Spotinst is an AWS Partner who provides Spot Instance management and automated provisioning of Amazon EC2 instances within customer accounts.
They are responsible for setting the optimal Spot bid price and identifying the most efficient instance type that provides the best performance for your application at the lowest price. Spotinst identifies a recommended solution by assigning a score for each instance type, size, and operating system in each AWS Region. This score is calculated from three criteria:
- Price – Spotinst looks for Spot markets (Availability Zones or instance types) with fewer fluctuations in price in order to reduce the chance of sudden termination due to Spot market changes.
- Specifications – Spotinst sets scoring per CPU and GiB of RAM per instance type and tries to provision the most efficient results first.
- Performance – Spotinst identifies the application-specific performance results per instance type and provisions the instance types that generates greater performance for the specific Spotinst Elasticluster.
The magic of Spotinst’s algorithm is its ability to reverse engineer the calculation of the capacities held by different cloud computing services like AWS and Google to predict prices.
With Elastigroup, Spotinst’s algorithm is constantly checking across the different service providers to gauge their capacity levels, and then buy that server service for their clients based on a supply and demand model.
Like all markets, when there is a lower amount of supply in a data center, the prices go up, and vice versa. By combining the knowledge of where the providers stand with their levels of capacity with price comparisons from each one, they can save their customers some serious cash.
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