Maintain a real-time L4 orderbook locally using snapshot + delta sync.
Subscribe to l4BookUpdates and buffer incoming updates
Fetch L4PerpBookSnapshot snapshot with block height
Apply buffered updates where height > snapshot_height
Continue applying live updates
This gives you a complete L4 orderbook with user addresses for every resting order.
HIP-3 liquidity incentives - monitor which users qualify for LP rewards based on their orderbook presence
BBO tracking - identify which users are providing best bid/offer
Market making - track your queue position, monitor competitor liquidity
Analytics - real-time orderbook metrics, spread analysis, depth tracking
The Hydromancer Python SDK handles sync automatically:
from hydromancer_sdk import L4OrderbookClient
client = L4OrderbookClient(coins=["ETH", "BTC"])
await client.run()
book = client.get_book("ETH")
print(book.best_bid_str(), book.best_ask_str())See examples for streaming orderbook and validation usage. Use meta to call correct markets.
If implementing without the SDK, handle the three diff types from l4BookUpdates:
new - insert order into book at price level, store oid, user, side, px, sz
update - find order by oid, update sz (partial fill occurred)
remove - delete order by oid (filled or cancelled)
Maintain orders indexed by oid for fast lookups. Use sorted structures (e.g. sorted map) keyed by price for efficient BBO queries.
Important: Order matching is mandatory. When inserting new orders, run your matching engine to cross any orders that would trade (bid >= ask). Without matching, your book will become stale and show crossed markets.
Updates arrive per-block (~70ms block time)
Perp markets only (no spot)
Includes all resting limit orders with user addresses
Does not include untriggered stop/take-profit orders
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