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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% V3111,748$377.54M$20.9K$13.6K$13.5K$12.8K$11.9K+0.36 bps+35.7%
ETH/USDC 0.05% V331,090$352.62M$2.5K$-18.2K$-6.9K$-6.0K$-9.4K-0.20 bps-3.9%
ETH/USDC 0.01% V435,631$45.25M$3.5K$3.1K$3.1K$3.1K$3.1K+0.69 bps+69.1%
ETH/USDC 0.30% V32,892$19.96M$-4.5K$-6.4K$-3.6K$-3.5K$-4.6K-1.79 bps-6.0%
ETH/USDC 0.05% V411,039$15.98M$-967.09$-1.8K$-1.3K$-1.2K$-2.0K-0.80 bps-16.0%
ETH/USDC 0.30% V43,101$15.55M$-2.3K$-3.6K$-1.5K$-1.7K$-2.2K-0.97 bps-3.2%

Cumulative Markout PnL — ETH/USDC 0.30% V4 (14d)