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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% V3312,880$6.26B$-513.1K$-901.4K$-1.02M$-1.03M$-788.4K-1.63 bps-32.5%
ETH/USDC 0.01% V3848,643$2.02B$152.9K$127.1K$123.3K$124.2K$125.6K+0.61 bps+61.0%
ETH/USDC 0.30% V333,336$212.97M$-18.7K$-39.5K$-33.7K$-49.5K$-56.7K-1.58 bps-5.3%
ETH/USDC 0.30% V420,552$192.26M$-55.2K$-56.6K$-54.1K$-80.5K$-58.3K-2.81 bps-9.4%
ETH/USDC 0.01% V4216,490$184.43M$10.7K$9.2K$8.9K$8.9K$9.2K+0.48 bps+48.4%
ETH/USDC 0.05% V499,812$141.02M$-16.9K$-24.7K$-28.6K$-35.2K$-27.7K-2.03 bps-40.6%

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