Keepers

Keepers monitor the blockchain and queued transactions

Keepers are run by the Narwhal Finance team and whitelisted third parties; they monitor asset prices to execute limit, stop market, take profit, stop loss, and liquidation orders. Please get in touch with the Narwhal core team if you are interested in setting up and running a keeper.

Liquidations occur when the remaining collateral (net of fees) is <= -90% PnL.

Rewards

For executing non-liquidation orders, the reward is 5% of initial order fees for all open/close order types that require keepers to execute. For liquidation, the reward is 5% of the collateral.

Rewards are split between all keeper bots as follows:

• 40% to the bot successfully triggering the order

• 50% goes to the 10 first bots that triggered right after the first to trigger in the same block to incentivize more bots running and reduce gas wars.

• 10% goes into a pool to be shared proportionally by the number of orders bots executed during each round, measured every 50 orders. This incentivizes better the execution of smaller trades as they give access to bigger rewards in a pool.

  • When a round is over, the total Pool value is divided among each person who was the "First in the block" - so if a bot executed 3 of the 50 orders as the first in the successful block, they would receive (3/50) = 6% of the pool value.

Costs for running keepers

Each successful first trigger of an order will cost ETH on Arbitrum or BNB on BNB Chain (0.002% of collateral x leverage for cryptos, 0.0002% for forex) to pay node operators for the real-time on-chain feed. Only the first to trigger an order will pay for the gas cost, and if the trigger is successful, they are guaranteed 40% of the trigger reward.