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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% V31,008,873$21.09B$-2.83M$-3.93M$-3.82M$-3.68M$-3.39M-1.81 bps-36.3%
ETH/USDC 0.01% V32,564,514$4.53B$355.0K$298.0K$301.7K$298.7K$288.3K+0.67 bps+66.6%
ETH/USDC 0.30% V3109,710$1.26B$182.4K$86.1K$133.9K$135.2K$130.12+1.07 bps+3.6%
ETH/USDC 0.01% V4864,066$810.03M$26.9K$16.2K$16.5K$16.2K$12.9K+0.20 bps+20.4%
ETH/USDC 0.05% V4368,491$793.80M$-112.6K$-151.0K$-144.0K$-131.3K$-127.8K-1.81 bps-36.3%
ETH/USDC 0.30% V481,101$730.06M$-159.1K$-197.8K$-175.4K$-186.7K$-274.5K-2.40 bps-8.0%

Cumulative Markout PnL — ETH/USDC 0.30% V4 (180d)