Hummingbot is a free, open-source trading bot for Windows, built for traders who want to run market-making and arbitrage strategies on crypto exchanges. It suits people who already understand order books, spreads and API keys and want to automate repetitive order management instead of watching charts all day. The project is licensed under Apache 2.0 and written in Python, so its code can be read, modified and reviewed by anyone.
Its core idea is a shared connector layer. Instead of writing separate logic for each venue, you configure a strategy once and deploy it across several exchanges with relatively small changes. The current release is v0.46.0, and the official Windows version lets Windows users run it directly. Because the program places real orders with your funds, it rewards careful configuration, small test sizes and a clear understanding of what each setting does.
What Is Hummingbot and How Does It Work?
Hummingbot runs on your own computer and acts as a local controller for your trading activity. It reads live prices, applies the strategy and settings you chose, and then places, updates or cancels orders on the exchange. Nothing about the logic depends on a hosted service run by a third party.
Exchanges do not all speak the same language. Each one exposes its own REST endpoints for placing orders and its own WebSocket streams for live prices and order updates. Hummingbot's connectors translate those different interfaces into one shared structure, so a strategy written for one venue can be moved to another with fewer changes.
Two strategy types are the core use cases. In market making, the bot posts bids below the mid price and asks above it, earning the spread when its orders get filled. In arbitrage, it watches for a price gap between two venues that is larger than the trading and transfer costs, then buys on one side and sells on the other.
Who Is Hummingbot For?
Hummingbot fits traders who are comfortable with configuration files, order types and basic risk management. If you want a one-click button that promises results, this is the wrong tool. The program rewards people who read the documentation, test small amounts and watch what the bot does during volatile periods.
A typical user might run a market-making strategy on one centralized exchange for a liquid pair, then monitor the same pair on a decentralized venue to see whether the spread is wide enough to justify the effort. Another might be a developer or quantitative hobbyist who wants to read the source code and adjust the logic. Because the license is Apache 2.0, that kind of modification is part of the design.
It is less suited to people who need hands-off investing or who do not want to think about inventory, latency or exchange fees. Those readers will usually be better served by simpler tools with clearer defaults.
Key Trading Terms Before You Start
The order book is the list of open bids and asks for a market, sorted by price. The best bid is the highest price a buyer is offering, and the best ask is the lowest price a seller accepts. The gap between them is the spread, and it is the main source of income for a market-making bot when its orders are filled.
The mid price sits halfway between the best bid and best ask. Strategies often place quotes at a set distance from it. A maker order adds liquidity by waiting in the book, while a taker order removes liquidity by matching an existing order immediately. Fees are often different for the two, which changes the economics of each approach.
Inventory risk is the exposure you accumulate when one side of your quotes fills more often than the other. If the price then moves against you, the position can lose value quickly. Terms like API key, wallet key and seed phrase also matter. An API key grants limited access to an exchange account, while a seed phrase can restore full control of a wallet, so it must be treated with extreme care.
Key features
Centralized exchange connectivity
Decentralized exchange connectivity
Spot trading on order book exchanges
Perpetual futures on order book exchanges
Automated market maker pools
Supported coins
The documentation mentions Bitcoin (BTC), Ethereum (ETH) and XRP as examples of assets. Connector documentation covers exchanges including Binance, Gate.io, Huobi, KuCoin, OKX and dYdX, so the exact pairs you can trade depend on each venue and its connector. Ledger hardware wallets are listed among supported hardware wallets.
How to install Hummingbot on Windows
- 1
Get the program from an official source
Download only from the official website at hummingbot.org or from the project's Releases page on GitHub. Avoid mirrors, torrents and links shared in chat groups, since a modified installer can look identical to the real one. Look for the official Windows version and note the release number, currently v0.46.0 or whichever newer version is listed.
- 2
Verify the file before running it
Check the SHA-256 checksum or digital signature published alongside the release. On Windows you can compute a hash with PowerShell using Get-FileHash and compare the result character by character with the published value. If the values do not match, delete the file and download it again from the official source.
- 3
Run the installer
Start the verified installer and follow the prompts. Choose a folder with enough free space and keep the default components unless you have a specific reason to change them. If you prefer a container-based setup, the program is also listed for Docker, which can be a cleaner way to isolate it from other software.
- 4
Create API keys on your exchange
In each exchange account, create a new API key with only the permissions the strategy needs, usually trading and reading data. Store the key and secret safely, because many exchanges show the secret only once. Keep the key separate from your main login and test with a small balance before scaling up.
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Connect and confirm the setup
Launch Hummingbot, select the exchange connector, and enter your API details when prompted. Confirm that balances and market data load correctly before you configure any strategy. A failed connection at this stage is much easier to fix than a half-running strategy with unclear orders.
How to use Hummingbot
Hummingbot works from a command-style interface, so the workflow is more about configuration than clicking through menus. Plan your first session around one market, one exchange and a small order size. Settings you do not understand are best left unchanged until you have read what they control.
- Connect one exchange. Add your API key for a single venue and confirm that balances and the order book are visible before you continue.
- Pick a strategy. Choose a market-making or arbitrage configuration that matches the market you plan to trade.
- Set the spread and order size. Start with wide spreads and small amounts so you can observe how the bot behaves without taking large positions.
- Define refresh timing. Decide how often the bot should cancel and replace orders, since slow updates can leave stale quotes exposed during fast moves.
- Set risk limits. Cap the position size and decide in advance how much loss you can accept before you stop the bot.
- Run and watch the logs. Follow the output for the first hours, checking fills, cancellations and any error messages.
- Review and adjust. After a session, compare the results with your expectations, change one parameter at a time and record what you changed.
Keep notes on every change. When results differ from what you expected, a written history makes it much easier to find the cause.
Pros & cons
- Free to use and licensed under Apache 2.0
- Open-source code that can be read, modified and reviewed
- Official Windows version available
- One connector framework covers centralized, decentralized, order book and automated market maker venues
- Supports both market making and arbitrage strategies
- Documentation covers several major exchanges
- Best suited to users comfortable with configuration and trading concepts
- Real orders mean real financial risk, and no outcome is guaranteed
- Features and available markets vary by exchange connector
- You are responsible for managing API keys and wallet security yourself
- Strategy setup takes time to learn and test properly
Is Hummingbot safe?
Hummingbot handles exchange API keys and, for decentralized venues, wallet keys, so security deserves the same attention you would give a bank login. Download only from the official website or the project's GitHub Releases page, and check the SHA-256 checksum or digital signature before running the installer. Never enter a seed phrase on a third-party website, in a chat message or into any form that is not part of your own wallet software.
For exchange accounts, create API keys with only the permissions the bot needs and keep withdrawal permissions disabled. Use two-factor authentication on the exchange, and rotate keys if you suspect a leak. Review the source code or its release notes when you update, and keep the program in a dedicated folder so you always know which version is running.
- Official source only. Download from hummingbot.org. Ignore ads and lookalike domains.
- Check the SHA-256. Compare the installer hash with the value the developer publishes before running it.
- Never share your seed phrase. No developer, support agent or website — including CryptApps — will ever ask for it.
Alternatives
Hummingbot is built around connectors that link one strategy framework to many venue types, including centralized exchanges, decentralized exchanges, order book markets and automated market makers. Its Apache 2.0 license and open code make it attractive to people who want to study or change the logic. Other tools in this catalog approach the problem from different angles.
Quantify emphasizes backtesting across multiple strategies and a real-time decision desk that produces signals. Gunbot Quant focuses on a market screener and multi-strategy analysis. OctoBot offers a web interface for trading bot management. Pons MM Desktop is a native desktop control plane for market-making strategies on one specific platform.
If your main goal is market making or arbitrage across several venues, Hummingbot's connector design is the key differentiator. If you prefer screening or analysis first, one of the other options may fit better.
Specifications
- Price
- Free
- Type
- Open source
- License
- Apache 2.0
- Latest version
- v0.46.0
- Last update
- 7 May 2025
- Windows support
- Yes (official Windows version)
- Official site
- hummingbot.org
- Source code
- github.com/coinalpha/hummingbot
Frequently asked questions
Yes, Hummingbot is listed as free and is released under the Apache 2.0 open-source license. Being free to download does not cover trading costs, which include exchange fees, network fees and any losses from market movements. Read the fee schedule of each exchange you connect before running a strategy.
Yes, Hummingbot has an official Windows version. Download it from the official website or the GitHub Releases page, verify the checksum or signature, and then run the installer. The program is also listed for Docker if you prefer a container setup.
The software itself is open source, so its code can be inspected, but safety depends on how you install it and manage your keys. Use only the official download sources, verify the file, restrict API key permissions and start with small amounts. Never give a seed phrase to a third-party website or person.
The documentation mentions Bitcoin (BTC), Ethereum (ETH) and XRP as examples. The actual pairs you can trade depend on the exchange and its connector, so check the documentation for each venue you plan to use. A coin appearing in an example does not guarantee that every market for it is available.
A CEX connector links to a centralized exchange that holds your funds and uses API keys for access. A DEX connector links to a decentralized exchange on a blockchain and uses wallet keys, so you keep custody of your assets. The two models differ in security, fees and the setup steps involved.
Market making means posting buy and sell orders around the current price and earning the difference between them when trades fill. The strategy depends on consistent order management and careful inventory control. It can lose money when prices move sharply against the position it has accumulated.
No. Hummingbot is a tool for automating orders, and it cannot promise profits or protect you from losses. Results depend on market conditions, your settings, exchange fees and the speed of execution. Test thoroughly before committing significant capital.
Begin with one exchange, a single market and a small balance. Use API keys with limited permissions, set a maximum position and watch the logs during the first sessions. Change one setting at a time so you can see what each adjustment does.
Verdict
Hummingbot is a strong choice for Windows users who want a free, open-source bot for market making and arbitrage across centralized and decentralized venues. It rewards people who understand order books, spreads and key management, and who are willing to test carefully. Beginners looking for simple automation may find it demanding. The most recent code update is dated May 7, 2025, so check the latest version on the official website before installing and review the release notes.