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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% V3112,006$380.03M$20.6K$13.3K$13.3K$12.6K$11.7K+0.35 bps+34.9%
ETH/USDC 0.05% V331,243$352.77M$2.5K$-17.9K$-5.4K$-5.6K$-9.0K-0.15 bps-3.1%
ETH/USDC 0.01% V435,735$45.34M$3.4K$3.1K$3.1K$3.1K$3.1K+0.69 bps+68.8%
ETH/USDC 0.30% V32,909$20.17M$-4.6K$-6.4K$-3.5K$-3.5K$-4.6K-1.74 bps-5.8%
ETH/USDC 0.05% V411,067$16.10M$-1.0K$-1.8K$-1.3K$-1.2K$-2.0K-0.79 bps-15.8%
ETH/USDC 0.30% V43,123$15.72M$-2.4K$-3.6K$-1.5K$-1.7K$-2.2K-0.92 bps-3.1%

Cumulative Markout PnL — ETH/USDC 0.05% V3 (14d)