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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 0.05% V35,109$107.95M$-3.2K$-13.8K$-2.0K$808.94$-3.1K-0.19 bps-3.8%
ETH/USDC 0.01% V320,579$44.70M$3.9K$3.1K$3.7K$3.6K$2.6K+0.82 bps+82.0%
ETH/USDC 0.01% V46,062$4.80M$166.07$100.39$151.09$168.59$109.29+0.31 bps+31.5%
ETH/USDC 0.05% V42,258$3.99M$-515.58$-870.96$-428.58$-313.13$-1.2K-1.07 bps-21.5%
ETH/USDC 0.30% V3350$1.96M$-1.2K$-2.2K$-797.89$-766.08$-1.9K-4.08 bps-13.6%
ETH/USDC 0.30% V4247$1.51M$-1.1K$-1.9K$-610.99$-820.84$-1.3K-4.03 bps-13.4%

Cumulative Markout PnL — ETH/USDC 0.30% V4 (1d)