  Sequential learning with feedback graphs is a natural extension of the
multi-armed bandit problem where the problem is equipped with an underlying
graph structure that provides additional information - playing an action
reveals the losses of all the neighbors of the action. This problem was
introduced by \citet{mannor2011} and received considerable attention in recent
years. It is generally stated in the literature that the minimax regret rate
for this problem is of order $\sqrt{\alpha T}$, where $\alpha$ is the
independence number of the graph, and $T$ is the time horizon. However, this is
proven only when the number of rounds $T$ is larger than $\alpha^3$, which
poses a significant restriction for the usability of this result in large
graphs. In this paper, we define a new quantity $R^*$, called the \emph{problem
complexity}, and prove that the minimax regret is proportional to $R^*$ for any
graph and time horizon $T$. Introducing an intricate exploration strategy, we
define the \mainAlgorithm algorithm that achieves the minimax optimal regret
bound and becomes the first provably optimal algorithm for this setting, even
if $T$ is smaller than $\alpha^3$.
