Gas Price Monitoring (Python)

Monitor current gas prices and EIP-1559 fee suggestions using web3.py. Monitor current gas prices and EIP-1559 fee suggestions using web3.py.

Explanation

EIP-1559 split gas into base fee (burned) and priority fee (tip to miner). The base fee adjusts per block based on network congestion. maxFeePerGas caps what you’ll pay; you’re refunded the difference between max and base+priority.

Code

from web3 import Web3

w3 = Web3(Web3.HTTPProvider("https://rpc.ankr.com/eth"))

# Legacy gas price
gas_price = w3.eth.gas_price
print(f"Legacy gas price: {w3.from_wei(gas_price, 'gwei'):.2f} gwei")

# EIP-1559 fee data
block = w3.eth.get_block("latest")
base_fee = block["baseFeePerGas"]
print(f"Base fee: {w3.from_wei(base_fee, 'gwei'):.2f} gwei")

# Suggest max fee (base fee + 2 gwei priority)
priority_fee = w3.to_wei(2, "gwei")
max_fee = base_fee + priority_fee
print(f"Suggested max fee: {w3.from_wei(max_fee, 'gwei'):.2f} gwei")
print(f"Priority fee: {w3.from_wei(priority_fee, 'gwei'):.2f} gwei")

# Estimate gas for a simple transfer
est_gas = w3.eth.estimate_gas({
    "to": "0x...recipient",
    "value": w3.to_wei(0.1, "ether"),
})
print(f"Estimated gas: {est_gas}")

# Total cost
total_cost = est_gas * max_fee
print(f"Total cost: {w3.from_wei(total_cost, 'ether'):.6f} ETH")

Canonical knowledge ID: code-example:gas-price-monitoring-python

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Gas Price Monitoring (Python)

Gas Price Monitoring (Python)

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​Gas Price Monitoring (Python)

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​Code

Gas Price Monitoring (Python)

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Code