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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% V397,569$340.26M$19.1K$12.7K$12.9K$12.4K$11.5K+0.38 bps+37.8%
ETH/USDC 0.05% V326,987$328.14M$2.2K$-16.3K$-3.4K$-2.9K$-6.3K-0.10 bps-2.1%
ETH/USDC 0.01% V431,061$30.42M$1.8K$1.6K$1.6K$1.6K$1.5K+0.51 bps+51.3%
ETH/USDC 0.30% V32,517$17.89M$-4.4K$-5.7K$-3.3K$-3.5K$-4.5K-1.84 bps-6.1%
ETH/USDC 0.30% V42,662$14.21M$-2.6K$-3.5K$-1.6K$-1.9K$-2.3K-1.12 bps-3.7%
ETH/USDC 0.05% V48,916$14.12M$-1.3K$-2.1K$-1.5K$-1.3K$-2.1K-1.04 bps-20.7%

Cumulative Markout PnL — ETH/USDC 0.05% V3 (7d)