Kelp is a free, open-source market making bot for traders and token teams who want to quote prices on the Stellar universal marketplace and on centralized exchanges such as Binance, Kraken and CoinbasePro. It is licensed under Apache 2.0 and written in Go. Before you install it, note that the project has had no code updates since November 2021, so treat it as a legacy tool rather than actively maintained software.
Market making means placing buy and sell orders on both sides of a market so that other traders can trade against your quotes. Kelp automates that process on Windows, macOS, Linux or Docker, and a Windows build or installer is available. The sections below cover what the program does, how to install it, and what to check before you run it with real funds.
What Market Making Means in Practice
A market maker posts a buy price and a sell price at the same time, and the gap between them is the spread. When someone takes one side of a quote, the maker acquires coins or a stablecoin and now holds some inventory. The goal is to earn the spread over many trades while keeping that inventory from drifting too far in one direction.
Inventory is where the risk sits. If a token's price falls after you buy it, the spread you earned can disappear quickly. Good market making depends on how often quotes are refreshed, how wide the spread is set, and how the bot reacts when prices move.
Automated market makers handle repetitive work that would be impractical by hand. A bot can update quotes continuously and cancel orders that no longer make sense. The trade-off is that a misconfigured bot can repeat a mistake many times before you notice, so monitoring matters as much as setup.
Who Kelp Is Built For
Kelp suits a narrower audience than general-purpose trading platforms. The most natural fit is a team launching a token that needs a visible market with real quotes from the start. A community or project treasury might use it to keep a stablecoin market orderly, while an experienced trader might use it to follow prices from another venue.
Individual traders trying a bot for the first time may find the setup demanding. Kelp involves configuration files, credentials and command-line operations, so comfort with technical tools helps. People who prefer a graphical terminal with point-and-click strategies may find a different tool easier to start with.
The users most likely to succeed are those who test carefully. Start on a small market, watch how orders behave over several sessions, and only then increase size. Keep a written record of your settings so you can reproduce a working configuration or roll back a change.
How Kelp Connects Stellar and Centralized Exchanges
Kelp operates on two fronts. The first is the Stellar universal marketplace, where assets can be traded directly on the network. The second is a set of connectors to centralized exchanges, including Binance, Kraken and CoinbasePro. Working with both lets you quote where you want liquidity and reference prices from another venue when that makes sense.
Each connector depends on the exchange's own API. Any change on the exchange side can require an update on your end. Because the project is no longer receiving code updates, check that each connector you plan to use still works with the current exchange interface before you go live.
The project's notes also suggest a different route for Kraken. Rather than the built-in Kraken connector, the documentation recommends a ccxt-based Kraken connector. ccxt is a widely used library that wraps many exchange APIs, so this advice reflects a practical choice for many users.
Keep your first setup simple. A two-venue configuration has more moving parts than a single-market bot, and each part can fail differently. Test each connection separately before combining them.
Key features
Liquidity for New Token Launches
Custom Stablecoin Pricing and Trading
Order Book Mirroring
Supported coins
The project's documentation mentions Stellar (XLM) and USDT as supported coins and networks. Kelp is built around the Stellar marketplace and can quote on centralized exchanges such as Binance, Kraken and CoinbasePro. Confirm that your chosen market and exchange connector are available before you configure a bot.
How to install Kelp on Windows
- 1
Get the Windows Build
Open the project's GitHub Releases page at github.com/stellar/kelp or the official website, and download the Windows build or installer for the latest release, v1.12.0. Download only from the official website or GitHub, and avoid mirror sites that offer repackaged copies.
- 2
Verify the File
Calculate the SHA-256 checksum of the downloaded file with PowerShell using Get-FileHash, then compare the result with the value published on the release page. If a signature is provided, check it as well. Do not run the file if the values do not match.
- 3
Install or Extract the Program
Run the installer and accept the default folder, or extract the build into a dedicated folder. A simple path makes it easier to find your configuration files later.
-
Set Up Your Configuration
Copy the sample configuration file and fill in your exchange or Stellar details. If you use the GUI configuration, an Auth0 account is required for the AUTH0 section. Follow the project's Windows guide for setting up a first bot on the Stellar network.
How to use Kelp
Once Kelp is installed and your configuration is ready, the workflow is straightforward but needs care. Start with a small test market and read the output before you let the bot run unattended.
- Open the sample configuration file and enter your exchange or Stellar account details.
- If you use the GUI configuration, uncomment the AUTH0 section and enter your Auth0 credentials in the required fields.
- Choose the market you want to quote and set the basic parameters for your orders.
- Run the trade command, which takes three required parameters, and confirm it starts without errors.
- Watch the first orders appear in the book and check that their prices match your intent.
- Stop the bot and review the logs before increasing order size.
Repeat this routine after any configuration change, not only at the first launch.
Pros & cons
- Free and open source under the Apache 2.0 license
- Covers both the Stellar marketplace and several centralized exchanges
- Built for market making and price discovery, including ICO-style launches
- Can mirror order books from other exchanges
- Written in Go, so developers can review the code
- No code updates since November 2021
- Setup relies on configuration files and command-line steps
- Some GUI setups require an Auth0 account
- The project recommends a ccxt-based connector for Kraken instead of the built-in one
- Bots act without you watching, so mistakes can repeat quickly
Is Kelp safe?
Kelp handles exchange credentials and places orders with real funds, so treat it as a high-risk tool. Its source code is on GitHub, and the ready-made build should come only from the official website or the GitHub Releases page. Compare the file's SHA-256 checksum with the value published with the release, and verify a signature if one is provided. The project has had no code updates since November 2021, and the latest release listed is v1.12.0, so check the official website for any newer version before installing. Never enter a seed phrase or wallet recovery phrase on third-party sites, and give exchange API keys only the permissions a bot needs, without withdrawal rights.
- Official source only. Download from github.com/stellar/kelp. 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
Kelp is narrower than most bots in this catalog. Its focus is market making on Stellar and several centralized exchanges. Gunbot and Moon Bot are general trading bots built around exchange strategies, and ProfitTrailer follows a similar model. HaasOnline TradeServer is a larger professional platform. Quantify centers on backtesting and signal-based decisions rather than live quoting. Binance Fund BOT is about moving coins between Kraken and Binance, a different job from quoting a market. If you want to test strategies before going live, look at Elinesoft XTester or TestMyLogic, which check strategies rather than place orders.
Specifications
- Price
- Free
- Type
- Open source
- License
- Apache 2.0
- Latest version
- v1.12.0
- Last update
- 26 Nov 2021
- Windows support
- Yes (Windows build or installer)
- Source code
- github.com/stellar/kelp
Frequently asked questions
Yes. Kelp is free and open source under the Apache 2.0 license. The program itself costs nothing, but the exchanges you connect to still charge their normal trading fees, and you are responsible for the results of your orders.
Yes, Kelp has a Windows build or installer, and the project includes a guide for setting up a first trading bot on the Stellar network using Windows. The program also runs on macOS, Linux and Docker. Begin with a small test market.
Safety depends on where you get the file and how you handle your keys. Kelp is open source, so its code can be reviewed, but it has had no updates since November 2021. Treat it as a tool that handles real money, and start with small amounts.
Market making means continuously posting buy and sell orders so other traders can trade at quoted prices. A market maker aims to earn the gap between its buy and sell prices while carrying the risk of holding coins whose value moves. Kelp automates this process.
The project's documentation mentions Stellar (XLM) and USDT as coins and networks. Kelp is built around the Stellar marketplace and can quote on centralized exchanges such as Binance, Kraken and CoinbasePro. Confirm your market and connector are available before you configure a bot.
An Auth0 account is required only when you use the AUTH0 section of the sample GUI configuration. To enable it, uncomment that section and enter your Auth0 credentials in the required fields. Keep those credentials private and never paste them into public forums.
Gunbot, Moon Bot, ProfitTrailer and HaasOnline TradeServer are common choices for exchange trading bots. Quantify and Elinesoft XTester focus on strategy research and backtesting. Pick based on whether you need market making, general trading strategies or testing before going live.
No. No trading bot can guarantee profits, and market making carries inventory and price risk. Kelp places orders according to the settings you choose. Test with small amounts, monitor results, and never invest money you cannot afford to lose.
Verdict
Kelp suits experienced users who want a free, open-source market making tool for Stellar or a supported exchange, and who are comfortable with configuration files and command-line setup. It is less suited to beginners, to anyone who needs a maintained product with recent updates, or to people who expect automatic profits. Because the code has not changed since 2021, weigh that carefully against your risk tolerance. Start with small amounts and test thoroughly before trusting it with larger positions.