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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% V3480,631$12.69B$-1.92M$-2.77M$-2.87M$-2.81M$-3.17M-2.26 bps-45.2%
ETH/USDC 0.01% V31,261,917$2.52B$200.9K$167.1K$167.6K$164.2K$161.8K+0.67 bps+66.6%
ETH/USDC 0.01% V4437,162$396.96M$19.6K$14.9K$14.8K$14.6K$10.4K+0.37 bps+37.4%
ETH/USDC 0.30% V346,563$335.72M$-61.8K$-90.7K$-77.8K$-94.9K$-142.3K-2.32 bps-7.7%
ETH/USDC 0.30% V431,097$279.63M$-90.7K$-118.8K$-109.3K$-129.1K$-147.2K-3.91 bps-13.0%
ETH/USDC 0.05% V4153,923$236.10M$-34.7K$-50.8K$-51.6K$-56.5K$-39.0K-2.19 bps-43.7%

Cumulative Markout PnL — ETH/USDC 0.01% V3 (90d)