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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% V3111,741$377.35M$21.0K$13.7K$13.7K$13.0K$12.1K+0.36 bps+36.3%
ETH/USDC 0.05% V331,082$353.58M$2.5K$-18.6K$-6.6K$-5.6K$-9.0K-0.19 bps-3.8%
ETH/USDC 0.01% V435,625$45.25M$3.5K$3.1K$3.1K$3.1K$3.1K+0.69 bps+69.3%
ETH/USDC 0.30% V32,890$19.95M$-4.5K$-6.4K$-3.5K$-3.4K$-4.5K-1.75 bps-5.8%
ETH/USDC 0.05% V411,039$15.97M$-958.40$-1.8K$-1.2K$-1.1K$-1.9K-0.78 bps-15.6%
ETH/USDC 0.30% V43,096$15.54M$-2.4K$-3.6K$-1.5K$-1.7K$-2.1K-0.93 bps-3.1%

Cumulative Markout PnL — ETH/USDC 0.05% V4 (14d)