Markouts Lab

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% V370,364$911.15M$42.7K$-10.9K$-24.7K$5.8K$6.3K-0.27 bps-5.4%
ETH/USDC 0.01% V3158,108$361.82M$14.6K$9.5K$5.3K$9.2K$9.2K+0.15 bps+14.6%
ETH/USDC 0.30% V45,427$53.99M$-14.3K$2.7K$1.7K$-4.8K$-4.8K+0.31 bps+1.0%
ETH/USDC 0.30% V38,706$41.20M$17.7K$12.2K$12.0K$12.2K$12.2K+2.92 bps+9.7%
ETH/USDC 0.01% V435,651$20.30M$-636.05$-1.1K$-1.4K$-1.1K$-1.1K-0.67 bps-66.8%
ETH/USDC 0.05% V415,669$17.28M$-2.7K$-3.8K$-6.6K$-6.6K$-6.6K-3.83 bps-76.5%

Cumulative Markout PnL — ETH/USDC 0.30% V3 (180d)