Copy trading is a powerful tool in the crypto investor’s arsenal, enabling them to automatically replicate the strategies of experienced and successful traders.
In the fast-paced world of crypto, timing is everything when it comes to mirroring the actions of top traders. Solana copy trading platform Odinbot has “first and foremost concentrated on speed,” the project’s PR lead Erik Demeters told Decrypt, becoming one of the fastest copy trading bots in the marketplace as a result.
Odinbot claims to have achieved “zero block latency” with 15% of its trades, meaning that copy trades are completed in the same block as those of the trader they’re mirroring. “Most others hit within one to two seconds,” Demeters added. In a comparison of copy trading bots conducted by Odinbot, the project claims that its own bot was first to execute in 62% of the trades versus its three leading rivals.
Predictive trading
The platform’s secret sauce is “predictive trading,” Demeters said. “We initiate trades before it’s even been confirmed on the chain,” he explained, adding that, “We’re looking for signals of pre-confirmation in order to smash our confirmation through.”
Unlike the majority of other copy trading platforms, Odinbot is based on a dedicated web app rather than a Telegram bot, which can be unstable and susceptible to downtime. “We have 99.9% uptime versus Telegram, which goes down sometimes and has outages because it’s so large—and then none of your tools work,” Demeters said, adding that, “It’s already happened two or three times since we’ve been building.”
Granular price impact and slippage protection
As well as providing daily curated lists of Alpha Wallets to community members, Odinbot also protects users from unfavorable trades by offering granular control over price impact and slippage protection. “If you want to protect yourself, there are certain things that can be done manually; other protection methods are completely automatic,” Demeters told Decrypt.
“We put strict controls on per day and per hour limits, per wallet, until you’ve vetted a wallet after a couple of successful trades,” he explained. Those trades need to meet Odinbot’s “conservative” requirements, he added, explaining that, “We stop them from aping into low liquidity tokens,” and that the platform blocks trades of tokens that haven’t revoked freeze authority.
“I can’t explain how many billions were rugged in the last year from people doing this very simple scam of rugging their frozen authority tokens,” he said, explaining that, “Everybody keeps buying in, it looks like it’s going to the moon, but really no-one can sell.”
The platform’s approach is delivering results, with one user turning $400 into $60,000 in a recent trading competition.
Looking to the future, Demeters argued that the next big cycle will see on-chain copy trading pivot from meme coins to DEX perpetuals.
With on-chain spot trading, and soon perpetual futures trading going on-chain, “perps will be deep enough liquidity to provide much better volume for copy trading in general, more stability,” he said.
On-chain copy trading is only set to grow, he argued—and Odinbot is positioning itself to be a major player in the space. “We’re trying to build the best copy trading tool and platform on Solana,” Demeters said, adding that, “This is the golden age of copy trade.”
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