Looking at UP and DOWN together

A directional strategy takes exposure to one outcome. A bilateral approach considers both sides of the same market and the cost of holding them together. The PolyRust multi-asset bilateral ladder is a PRO BETA preset for BTC, ETH and SOL, with 5m, 15m and 60m market windows. It evaluates pairs in layers and uses dynamic hedging to try to reduce one-sided exposure.

Buying both sides is not, by itself, evidence of profitable arbitrage. The execution prices, quantities, fees and the market settlement rules determine the economic result.

Combined cost only tells part of the story

For a simple complementary binary market that settles normally, equal quantities of both outcomes can have a known combined settlement payoff. That observation only becomes useful after checking the real cost of acquiring both positions. Displayed quotes are not the same as completed trades.

The bot must account for available liquidity, partial fills, the time between orders and costs. A seemingly attractive pair of prices may not be available for the same quantity when the orders reach the market.

What is an unmatched leg?

An unmatched leg occurs when one side executes while its intended counterpart remains unfilled or insufficiently filled. Until the imbalance is resolved, the position can retain directional exposure.

Orders can compete for available funds. Running several markets at once can limit the balance available to complete another leg. The appropriate configuration depends on the strategy, order sizes and simultaneous exposure; there is no universal balance that guarantees complete hedging.

Evaluate the complete operation

Review both quantities, all execution prices, remaining orders, fees and final settlement. A positive screenshot of one leg does not establish the net result of the combined strategy.

Bilateral is a method of managing exposure, not a promise of risk-free returns. Before enabling the mode, use the current in-app explanation and understand how it handles imbalances.

Sources and further reading

See the workflow in context.

The walkthrough connects these concepts to the PolyRust interface.

Read the walkthrough