Bitfinex Hive Distributed Cryptocurrency Matching Engine For Trading

This past week Bitfinex initiated a significant performance update that was focused on the launch of a distributed, multithreaded and multi-process matching engine.

Bitfinex is a popular bitcoin and cryptocurrency exchange and a matching engine is the core software behind an electronic, computer-driven trading system like Bitfinex.

Most financial instruments like cryptocurrency trading have been empowered by electronic matching engines and the software supporting this. How matching engines work is that they match trades on a platform, allocating bids and offers amongst competing traders by means of a certain set of rules.

By increasing the efficiency of order allocation process. The electronic engines can work to drive down transaction fees to a few cents while improving the market quality in the process. As a result of this, the speed at which one can receive, interpret and react to market information, in both relative and absolute terms, is now a fundamental consideration for both traders and exchanges seeking a competitive advantage.

Bitfinex has focused their recent updates on leaving the single-threaded matching engine behind and moving on to a  distributed, high-performance, multi-process system. This system in Bitfinex is been called Hive and it allows for increasingly efficient order execution & improved scaling capabilities by separating workloads amongst multiple ‘instances’, or workers.

As the result of these recent iterations on Hive, traders on Bitfinex now react more quickly to price movements and changing market conditions. This helps Bitfinex to maintain high performance for its rapidly growing user base. The multi-process matching engine ensures that the latency remains unaffected by periods of high order throughput.

Hive has already scaled up more than 100 times the number of orders handled in the current market. It comes with full support for new order types, order level flags to prevent self-trading, FX virtual books, and support for a number of additional gateways.

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