How to Use ChatGPT Arbitrage MEV and generate 1.3ETH per Day

Summary

The transcript describes creating a bot using blockchain technology and smart contracts to automatically profit from cryptocurrency market inefficiencies. It provides code and instructions for configuring the bot to monitor transactions and exploit slippage opportunities. The video creator demonstrates the bot generating over 1 ETH in passive income over 24 hours and withdraws the profits back to his wallet.

Takeaways

• 😊 The video outlines how to create a bot using chatGPT that can generate passive income through crypto arbitrage
• 👨‍💻 The bot code operates on the principle of Maximal Extractable Value (MEV) by front running transactions on platforms like Uniswap
• 💰 The profit comes from the difference between the gas fees paid by the bot and the slippage from the original transaction
• 🔌 The bot runs on the Ethereum blockchain and needs MetaMask to interact with it
• ⚙️ The code is open source and can be customized, but modifications are the user's responsibility
• 🤖 Users need to deploy the smart contract code in Remix IDE and fund it to start the bot
• ♻️ The bot auto-trades based on configured parameters once started via specified functions
• 💵 It charges no fees and all profits go directly to the owner/deployer wallet
• 📈 The video demonstrates how over $1000 was made in passive profits in just 24 hours
• 🔒 API keys authenticate owners to manage and withdraw funds from the bot

Q & A

What is MEV and how does it work?

MEV stands for Maximal Extractable Value. It involves strategies like mempool observation, arbitrage, and front running on decentralized platforms like Uniswap and 1inch. Essentially, when a transaction with slippage is created, the MEV bot scans the mempool, sees the transaction, and creates a similar transaction with a higher gas price to execute it first, then resells at a higher price due to the slippage. The profit comes from the difference between the extra ether spent on gas and the gained slippage.

Why is it important to avoid suspicious transactions and platforms in the cryptocurrency world?

The world of cryptocurrencies is full of scammers. The best way to protect your assets is by avoiding suspicious transactions and platforms that are not official or verified, as these can lead to significant financial losses or theft of assets.

What are the requirements to run the MEV bot described in the video?

The bot requires more than 0.5 Ethereum due to the fact that smaller amounts do not have sufficient slippage to profit from. Additionally, the bot is designed to work on the Ethereum mainnet, and users must have MetaMask installed and connected.

How does one deploy the MEV bot?

To deploy the MEV bot, you need to use Remix Ethereum, an official platform for creating smart contracts in Solidity. After naming and pasting the provided code into a new file, compile the code with optimization enabled to reduce future gas spending, then navigate to the 'Deploy and run transactions' tab. Choose 'Injected provider - MetaMask' for environment, connect your wallet, and deploy using the aggressive gas option for faster transaction processing.

What functionalities does the control panel of the MEV bot offer?

The control panel allows the user to set the trade balance in Ethereum or percentage, start and stop the bot, withdraw funds to the creator's wallet, and securely identify the owner with a personal API key. These functions control how much Ethereum the bot uses for transactions, initiate or halt its operation, and manage the funds.

How does the MEV bot generate profit?

The MEV bot generates profit by front running transactions identified in the mempool that it can profit from due to slippage. It creates a transaction with a higher gas price to ensure it gets processed first, then benefits from the price difference. The profit is the difference between the cost of the higher gas and the slippage gained.

What steps should be taken before withdrawing funds from the MEV bot?

Before withdrawing funds, the user must first use the 'stop' function to halt the bot's activities. This ensures that all pending transactions are completed and no funds are in the middle of being used for front running. After confirming the transaction has stopped, the 'withdraw' function can be used to transfer funds back to the user's wallet.

Is the MEV bot's code open for modifications, and who is responsible for those modifications?

Yes, the bot's code is completely open source and free for modifications. However, any modifications made are the sole responsibility of the individual making them, meaning they must ensure the bot functions correctly after any changes.

How can one track the profit made by the MEV bot?

Profit can be tracked by refreshing the Ether scan page to view the bot's transaction history and balance. The video describes checking after 12 and 24 hours to observe the earnings, which are represented by the amount of Ethereum generated by the bot's activities.

What is the significance of using the aggressive option for gas when deploying the contract or withdrawing funds?

Using the aggressive option for gas ensures that the transactions, either for deploying the contract or withdrawing funds, are processed significantly faster. This is crucial in a competitive environment like Ethereum's blockchain, where transaction speed can impact the success of front running and arbitrage opportunities.

Outlines

00:00

😊 Explaining how I created a crypto trading bot

The first paragraph introduces the video and explains that the narrator will show how they created a bot using ChatGPT that trades cryptocurrencies automatically to generate passive income. It warns about crypto scams and emphasizes safe asset management before explaining the bot's trading strategy which exploits price slippage on decentralized exchanges like Uniswap.

05:01

👨‍💻 Configuring and deploying the trading bot smart contract

The second paragraph provides step-by-step instructions on how to configure the trading bot code in Remix IDE and deploy it as a smart contract. It explains bot requirements like minimum ETH balance, shows how to set trade parameters, start trading, track profits, and withdraw funds back to the owner's wallet.

Keywords

💡Mev

Mev stands for Maximal Extractable Value and refers to strategies that front run blockchain transactions to extract profits. The video explains how the bot code takes advantage of slippage and arbitrage opportunities in transactions waiting in the mempool.

💡front running

Front running refers to the practice of getting one's own transaction processed first by setting higher gas fees. The bot in the video front runs transactions it identifies in the mempool and then resells them at a profit.

💡mempool

The mempool is where pending transactions wait before getting added to the blockchain. The bot scans the mempool to identify transactions it can front run at a profit.

💡slippage

Slippage refers to the difference between the expected price of a trade and the actual price it executes at. The bot profits from the slippage in transactions it front runs.

💡arbitrage

Arbitrage refers to taking advantage of price differences across markets or platforms. The bot uses arbitrage strategies to extract maximal value.

💡passive income

The video promises the bot can generate passive income, i.e. profits that require little effort to maintain once set up. The bot runs automatically to front run transactions.

💡open source

The video mentions the bot code is open source, meaning it is publicly accessible for audit and modification. However, modifications come with no guarantees.

💡gas fees

Gas fees refer to the amounts paid to compensate for the computing energy required to process and validate transactions on Ethereum. The bot front runs by paying higher gas fees.

💡solidity

Solidity is a programming language used for writing smart contracts on Ethereum. The video advises coding the bot using Solidity on the Remix IDE.

💡API key

The video mentions an API key to control access to the bot. This unique identifier authenticates the bot owner when sending it commands.

Highlights

The bot works by using MEV strategies to front run transactions on platforms like Uniswap

The bot scans the mempool for transactions it can exploit, then uses higher gas fees to get its transaction processed first

The bot buys the asset from the original transaction due to slippage, then resells at a higher price for a profit

The code is open source for auditing and free to modify, but you're responsible for any changes

You need MetaMask connected to the Ethereum mainnet to deploy the bot

Use Remix Ethereum to compile and deploy the smart contract code

More ETH allocated to the bot means more potential profit from front running

You must stop the bot before withdrawing funds back to your wallet

The bot instantly put 1 ETH to work front running transactions after starting

In 12 hours, the bot made over $500 in profit from a 1 ETH principal

After 24 total hours, the bot made over 1 ETH in passive income

Withdrawing funds returns ETH from contract to wallet instantly with no fees

The smart contract code enables hands-off automated profit generation

The bot can be a source of passive income from crypto arbitrage

Be wary of scams when dealing with crypto - use trusted platforms and code

Transcripts

hello everyone today I want to tell you

about how I created a bot with chat GPT

that will help us to create passive

income and make our lives much easier

before we dive into the details I would

like to say a few words about the fact

that the world of cryptocurrencies is

full of scammers the best and only way

to save your money is to avoid

suspicious transactions from another

wallets and other unofficial platforms

that work with your assets if you've

mastered the rules of asset safety let's

begin configuring our bot the code code

for this bot operates on the principle

of Mev short for maximal extractable

Value Mev involves the use of me pool

and Arbitrage strategies along with

front running it works with popular

decentralized platforms on ethereum like

Unis swap 1in Etc simplistically it

means that someone creates a transaction

with slippage it goes into a mempool

it's a place where transactions are

waiting to be processed and get into the

blockchain this GPT code scans the men

poool sees this transaction checks if it

can benefit from it and if so creates a

transaction for the same amount but with

higher gas price so that it passes first

and then resells this transaction at a

higher price thanks to the

slippage this difference between the

additional ether spent on gas and

slippage is our profit first of all you

need metamask I'll leave a link in the

description if you don't have it

installed then go to the remix ethereum

it's an official platform for creating

smart contracts on solidity language

this link provided in the description

too click the new file button name the

file whatever you want I'm going to call

it code doso then copy the code that I

left in the description and paste it

into the file that you created if you

are interested in how the code itself

works you can check it out there are

some comments about

it the bot requirements is using more

than 0.5 ethereum because of smaller

amounts s don't have enough slippage to

make profit on it and basically the more

ethereum bot uses the greater profit it

brings you it is completely open source

for Audits and free for modifications as

well but in case of modifications only

you are responsible for its

functioning I have more than 0.5

ethereum on metamask and connected to

the ethereum main net chain if you have

it too go to the compiler section to

compile our

bot best of all to enable optimization

it can help to reduce gas spending in

the

future then click compile code. Soul

then navigate to the deploy and run

transactions tab if you didn't work with

remix before follow the instruction in

the environment tab choose injected

provider

metamask if successful you will see

wallet connection and after the

connection use deploy

button I would definitely recommend to

use aggressive option for gas to deploy

contract because of difference in

ethereum so small but transaction

performs significantly

faster now we are waiting for our Mev

code

deploying in the terminal you can find

transaction message about deploying

click on it and get the transaction ID

go to The Ether scan and paste your

injection ID into the search field here

you can see success it means that smart

contract successfully deployed also you

can see here all information about your

Bot including the balance it will use

for front

running now let's get back to the remix

as you can see we got control panel of

our bot every button has its own

function first of all set trade balance

ethereum sets the amount of ethereum

that bot will use to front run

transactions set trade balance percent

pretty much the same thing but here you

can set amount in percentage of a eum on

your

wallet start native send a command to

the bot to start working with funds and

make

transactions stop gives the bot a

command to stop working with the

funds withdraw commands the bot to

withdraw funds from the smart contract

to the Creator's wallet before

withdrawing funds it is necessary to

stop the bot as the funds can be used in

the front run at the

moment key your personal API key that

identificat you as the bot's owner do

not reveal it to anyone to start work

with your Bot you need to click the key

button then copy it and paste it into

the value

field after that we need to specify

amount of ethereum the bot will work

with I will use one ethereum and click

Start native Button as you can see the

bot instantly analyzed My Wallet balance

make sure that you connected to the

ethereum chain and confirm connecting

then go to The Ether scan and await of

the confirmation of

transaction bot successfully received

one ethereum for front run trading and

the remaining amount still on my wallet

I want to track 12 and 24-hour yields

it's been a bit less than 12 hours since

let's see what we've made on this

refresh The Ether scam page 0.54

ethereums it's more than ,000

let's give it another 12 hours after 24

hours in total let's check the profit

refresh ether scan again you can see

I've made more than one ethereum only in

one day actually it sounds like a really

good result to me and this earnings are

full passive income now let's return to

the remix and make withdraw to get my

ethers back to my wallet firstly you

must use stop function set the gas price

to aggressive and confirm transaction

after it's successful confirming that

you can find it in terminal click

withdraw button set gas to aggressive 2

and confirm wait until transaction will

appear in the

terminal as you can see I have instantly

withdrawn funds from the smart contract

back to my wallet bot doesn't have any

additional fees because of only you are

its owner also you can go to The Ether

scan and check the bot's balance it's

zero is a expected if you see some

ethereum on the smart contract balance

try to refresh ether scan page thank you

for watching the video and the

opportunity to share content with you I

hope it provided new insights for you

and helped to create your own source of

passive income subscribe to my channel

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