Vesper

Vesper is a trading bot for perpetual futures. You connect your exchange account, pick a mode and a size, and press start. From there the bot works on its own: it places orders, watches the position, closes it, and keeps the books.

The project is called SypherScore. Vesper is its trading side, and it lives at sypherscore.com/vesper.

01What it actually does

The bot does not try to guess direction. It stands on both sides of the order book at once, buying a little below the middle and selling a little above it. When someone trades against one of its orders, the bot keeps part of the spread. This work is called market making.

02How it is put together

your wallet ──► exchange ──► trading key ──► our engine ──► orders in the book
     │                            │
     │                            └─ the key can trade and nothing else
     └─ funds stay in your account on the exchange

Three things are worth understanding from the start.

Your money never comes to us. It sits in your account on the exchange. We take no deposits, we hold no user wallets, and we move no funds.

We work through a trading key. Exchanges issue a separate key that can place and cancel orders but cannot withdraw. That is the key you give us. The details are in Security.

The bot runs on our server, not in your browser. You can close the tab, shut the laptop and go to sleep. The session keeps working, and its state survives an engine restart.

03What you get

A dashboard with live numbers for the running session: how much has been traded, how much was paid in fees, what the position is right now and where the result stands. A history of past sessions. A stats card you can share.

And a set of modes for different jobs, from a careful one that guards your costs to a delta neutral one that runs two legs on two accounts.

04Where to start

1. Getting started for connecting and the first run.
2. Security for exactly what you hand over and what we cannot do.
3. Modes for how they differ and which one to pick.

New to perpetual futures? Key concepts covers the words used here in one page. Before committing real size, read Costs and Risk: together they say where the money goes and what can take it.

05Where to go next

Getting started

The whole path takes a few minutes and has three steps: connect a wallet, issue a trading key, start a session.

01Step 1. Connect a wallet

Open sypherscore.com/vesper and connect your wallet.

Connecting is only a signature confirming the account is yours. It grants nothing and moves nothing. That signature is how we know whose session to show and whose commands to obey.

We do not ask for a seed phrase and we never will.

02Step 2. Issue a trading key

Next the bot needs a key to trade with. How it is issued depends on the exchange: on some venues it is an API key from the exchange interface, on others a signer you delegate straight from our dashboard.

What matters is the same everywhere. This key can place and cancel orders, and it cannot withdraw funds. The details are in Security.

You can revoke the key at any time in the exchange interface, without involving us.

03Step 3. Configure and start

The session settings come down to four main things.

There are protective settings too, the stop loss above all. They are covered in Settings, and they are worth reading before the first run.

Then you press start. The bot checks that the key is in place, that the venue answers, and that your size clears the exchange minimums, and it goes to work.

04After the start

You can close the tab. The session lives on our server and keeps running until you stop it. It needs neither your computer nor your browser.

The dashboard shows live numbers: volume, fees, current position, result. What each of them means is explained in Settings.

05How to stop

With the stop button in the dashboard. The bot pulls its orders and closes the position rather than leaving it hanging.

If you want to stop everything immediately and beyond doubt, revoke the trading key on the exchange. After that the bot cannot place a single order, whatever happens.

06The common beginner mistake

Too small an account with too large a quote size. Every exchange has a minimum order size, and if yours falls below it the bot cannot work properly: the position ends up as dust, and closing it the normal way stops working.

The rule of thumb is simple. One quote should be comfortably above the venue minimum, and the maximum position should have room for at least a couple of those quotes.

Key concepts

A short page of the words used everywhere else in this documentation. If you have traded perpetual futures before, you can skip it.

01The order book

Every market is a list of offers. The highest price someone will pay is the best bid, the lowest price someone will accept is the best ask, and the gap between them is the spread.

asks     64 831.2
         64 830.9   <- best ask
                          spread
         64 830.4   <- best bid
bids     64 830.1

02Maker and taker

You are a maker when your order sits in the book and waits. You are a taker when you cross the spread and trade against an order that is already there.

The difference is money. Taking is charged at the higher rate on every venue we work with, and on several of them making is free. The bot works as a maker by design and takes only when it has to close something quickly.

03Perpetual futures

A futures contract with no expiry date. Because it never settles, an exchange needs another way to keep it near the price of the underlying asset, and that way is funding.

04Funding

At fixed intervals the two sides of the market pay each other. When the contract trades above the underlying, longs pay shorts. When it trades below, shorts pay longs. If you hold a position across the payment, you either receive or pay.

05Mark price, margin, liquidation

Your position is valued at the mark price, which the venue computes from the wider market rather than from the last trade in its own book. The money backing the position is margin. If the position moves far enough against you that the margin no longer covers it, the venue closes the position itself. That is liquidation, and it is the outcome the position cap and the stop loss exist to keep you away from.

06Market making

Standing on both sides of the book at once, buying a little below the middle and selling a little above it, and keeping part of the spread when someone trades against you.

The important part is what it is not. It is not a prediction of direction. A single round is worth very little, so the result comes from doing it many times at a cost low enough to leave something behind.

CPM is explained in Costs, and the rest of the dashboard numbers are in Settings and dashboard.

Modes

A mode is the set of rules the bot follows: how close to the middle of the market to stand, how often to move an order, when to close a position, and when not to trade at all.

Every mode shares the same foundation. Both sides of the book, maker orders only, no chasing the price. What differs is temperament.

01How the bot earns

An order book has a best bid and a best ask, with a gap between them called the spread. The bot places an order on each side and waits for someone to trade against it.

Bought below the middle, sold above it, and the difference stays with you. A single round is worth very little, so the point is the number of rounds rather than the size of each one.

02Sniper

The most independent mode we have. It decides for itself when to enter, what to trade, and when it is better to wait.

It does not work around the clock. Ten hours out of twenty four, from 21:00 to 24:00 and from 03:00 to 10:00 UTC. Those are the hours when trading is cheapest. The rest of the time it is out of the market with no orders and no position. On weekends the limit is lifted, because there the cheap hours run continuously.

It works two markets at once. The pair is assembled fresh every morning, based on what trading actually cost on each market the day before. Two markets that move alike will never be paired: taking both is the same bet placed twice.

It knows how to back off. If the market pushes four times in a row in the same direction, the bot steps aside and waits it out for about a minute rather than leaning into the move.

It leaves early. Twelve minutes before its working window ends it closes up, so it can exit calmly instead of at market in the last second.

Available on Ondo.

03Hermes

The fast mode, built for Arcus. It works as a continuous ping pong: the entry and the exit sit in the book at the same time, and the moment one leg fills, the other is repriced instantly.

The key difference from the other modes is that it is event driven. It does not wait for the next tick to react. The touch moves or a fill arrives, and the bot acts in that instant.

Its exit always carries a flag that forbids flipping the position, so a closing order can never accidentally open an opposite one.

Available on Arcus.

04Careful, volume, and the ones in between

This is the family of simple modes, and they differ in one thing: how close to the middle of the market they stand.

Careful keeps its distance. Fewer fills, but each one is worth more. This is the right choice when protecting cost matters more than building volume.

Volume stands right at the best price. Many fills, and a higher cost on each. This is the choice when you need turnover.

The ones in between sit between those two and adapt the width to the state of the book. A quiet market, they stand closer. A wide market, they step back.

Available on most venues, with the exact set depending on the exchange.

05Delta neutral

Runs on two accounts at once and holds opposite positions of equal size. One leg quotes, the other hedges.

The point is that the combined exposure to the market is close to zero. Wherever the price goes, one leg gains what the other loses, and the income comes from the work in the book itself.

This is the most demanding mode to set up, and it needs two prepared accounts.

06Funding harvest

A separate mechanic, unrelated to market making. On perpetual futures the two sides periodically pay each other funding. This mode looks for moments when the rate is high enough and holds a position so the payments come to you, hedging the direction on another venue.

07Which one to pick

If this is your first time, start with the careful mode and a small size. It is the most predictable, and it lets you see how everything works without risking a meaningful amount.

Sniper is worth taking when you want the bot to make the decisions itself and to work selectively rather than all the time.

Delta neutral makes sense when you have two accounts and you know why you want neutrality.

Venues

The bot works on several perpetual futures exchanges. The available modes and markets depend on the venue, and the current list is always visible in the dashboard.

01Ondo

Perpetual futures on more than crypto. A large part of the markets are equities, indices and metals: gold, silver, US indices, individual names.

That brings a property the pure crypto venues do not have. Many of these markets keep a schedule, and when the underlying exchange is closed the trading in them goes quiet. The bot takes that into account.

This is where Sniper lives, the mode that picks its own hours and its own pair.

02Arcus

Crypto perpetual futures with a very fine price step. Improving your place in the queue costs almost nothing here, which makes the venue a good fit for fast work.

This is where Hermes runs, the fastest mode we have.

03RISEx

Perpetual futures with delegation: you issue a session signer straight from the dashboard, without visiting the exchange interface. The price step here is coarse, so the work is built differently than on Arcus.

04Hotstuff

The venue this project started on. The full set of simple modes is supported.

05perpl

Perpetual futures on their own chain. The distinctive part is that every message carries an expiry: if it does not reach the right block in time, the venue rejects it. That makes distance between our server and the exchange unusually important, and we keep a dedicated node close to it.

06Lighter

A venue with personal fees: the rate belongs to the account rather than to the market. There is a premium tier with a higher request limit, and it noticeably changes how fast the bot can work.

07What we never do, on any venue

We do not withdraw funds. We do not move them between accounts. We do not change your keys. We do not trade at our own discretion outside the mode and the size you chose.

The complete list of actions our code is capable of is in Security.

Settings and dashboard

01Session settings

Quote size. How much money stands in a single order. The larger it is, the bigger each round and the harder a market move hits an open position. Starting small is the sensible choice.

Maximum position. The ceiling the bot will not build past. Once the position reaches it, the bot stops adding in that direction and works only on unwinding. After the stop loss this is your main limit on risk.

Leverage. The multiplier the exchange applies to your position. Leverage does not increase market making income directly, but it does increase both the risk and the margin requirement. If you are unsure, keep it at the minimum.

Stop loss. The amount of loss after which the session stops itself. It is set in money.

Hold time. How long the bot is willing to sit on an open position before closing it by force. A short hold protects you from the price walking away. Too short a hold makes it close at a bad price.

A note on the stop loss

The stop loss deserves thought, and we have watched people fall off both sides of it.

A stop that is too tight fires on ordinary market noise. The session stops, the person starts it again, it stops again, and every round costs fees. If your stop is smaller than a few percent of the account, it is probably too tight.

A stop larger than the deposit will never fire. That is the same as having none at all.

A reasonable anchor is the share of the account you would not mind losing over a day of work.

02Dashboard

The dashboard shows live numbers for the running session.

CPM is the main number for judging quality, and it is worth a moment.

CPM is a price, not an income. Lower is better. Zero means the trading broke even on costs, and a negative value means the work earned money on top of them.

Comparing CPM only makes sense within one venue. Fees and book depth differ from exchange to exchange, so what counts as normal differs too.

03History

Every past session is kept: when it ran, on what venue, in which mode, with what numbers. The history survives restarts and does not depend on your browser being open.

From the history you can open a session card and share it. The card shows statistics and no private data at all: no address, no keys, no balance.

04When the numbers look odd

Everything is zero after a restart. Session counters run from the moment it started. If a session was stopped and started again, they begin at zero, and the previous numbers are in the history.

There is a position but the bot does nothing. Most likely a limit is holding it: the maximum position is reached, the volatility guard is on, or a Sniper working window has ended. The dashboard says which one, right next to the session phase.

The history is empty. History is shown only to the account owner and requires a wallet signature. Without one you see an empty list even though the data is there.

Costs

Market making is a business of costs. The spread you capture is small and roughly fixed, so what decides the outcome is how much of it you give back. This page is about where it goes and what actually moves the number.

01Where the money goes

The last line is the one people underestimate. It is not a fee, nobody charges it, and it is usually the largest of the four.

02Taking is not a small premium

On Arcus, whose fee table is public and readable without an account, the base tier pays nothing to make and 2.25 basis points to take. Our own measurement of the same venue put the cost of holding a position for a minute at well under half of that.

The conclusion is worth stating plainly, because it is the opposite of the intuition. Closing at market to get out of a position quickly is usually more expensive than waiting for a maker fill. The bot leaves at market only when something is wrong.

03Cost per million

We measure everything in one number: cost per million of traded volume, written CPM. It answers how many dollars a million dollars of turnover gave away, counting fees and market movement together.

Lower is better. Zero means the trading paid for itself. A negative value means the work earned money on top of its costs.

04What actually moves it

We have measured this repeatedly rather than assumed it.

Hold time is the strongest lever. Sorting completed rounds by how long the position stayed open, cost per million grew by roughly an order of magnitude between rounds closed within seconds and rounds that lingered for minutes. Nothing else we have tested comes close.

The hour of the day matters. In the small hours around 01:00 to 02:00 UTC we measured cost roughly double the daytime level, at the same moment, on three independent venues and accounts, with a quiet market. Trading that breaks even at noon can fail to cover its fees at night.

Order placement matters less than either. A round of careful changes to where orders sit in the book moved the result by an amount indistinguishable from noise. Time in position and time of day dominate.

05Comparing numbers

Compare CPM only within one venue. Fees, tick size and book depth differ from exchange to exchange, so a number that is ordinary on one venue can be poor on another.

How the engine works

Enough of the inside to know what the bot is doing when you watch the dashboard, and why it sometimes does nothing at all.

01The life of a session

start ──► checks ──► quoting ──► position ──► exit ──► flat ──► quoting ...
             │                                              │
             │                                              └─ stop: pull orders, close, done
             └─ key present, venue answers, size clears the venue minimum

Before the first order the engine confirms that the trading key works, that the venue answers, and that your quote size clears the exchange minimum. A session that would produce dust is better refused than started.

02Both sides, maker only

The bot quotes a buy below the middle and a sell above it, and waits. It does not chase the touch. On the venues we measured, a full round trip of our own takes longer than the touch stays in place, so chasing spends money to arrive late.

03One send at a time, and the exit goes first

A side of the book accepts one message from us at a time. While one is in flight, the next one waits.

That queue used to be filled by entry orders, and the exit had to wait behind them. Measured over a working day, the position sat without a closing order in the book about a third of the time. Now the rule is explicit: while a position is not covered by an exit, new entries are not sent at all. The same measurement afterwards read zero.

04Reacting to events, not to a clock

Where a venue lets us subscribe to its stream, the bot acts the moment a fill arrives or the touch moves, rather than waiting for the next tick of a timer. The fastest mode, Hermes, is built entirely this way.

Where a venue offers no such stream, the bot polls, and it is slower by exactly that difference.

05The guards

The bot stops working for reasons that are all visible in the dashboard next to the session phase.

• Position cap reached. It stops adding in that direction and only unwinds.
• Stop loss. The session ends itself.
• Volatility pause. After the market pushes several times in a row in the same direction,

the bot steps aside for about a minute instead of leaning into the move.

• Outside the window. Sniper works only in its hours and closes out before they end.
• Venue trouble. Orders rejected or a feed gone stale, and the bot waits rather than guesses.

If the dashboard shows a position and no orders, one of these is the reason, and it says which.

06Restarts

The engine is restarted for updates. On restart the orders are pulled, positions are left where they are, and sessions come back and carry on. A restart closes nothing by itself.

Counters are the exception. They run from the moment a session started, so a session that was stopped and started again begins from zero, and the old numbers stay in the history.

07Stopping

The stop button pulls the orders and closes the position instead of leaving it open. It applies to that session on every venue it touches.

For certainty beyond our software, revoke the trading key at the exchange. After that the bot cannot place an order at all, whatever state it thinks it is in.

Security

This is the most important page in the documentation. We ask for access to a trading account, and you have every right to know exactly what that access allows and what it can never allow.

Everything below was checked against the code of each venue and by attempts from the outside, not asserted on trust. The review was carried out on 9 August 2026.

01The short version: your funds cannot be withdrawn

Here is the full list of what our code can do on an exchange: place an order, cancel an order, cancel all orders, set leverage, and reads such as account, positions, open orders, fills, markets and fee tier. No withdrawal, no transfer, no key rotation.

02What we never hold

We do not have your wallet's private key. It never leaves your device and we never ask for it.

We do not have your seed phrase. We do not ask for it and we never will.

What we store is the trading key issued by the exchange, encrypted, readable only by the process that runs the bot.

03Nobody can start or stop a session that is not theirs

Every action on a session requires a signature from your wallet. The server recovers the address from that signature and compares it with the account address. A signature is valid for five minutes, so one captured later cannot be replayed.

This was verified by attempts against the live site, not by reading code:

The stripped status is ten fields: activity, mode, phase, symbol, venue and the like. There is no balance in it, no volume, no result. An outsider can see that a session is running. They cannot see your money.

An operator cannot forge your signature either. The server has no master key for any user, only a trading agent, and a trading agent cannot sign on behalf of a wallet.

04How to revoke access

At any moment, without involving us. Open the exchange interface and revoke the key or the delegation. From that second the bot cannot place a single order, even if the session is formally still running.

We cannot prevent a revocation and we have no way around one.

05What happens when something breaks

You stop the session. The bot pulls its orders and closes the position rather than leaving it open.

The engine restarts. Orders are pulled, positions stay where they are, and after the restart the session comes back and carries on. A restart on its own closes nothing.

The venue goes down. The bot stops placing new orders and waits. It does not act blindly on stale data.

06What we do not promise

We do not promise profit. Market making is a business of costs, and on some markets it loses money even with flawless execution. The dashboard shows real numbers, including negative ones. We do not paint a nicer picture than the one we have.

We do not remove market risk. While a position is open, a sharp move costs money. That is what the stop loss and the position cap are for, and they are described in Settings.

07One story that was not ours

Last summer one of our users had funds drained from a wallet. We looked into it. It had nothing to do with this service: the money left through a signature given on an unrelated site.

We mention it here for one reason. No service, ours included, can protect you from a signature you approve yourself somewhere else. Read what you are signing.

Risk

The bot cannot lose your funds to us, and Security explains why that is a property of the key rather than a promise. This page is about the other kind of risk, the kind that stays with you because you are trading.

01What can cost you money

02Market risk while a position is open

Between the moment one side fills and the moment the other side closes, you hold a position, and a sharp move costs money. That window is small by design and the bot works to keep it small, but it is never zero.

This is also why hold time appears in Costs as the main lever. Short holds are cheaper and safer for the same reason.

03Leverage and liquidation

Leverage does not increase market making income directly. It increases the position the same money can carry, which means it increases both the margin requirement and the distance the price has to travel to hurt you.

If you are unsure, keep leverage at the minimum the venue allows. The bot is not built to outrun a liquidation.

04The stop loss, and what it cannot do

The stop loss ends the session once the loss reaches the amount you set. It is measured against the money backing the position, not against whatever happens to be free in the account.

Two failure modes are common enough to name.

Too tight and it fires on ordinary noise. The session stops, gets restarted, stops again, and each round pays fees for nothing.

Larger than the deposit and it can never fire, which is the same as having none.

A stop limits the loss. It does not remove it: between the moment the limit is reached and the moment the position is actually closed, the price keeps moving.

05An account that is too small

Every venue has a minimum order size. If the quote size sits below it, the position that builds up is treated as dust, and the normal path for closing it stops working. We have watched this turn into a position that simply would not go away.

Keep one quote comfortably above the venue minimum, and keep room for at least a couple of them under the position cap.

06When the venue misbehaves

The bot stops placing new orders and waits rather than acting on stale data. On venues where every message carries an expiry, a share of orders is rejected purely on timing, and that share grows with distance and load. Rejections are normal. Silence is not, and it is the case we watch for.

07What we do not promise

We do not promise returns. Market making loses money on some markets and in some hours even when execution is flawless, and our own measurements say so. The dashboard shows the real numbers, negative ones included.

Data and privacy

01What we store

That is the whole list.

02What we never store

We do not hold your seed phrase and we do not hold your wallet's private key. We do not ask for either, and any request for a seed phrase in our name is a scam.

There is no registration, no email, no identity check and no document upload. A wallet signature is the entire account.

03What other people can see

Your session status, stripped. Someone who knows a session exists can read a short version of it: activity, mode, phase, symbol, venue and the like. There is no balance in it, no volume and no result. They can see that a session is running. They cannot see your money.

Nothing else, without your signature. The dashboard numbers and the session history are shown to the owner of the address, and reading them requires a fresh wallet signature. Without one the history looks empty even though the data is there.

The share card, if you make one. A card carries statistics only: no address, no keys, no balance. Sharing is your choice and nothing is published on its own.

04What is public by nature

Trading happens on public venues. Orders and fills exist on the exchange, and on the onchain venues they are visible to anyone who looks. We cannot hide that, and neither can anyone else.

The RISEx Trading Passport is built on exactly that public record, which is why it can show a score for an address without the owner connecting anything.

05Removing your data

Revoke the trading key at the exchange whenever you like, and the stored key becomes useless immediately. Ask us and we will delete the session records too. Write to t.me/sypherscore.

Questions and honest caveats

01Questions

Do you hold my money? No. Funds stay in your account on the exchange. We take no deposits and we hold no user wallets.

Can you withdraw my funds? No, and that is not a promise but a property of the key. The trading key you issue has no withdrawal rights at the exchange level. The venue by venue breakdown is in Security.

Do you need my seed phrase? No. We do not ask for it and we never will. Any such request in our name is a scam.

What happens if I close the browser? Nothing. The session runs on our server. The browser is only there to watch and to control.

What happens if your server goes down? After a restart the sessions come back on their own and carry on. A restart pulls orders but does not close positions.

Can I trade manually while the bot is running? Technically yes, practically no. The bot treats the position as its own and will try to balance it, so the two of you will work against each other.

How much money do I need to start? It depends on the venue, since each has its own minimum order size. The practical anchor is this: your size should cover a couple of quotes comfortably above the venue minimum. Too small an account leads to positions that cannot be closed the normal way.

Can I stop everything at once? Yes. The stop button pulls the orders and closes the position. If you want certainty, revoke the trading key at the exchange, and after that the bot cannot place anything at all.

How much does it make? The honest answer is that it varies, and sometimes it is negative. See the next section.

02Honest caveats

We would rather say this plainly than bury it in small print.

Market risk stays yours. While a position is open, a sharp move devalues it. The stop loss and the position cap exist for that, but they limit the loss rather than remove it.

Speed depends on distance. Some venues require our messages to arrive within seconds. We keep servers close to the exchanges, but no link is perfect, and a share of orders is rejected on timing.

Things break. We keep a detailed record of every failure and dig down to the cause rather than the symptom. If something looks wrong to you, write to us: more often than not we can show from the logs exactly what happened.

03Where to write

Telegram: t.me/sypherscore

X: @Cryptobalp

When something looks wrong

Every symptom below has been reported by a real user and traced to a cause. Start here before writing to us, and if it is not on the list, write and we will look at the logs.

01Guards are not faults

The most common report is a session that appears frozen. Almost always it is working exactly as intended and one of the guards has it paused: the position cap is reached, the volatility pause is on, or a Sniper working window has ended. All of them are visible next to the session phase, and all of them are described in How the engine works.

The case that is genuinely wrong is silence with no reason named. That one we want to hear about.

02Stopping when you are unsure

If something looks wrong and you would rather not reason about it, stop the session. The bot pulls its orders and closes the position.

If you want certainty that does not depend on our software at all, revoke the trading key at the exchange. From that moment the bot cannot place a single order.

03Reporting a problem

Four things make a report easy to trace, and with them we can usually show from the logs exactly what happened:

1. The wallet address the session runs under.
2. The venue and the market.
3. Roughly when it happened, in UTC.
4. What you saw, in your own words.

Telegram: t.me/sypherscore. X: @Cryptobalp.

The rest of SypherScore

Vesper is the trading side of the project. The same site carries several other tools, all free to open and none of them requiring a key or a connection.

01Where the data comes from

We have been recording funding rates, prices and order books from every venue we support, minute by minute, for months. The screener, the ranking model and the backtester all read the same database, and so does the research behind the numbers quoted in Costs.

02The passport

The passport needs nothing from you. It reads the public onchain record of an address on RISEx and turns it into a score, a level and a shareable card. Connecting a wallet only adds the parts that require proof of ownership.

03Reading our data directly

A few read only JSON endpoints answer without a key, and you are welcome to use them:

GET https://sypherscore.com/api/exchanges          the venues we track
GET https://sypherscore.com/api/funding            current funding across venues
GET https://sypherscore.com/api/arcus/markets      Arcus markets with mark, funding and limits
GET https://sypherscore.com/api/passport/<address> the passport profile for an address

They exist for the site itself, so treat them as convenience rather than as a product: shapes can change, and there is no rate limit contract behind them. If you need something stable, tell us what you are building.