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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% V3377,404$1.41B$103.1K$83.9K$85.8K$82.6K$82.2K+0.61 bps+60.9%
ETH/USDC 0.05% V3112,993$1.14B$102.2K$49.9K$70.8K$85.1K$98.2K+0.62 bps+12.4%
ETH/USDC 0.01% V4103,717$130.04M$10.5K$9.9K$10.1K$9.9K$9.9K+0.77 bps+77.5%
ETH/USDC 0.30% V310,019$69.34M$-11.5K$-16.8K$-11.6K$-11.1K$-5.3K-1.68 bps-5.6%
ETH/USDC 0.05% V443,371$62.21M$496.53$-1.9K$-951.51$-264.41$-1.1K-0.15 bps-3.1%
ETH/USDC 0.30% V48,425$48.04M$-6.9K$-9.9K$-5.8K$-4.8K$528.45-1.21 bps-4.0%

Cumulative Markout PnL — ETH/USDC 0.30% V4 (30d)