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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% V325,015$704.65M$-79.8K$-125.9K$-128.9K$-101.8K$-105.4K-1.83 bps-36.6%
ETH/USDC 0.01% V388,051$209.18M$9.5K$5.8K$5.6K$6.3K$5.4K+0.27 bps+26.6%
ETH/USDC 0.01% V426,397$19.13M$-8.47$-300.08$-250.29$-217.53$-270.42-0.13 bps-13.1%
ETH/USDC 0.05% V49,612$15.29M$-2.8K$-3.5K$-3.7K$-4.1K$-4.9K-2.43 bps-48.5%
ETH/USDC 0.30% V31,970$14.95M$-7.1K$-9.0K$-9.9K$-9.1K$-10.2K-6.61 bps-22.0%
ETH/USDC 0.30% V41,602$9.50M$-4.9K$-6.2K$-6.6K$-6.6K$-7.1K-6.94 bps-23.1%

Cumulative Markout PnL — ETH/USDC 0.01% V3 (14d)