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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% V3306,442$6.11B$-502.9K$-886.5K$-1.01M$-1.02M$-769.6K-1.65 bps-33.0%
ETH/USDC 0.01% V3833,823$2.00B$151.7K$126.2K$122.3K$123.3K$126.2K+0.61 bps+61.1%
ETH/USDC 0.30% V332,633$205.59M$-19.0K$-39.9K$-34.2K$-50.2K$-46.3K-1.66 bps-5.5%
ETH/USDC 0.30% V420,074$186.20M$-54.6K$-56.0K$-53.2K$-80.6K$-49.3K-2.86 bps-9.5%
ETH/USDC 0.01% V4212,738$182.13M$10.7K$9.2K$8.9K$8.9K$9.3K+0.49 bps+48.9%
ETH/USDC 0.05% V497,637$138.20M$-16.4K$-24.1K$-28.1K$-34.4K$-25.9K-2.03 bps-40.6%

Cumulative Markout PnL — ETH/USDC 0.05% V3 (180d)