high for the asset we were trading. Specifically, we were using ADAUSDT (ADA/USDT) and dynamically allocating our initial amount of USDT to buy and sell.

The error message we received from the Binance API indicated that the precision for the asset had been overdefined, which is a common issue when working with financial data with large decimal places. In this case, it seemed that we were trying to trade at a level of granularity that was not possible with our current configuration.

Precision Bug Fix

To resolve this bug, we took the following steps:

• Check API Documentation: Before making any code changes, we consulted the official Binance documentation to confirm how the Precision parameter works for each element.

• Modify API Parameters: We reduced the precision of the Precision parameter from 6 decimal places to 5 decimal places, which is the default setting for most financial assets on Binance.

• Update Code Changes: After implementing the updated API settings, we made several code changes to accommodate our new level of precision.

Sample Code Changes

Here are some sample code snippets that show how to update API parameters and make the necessary changes to the bot:

import requests





Set the API endpoint and authentication headers
api_endpoint = "
auth_headers = {"api_key": "your_api_key", "api_secret": "your_api_secret"}

Update the precision parameter
def update_precision():
parameters = {
"params": ["Precision"],
"paramType": "request",
"paramsString": "Precision=5"
}
response = request.post(api_endpoint, auth=headers, json=params)
if response.status_code == 200:
print("Precision updated successfully")
else:
print(f"Error when updating precision: {response.text}")

Update your bot code

Once we confirmed that our API parameters were updated correctly, we made a few changes to the bot code to reflect these changes. Specifically, we added a new function update_precision() that updates the Precision parameter and calls it from the business logic.

import requests

Set the API endpoint and authentication headers
api_endpoint = "
auth_headers = {"api_key": "your_api_key", "api_secret": "your_api_secret"}
def update_precision():
parameters = {
"params": ["Precision"],
"paramType": "request",
"paramsString": "Precision=5"
}
response = request.post(api_endpoint, auth=headers, json=params)
if response.status_code == 200:

Update the bot parameters based on the API call
precision = int(response.json()["result"][0])
print(f"Precision updated to {precision}")
else:
print(f"Error updating precision: {response.text}")
def trading_logic():

Here is the rest of your trading logic
pass
update_precision()
trading_logic()

By following these steps and updates, we were able to resolve the precision error that was occurring when trading via the Binance API. Our bot is now working with the correct precision settings for the ADAUSDT asset, allowing us to execute precision trades on our live market.