DLMM Data Series
Spot vs BidAsk: What Strategy Actually Wins on Meteora DLMM?
Last week I broke down 145 wallets to find what separates profitable DLMM LPers from the rest. Hold time, win rates, deposit sizes. This week I went deeper.
3,214 individual positions from 219 wallets across 10 of the hottest Meteora pools. For each position I can see the strategy type (Spot, BidAsk, Curve), bin range, deposit size, fees, impermanent loss, PnL, and hold time.
The question: does the strategy type you pick actually matter? And what bin range should you use?
Dataset Overview
Top 30 LPers per pool · 10 hot pools · March 2026
How LP Agent Classifies Positions
LP Agent tags each position with a strategy type: SpotImBalanced, BidAskImBalanced, CurveImBalanced, or SpotBalanced.
52% of positions came back as "Unknown" — mostly positions using 70+ bins (max range). LP Agent doesn't always classify these, especially older positions or those using extended ranges beyond the standard 69 bins. I'm including Unknown as its own category so you can see the full picture.
Strategy Breakdown
Among classified positions, the split is roughly 60/40 Spot vs BidAsk. BidAsk is way more common than most people think — nearly 1 in 5 positions from the top LPers in the hottest pools.
Strategy Comparison
All strategies — averages and medians side by side
| Strategy | Positions | % | Win Rate | Avg PnL% | Med. PnL% | Best | Worst | Med. Dep. | Med. Hold |
|---|---|---|---|---|---|---|---|---|---|
| Unknown | 1,656 | 52% | 80.7% | +3.4% | +0.6% | +87.3% | -38.3% | $1,800 | 62 min |
| Spot | 927 | 29% | 82.0% | +3.5% | +1.0% | +110.3% | -40.4% | $988 | 12 min |
| BidAsk | 585 | 18% | 80.5% | +2.7% | +0.7% | +69.1% | -23.9% | $1,749 | 28 min |
| Curve | 46 | 1% | 60.9% | +2.8% | +0.1% | +24.0% | -12.1% | $359 | 29 min |
Unknown = positions LP Agent didn't classify, mostly 70+ bin (max range) positions.
Average vs Median — The Real Story
The average PnL across all 3,214 positions is +$44. Sounds decent.
The median is +$11.
61% of all positions make between $0 and $50. Even the top 30 LPers in the hottest pools are grinding small wins most of the time.
The top 1.5% of positions ($500+) contribute nearly half the total profit. 49 positions out of 3,214 doing the heavy lifting. The edge isn't big wins — it's consistent small ones at 80%+ win rate, and occasionally catching a banger.
PnL Distribution
Where 3,214 positions actually land
| PnL Range | Positions | % |
|---|---|---|
| Under -$100 | 52 | 1.6% |
| -$100 to -$10 | 142 | 4.4% |
| -$10 to $0 | 369 | 11.5% |
| $0 to $10 | 1,005 | 31.3% |
| $10 to $50 | 958 | 29.8% |
| $50 to $100 | 285 | 8.9% |
| $100 to $500 | 354 | 11.0% |
| $500+ | 49 | 1.5% |
Risk Profile — Spot Has Higher Highs and Lower Lows
Spot has the highest upside (+110% best) but also the worst downside (-40%). BidAsk is tighter — best is +69%, worst is only -24%. If you want less variance, BidAsk is the safer play.
Median IL on BidAsk is only $3 — half of Spot's $7. Being one-sided means less IL exposure by design.
Risk Profile Comparison
PnL range and IL across strategies
| Metric | Spot | BidAsk | Unknown |
|---|---|---|---|
| Best Position | +110.3% | +69.1% | +87.3% |
| Top 10% (P90) | +10.0% | +6.7% | +6.1% |
| Median | +1.0% | +0.7% | +0.6% |
| Worst Position | -40.4% | -23.9% | -38.3% |
| Avg IL | $28 | $36 | $58 |
| Median IL | $7 | $3 | $5 |
| Fee / Deposit % | 2.56% | 2.08% | 2.04% |
Bin Range — Tighter Wins in Every Strategy
In every single strategy, tighter ranges have higher median PnL per position. Most people default to max bins (69 or 70+). The data says 31-69 bins outperforms.
BidAsk sniper (1-10 bins) hit 100% win rate on 15 positions. Small sample but notable — tight one-sided positions right below/above price apparently just work.
Spot sniper (1-10 bins) also strong at 93% win rate with $35 median PnL.
Bin Range vs Performance
Win rate and PnL by bin count — all strategies
| Strategy | Bins | Pos | Win Rate | Avg PnL | Med. PnL | Avg Fee | Avg Dep. |
|---|---|---|---|---|---|---|---|
| BidAsk | 1-10 (sniper) | 15 | 100% | +$16 | +$5 | $16 | $916 |
| BidAsk | 11-30 (tight) | 35 | 82.9% | +$53 | +$9 | $39 | $2,078 |
| BidAsk | 31-50 (medium) | 73 | 86.3% | +$66 | +$18 | $71 | $1,714 |
| BidAsk | 51-69 (wide) | 39 | 84.6% | +$87 | +$25 | $80 | $2,277 |
| BidAsk | 70+ (max) | 423 | 78.3% | +$39 | +$8 | $40 | $2,354 |
| Spot | 1-10 (sniper) | 27 | 92.6% | +$41 | +$35 | $49 | $1,614 |
| Spot | 11-30 (tight) | 127 | 81.1% | +$44 | +$10 | $47 | $1,506 |
| Spot | 31-50 (medium) | 145 | 79.3% | +$40 | +$9 | $47 | $1,790 |
| Spot | 51-69 (wide) | 193 | 90.2% | +$29 | +$11 | $27 | $1,539 |
| Spot | 70+ (max) | 435 | 78.9% | +$39 | +$10 | $52 | $1,952 |
| Unknown | 31-50 (medium) | 13 | 92.3% | +$93 | +$28 | $101 | $2,401 |
| Unknown | 51-69 (wide) | 41 | 82.9% | +$52 | +$15 | $50 | $2,316 |
| Unknown | 70+ (max) | 1,568 | 80.7% | +$50 | +$12 | $51 | $2,537 |
In every strategy, 70+ bins underperforms tighter ranges on both win rate and median PnL.
Deposit Size — Where Each Strategy Breaks
BidAsk scales steadily — win rate and PnL climb all the way up to $5K-10K deposits (85% WR, +$87 median PnL).
Spot peaks at $500-2K (87% WR) then drops. At $5K-10K deposits, Spot average PnL goes negative (-$28) — a few big IL losses drag the average down even though the median is still +$41. If you're putting in more than $2K, BidAsk handles it more consistently.
Deposit Size vs Performance
Where each strategy scales and where it breaks
| Strategy | Deposit | Pos | Win Rate | Avg PnL | Med. PnL | Avg Fee | Avg IL | Hold |
|---|---|---|---|---|---|---|---|---|
| BidAsk | Under $500 | 89 | 79.8% | +$20 | +$1 | $11 | $10 | 2.8h |
| BidAsk | $500-2K | 243 | 79.0% | +$31 | +$8 | $32 | $22 | 1.8h |
| BidAsk | $2K-5K | 213 | 81.7% | +$61 | +$18 | $65 | $58 | 2.8h |
| BidAsk | $5K-10K | 39 | 84.6% | +$102 | +$87 | $108 | $54 | 10.4h |
| Spot | Under $500 | 193 | 69.4% | +$16 | +$2 | $15 | $4 | 4.5h |
| Spot | $500-2K | 503 | 86.9% | +$35 | +$13 | $40 | $29 | 2.2h |
| Spot | $2K-5K | 181 | 83.4% | +$76 | +$18 | $74 | $55 | 1.9h |
| Spot | $5K-10K | 34 | 79.4% | -$28 | +$41 | $110 | -$28 | 0.5h |
| Spot | $10K+ | 16 | 68.8% | +$100 | +$42 | $116 | $118 | 1.5h |
| Unknown | Under $500 | 222 | 63.1% | +$10 | +$1 | $8 | $4 | 3.4h |
| Unknown | $500-2K | 651 | 84.0% | +$30 | +$10 | $35 | $27 | 5.8h |
| Unknown | $2K-5K | 608 | 84.2% | +$61 | +$18 | $54 | $48 | 6.6h |
| Unknown | $5K-10K | 150 | 78.0% | +$102 | +$26 | $118 | $270 | 9.1h |
| Unknown | $10K+ | 25 | 84.0% | +$333 | +$118 | $375 | $278 | 6.7h |
BidAsk at $5K-10K: 85% WR, +$87 median. Spot at $5K-10K: avg PnL goes negative.
Hold Time — Two Different Games
Half of all Spot positions close in under 12 minutes. Half of BidAsk close in under 28 minutes. The averages (2.6h and 2.9h) are pulled up by a few long holds.
Spot is the speed game — get in, collect a quick fee, get out. BidAsk LPers sit a bit longer and let the position work. Both are profitable but they're fundamentally different rhythms.
Hold Time Comparison
Average vs median reveals the real playstyle
| Strategy | Avg Hold | Median Hold | Win Rate | Median PnL |
|---|---|---|---|---|
| Spot | 2.6h | 12 min | 82.0% | +$11 |
| BidAsk | 2.9h | 28 min | 80.5% | +$9 |
| Unknown | 6.1h | 62 min | 80.7% | +$12 |
| Curve | 3.9h | 29 min | 60.9% | +$0 |
BidAsk Rewards Patience Most
This is the most actionable finding in the dataset. BidAsk under 15 minutes has a 70% win rate. Give it 1-4 hours and it jumps to 92% — a 21-point swing, the biggest of any strategy.
Spot is more forgiving of quick exits (81% WR under 15min). If you're going to scalp, Spot is the play. If you're going BidAsk, commit to holding.
Win Rate by Speed and Strategy
How much does patience help each strategy?
| Strategy | Under 15min WR | 1-4h WR | 4h+ WR | Patience Bonus |
|---|---|---|---|---|
| Spot | 80.6% | 88.7% | 79.1% | +8 pts |
| BidAsk | 70.4% | 91.7% | 86.7% | +21 pts |
| Unknown | 68.7% | 87.5% | 84.6% | +19 pts |
BidAsk quick (under 15min) is 70% WR. BidAsk at 1-4h is 92%. If you're using BidAsk, hold at least an hour.
Pool Age — Spot Dominates New Tokens, BidAsk Shines in Mature Pools
The strategy mix shifts depending on how old the pool is. In brand new pools (under 3 days), Spot makes up 44% of positions and BidAsk 25%. In mature pools (10+ days), both drop to ~13% and full-range Unknown positions dominate.
But the performance difference is striking. In new pools, Spot and BidAsk perform almost identically ($19 vs $18 avg PnL). In mature pools, BidAsk avg PnL is $106 — double Spot's $53. And BidAsk win rate in mature pools hits 93.4%.
Strategy Mix by Pool Age
How strategy usage and performance shift as pools mature
| Pool Age | Positions | % Spot | % BidAsk | % Unknown | Spot WR | BidAsk WR | Spot PnL | BidAsk PnL |
|---|---|---|---|---|---|---|---|---|
| Under 3 days (new) | 446 | 43.7% | 25.1% | 31.2% | 79.0% | 73.2% | +$19 | +$18 |
| 3-5 days | 1,904 | 28.6% | 18.2% | 52.4% | 85.5% | 83.6% | +$49 | +$46 |
| 5-10 days | 399 | 32.6% | 16.3% | 45.4% | 70.8% | 64.6% | +$12 | +$35 |
| 10+ days (mature) | 465 | 12.5% | 13.1% | 72.9% | 84.5% | 93.4% | +$53 | +$106 |
In new pools, Spot and BidAsk perform equally. In mature pools, BidAsk doubles Spot's PnL and hits 93% win rate.
New token launch? Spot is fine — it's what most top LPers use and performs equally well. Pool has been live for a week+? BidAsk starts outperforming significantly. The longer the pool lives, the more BidAsk pulls ahead.
When To Use What
Strategy Decision Guide
Based on 3,214 positions from 219 top LPers
| Use Spot | Use BidAsk | |
|---|---|---|
| Speed | Fast scalps (12 min median) | Slightly longer (28 min median) |
| Deposit size | $500-2K sweet spot (87% WR) | $2K-5K+ scales better (85% WR) |
| Risk | Higher variance (-40% to +110%) | Tighter range (-24% to +69%) |
| IL exposure | $7 median (two-sided) | $3 median (one-sided) |
| Best bin range | 1-10 sniper (93%) or 51-69 (90%) | 31-50 medium (86%) |
| Pool age | New tokens (under 3 days) — equal | Mature pools (10+ days) — 93% WR |
| Best for | Scalping new tokens, quick flips | Larger positions, mature pools |
Caveats
This is the top 30 LPers per pool — these wallets are already filtered for performance. The average LPer will see lower win rates. These numbers show what's possible at the top, not what's guaranteed.
"Unknown" is ~52% of positions, mostly 70+ bin positions that LP Agent doesn't classify. They could be Spot, BidAsk, or custom distributions. They perform in line with the classified positions so the overall picture holds.
Average deposit across all positions: $2,137 (median: $1,378). These are real positions in real pools, not backtested.
You don't need to pick one strategy forever. The best LPers switch between Spot and BidAsk depending on the pool and their conviction.
All data from tracklp.com using LP Agent. Let me know what you want me to dig into next.
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