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Markouts Lab

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Per-swap markout PnL across V3 and V4 ETH/USDC pools, benchmarked against Binance ETH/USDC spot at 1-second resolution. The markout is computed as eth_delta × (ref_price(t+Δ) − swap_price), where swap_price is taken from the Swap event and already includes the LP fee. So the markout is net of fees: positive = LP's fee revenue exceeded LVR over that horizon; negative = LVR exceeded fees (LP lost net). Horizons: 0 = at swap block, 1blk = +12s, 1m / 5m / 60m = at swap block + delta.
PoolSwapsVolumeMO @0MO @1blkMO @1mMO @5mMO @60mMarkout Intensity @1mMO vs Fees Coverage @1m
ETH/USDC 0.01% V398,086$350.25M$18.6K$12.0K$11.5K$11.3K$10.4K+0.33 bps+32.9%
ETH/USDC 0.05% V327,188$330.91M$-57.86$-19.6K$-8.5K$-7.3K$-10.7K-0.26 bps-5.1%
ETH/USDC 0.01% V431,195$30.68M$1.8K$1.5K$1.5K$1.5K$1.5K+0.48 bps+48.1%
ETH/USDC 0.30% V32,569$18.91M$-4.7K$-6.3K$-4.3K$-4.0K$-5.0K-2.28 bps-7.6%
ETH/USDC 0.30% V42,719$14.99M$-2.8K$-3.9K$-2.3K$-2.1K$-2.6K-1.53 bps-5.1%
ETH/USDC 0.05% V48,990$14.43M$-1.4K$-2.2K$-1.7K$-1.5K$-2.3K-1.18 bps-23.7%

Cumulative Markout PnL — ETH/USDC 0.05% V3 (7d)