PMM Mister Controller
An advanced Pure Market Making controller with sophisticated position management, designed for both spot and perpetual futures markets.
Overview
PMM Mister extends basic market making with features critical for serious trading: hanging executors, position tracking, breakeven awareness, cooldowns, and dynamic risk management.
Best for:
- Spot and perpetual futures market making
- Strategies requiring position-aware decisions
- Advanced users who need fine-grained control over order timing and risk
Key Features
| Feature |
Description |
| Hanging Executors |
Filled orders become "hanging" positions that can be effectivized or closed |
| Position Tracking |
Tracks aggregate position, breakeven price, and unrealized PnL |
| Cooldown System |
Separate buy/sell cooldowns after fills to prevent over-trading |
| Price Distance Control |
Prevents placing orders too close to existing positions |
| Profit Protection |
Option to never sell below breakeven price |
| Level-Specific Tolerances |
Tolerances scale with level for tiered order management |
Strategy Logic
- Order Placement: Places orders at spread levels, adjusted by position skew
- Fill Handling: Filled orders become hanging executors awaiting effectivization
- Cooldown: After a fill, that side enters cooldown before new orders
- Effectivization: After effectivization time, hanging positions are "realized"
- Position Management: Skews order sizes to rebalance toward target position
- Profit Protection: Optionally prevents selling below breakeven
Configuration Parameters
Core Settings
| Parameter |
Type |
Default |
Description |
connector_name |
string |
binance |
Exchange connector |
trading_pair |
string |
BTC-FDUSD |
Trading pair |
portfolio_allocation |
decimal |
0.1 |
Fraction of total_amount_quote to use (0.1 = 10%) |
leverage |
int |
20 |
Leverage for perpetual contracts |
position_mode |
enum |
ONEWAY |
ONEWAY or HEDGE position mode |
Position Management
| Parameter |
Type |
Default |
Description |
target_base_pct |
decimal |
0.5 |
Target position as % of allocation |
min_base_pct |
decimal |
0.3 |
Minimum position % (stops selling below this) |
max_base_pct |
decimal |
0.7 |
Maximum position % (stops buying above this) |
min_skew |
decimal |
1.0 |
Minimum skew multiplier (prevents tiny orders) |
Spread & Amount Configuration
| Parameter |
Type |
Default |
Description |
buy_spreads |
list |
0.0005 |
Comma-separated buy spreads (0.0005 = 0.05%) |
sell_spreads |
list |
0.0005 |
Comma-separated sell spreads |
buy_amounts_pct |
list |
1 |
Amount weights per buy level |
sell_amounts_pct |
list |
1 |
Amount weights per sell level |
Amount weights: If you have 3 levels with amounts 1,2,1, the middle level gets 50% of the allocation.
Timing Configuration
| Parameter |
Type |
Default |
Description |
executor_refresh_time |
int |
30 |
Seconds before refreshing unfilled orders |
buy_cooldown_time |
int |
60 |
Seconds to wait after a buy fill |
sell_cooldown_time |
int |
60 |
Seconds to wait after a sell fill |
buy_position_effectivization_time |
int |
120 |
Seconds before buy position is effectivized |
sell_position_effectivization_time |
int |
120 |
Seconds before sell position is effectivized |
Tolerance Configuration
| Parameter |
Type |
Default |
Description |
price_distance_tolerance |
decimal |
0.0005 |
Min distance from existing orders (0.05%) |
refresh_tolerance |
decimal |
0.0005 |
Price deviation to trigger order refresh |
tolerance_scaling |
decimal |
1.2 |
Multiplier for level-specific tolerances |
Level scaling: Level 0 uses base tolerance, Level 1 uses tolerance * 1.2, Level 2 uses tolerance * 1.2^2, etc.
Risk Management
| Parameter |
Type |
Default |
Description |
take_profit |
decimal |
0.0001 |
Take profit % per position (0.01%) |
global_take_profit |
decimal |
0.03 |
Overall take profit % (3%) |
global_stop_loss |
decimal |
0.05 |
Overall stop loss % (5%) |
position_profit_protection |
bool |
false |
Never sell below breakeven |
max_active_executors_by_level |
int |
4 |
Max hanging executors per level |
Order Types
| Parameter |
Type |
Default |
Description |
open_order_type |
enum |
LIMIT_MAKER |
Order type for entry |
take_profit_order_type |
enum |
LIMIT_MAKER |
Order type for TP |
tick_mode |
bool |
false |
Use tick-based spread calculation |
Example Configurations
Conservative Perpetual MM
id: btc_perp_conservative
controller_name: pmm_mister
connector_name: binance_perpetual
trading_pair: BTC-USDT
portfolio_allocation: 0.05
leverage: 10
buy_spreads: "0.001,0.002"
sell_spreads: "0.001,0.002"
buy_cooldown_time: 120
sell_cooldown_time: 120
position_profit_protection: true
global_stop_loss: 0.03
Aggressive Scalping
id: eth_perp_scalp
controller_name: pmm_mister
connector_name: binance_perpetual
trading_pair: ETH-USDT
portfolio_allocation: 0.2
leverage: 20
buy_spreads: "0.0003,0.0005,0.0008"
sell_spreads: "0.0003,0.0005,0.0008"
buy_amounts_pct: "1,2,3"
sell_amounts_pct: "1,2,3"
executor_refresh_time: 15
buy_cooldown_time: 30
sell_cooldown_time: 30
take_profit: 0.0002
price_distance_tolerance: 0.0002
Position-Balanced Strategy
id: sol_perp_balanced
controller_name: pmm_mister
connector_name: binance_perpetual
trading_pair: SOL-USDT
portfolio_allocation: 0.1
leverage: 15
target_base_pct: 0.5
min_base_pct: 0.2
max_base_pct: 0.8
buy_spreads: "0.0005,0.001"
sell_spreads: "0.0005,0.001"
min_skew: 0.5
position_profit_protection: true
Status Display
PMM Mister provides a comprehensive real-time dashboard:
╒══════════════════════════════════════════════════════════════════════════════╕
│ binance_perpetual:BTC-USDT @ 95000.00 Alloc: 10.0% Pos Protect: ON │
├──────────────────────────────────────────────────────────────────────────────┤
│ REAL-TIME CONDITIONS DASHBOARD │
├────────────────┬──────────────────┬────────────────┬────────────┬────────────┤
│ COOLDOWNS │ PRICE DISTANCES │ EFFECTIVIZATION│ REFRESH │ EXECUTION │
├────────────────┼──────────────────┼────────────────┼────────────┼────────────┤
│ BUY: READY │ L0 Dist: 0.05% │ Hanging: 2 │ Near: 1 │ BUY: 2/2 │
│ SELL: 45.2s │ BUY: (0.12%) │ Ready: 1 │ Ready: 0 │ SELL: 1/2 │
├──────────────────────────────────────────────────────────────────────────────┤
│ LEVEL-BY-LEVEL ANALYSIS │
│ BUY LEVELS: │
│ buy_0: Active:1 Hanging:0 │
│ buy_1: Active:0 Hanging:1 | Blocked: cooldown_active │
│ SELL LEVELS: │
│ sell_0: Active:1 Hanging:1 │
│ sell_1: Active:0 Hanging:0 | Blocked: price_distance_violation │
├──────────────────────────────────────────────────────────────────────────────┤
│ POSITION STATUS │ PROFIT & LOSS │
│ Current: 55.00% (Target: 50%)│ Unrealized: +0.15% │
│ Range: 30.00% - 70.00% │ Take Profit: 3.00% (2.85% to go) │
│ Buy Skew: 0.75 | Sell: 1.25 │ Breakeven: 94850.00 │
╘══════════════════════════════════════════════════════════════════════════════╛
Blocking Conditions
Orders for a level are blocked when:
| Condition |
Description |
max_active_executors_reached |
Level has max hanging executors |
cooldown_active |
Recent fill, waiting for cooldown |
price_distance_violation |
Existing order too close to current price |
below_min_position |
Position below min, only buy orders |
above_max_position |
Position above max, only sell orders |
position_profit_protection |
Price below breakeven, sells blocked |
PMM V1 vs PMM Mister
| Feature |
PMM V1 |
PMM Mister |
| Target market |
Spot |
Perpetuals/Margin |
| Order executor |
OrderExecutor |
PositionExecutor |
| Position tracking |
Inventory only |
Full position with breakeven |
| Leverage support |
No |
Yes |
| Hanging executors |
No |
Yes |
| Cooldowns |
filled_order_delay only |
Separate buy/sell cooldowns |
| Profit protection |
No |
Yes |
| Take profit |
No |
Per-position TP |
| Status display |
Simple |
Comprehensive dashboard |
When to Use
Use PMM Mister when:
- Trading perpetual futures with leverage
- You need position-aware decision making
- You want protection against selling at a loss
- You need fine-grained control over order timing
- You want to see real-time condition analysis
Consider PMM V1 instead when:
- Trading spot markets
- You want simpler, legacy-compatible behavior
- You don't need position tracking
- Lower complexity is preferred
tools-only