Arbitrum valuation vs Polygon and Optimism on price-to-fees
Thread51 words
Bullish call$ARB−89%since this piece, moved against the callHow it played out ↓Uses P/F (FDV over annualized fees) from Token Terminal to argue Arbitrum still looks undervalued relative to Polygon and Optimism, and links a longer piece on ARB value.
Key claims
Arbitrum P/F is lower than Polygon and Optimism
is @arbitrum still undervalued?
in terms of P/F ratio (fully diluted mcap / annualized fees) it seems like it is, relative to @0xPolygon and @optimismFND
data: @tokenterminal
@arbitrum @0xPolygon @optimismFND @tokenterminal my fren @kunalgoel has written a great piece on the value of $ARB 📊🔍
check it out below 👇
x.com/kunalgoel/status/1645890186901958657
1 image on X
How the call played out · since 16 Apr 2023
Prices as of 23 Oct 2026This piece takes a view on $ARB, so that move is read against the call. Other assets it covers are shown as context, not as calls.
−89%
Moved against the call · over 3.5 years
- At publication
- $1.65
- Now
- $0.182
- vs BTC
- −96%
- After 1 month
- −28%
- After 3 months
- −23%
- After 1 year
- −28%
- High since
- +37% 12 Jan 2024
- Low since
- −96% 16 Aug 2026
Mentioned for context
Since then
Zero has written 14 more pieces on Arbitrum and $ARB since this one.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.