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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% V3333,427$6.59B$-516.9K$-922.9K$-1.04M$-1.07M$-818.0K-1.57 bps-31.5%
ETH/USDC 0.01% V3897,131$2.10B$159.8K$133.5K$129.6K$130.5K$133.2K+0.62 bps+61.8%
ETH/USDC 0.30% V335,189$231.37M$-19.2K$-40.3K$-33.5K$-50.4K$-46.0K-1.45 bps-4.8%
ETH/USDC 0.30% V421,806$208.94M$-58.1K$-59.9K$-55.5K$-83.2K$-50.9K-2.66 bps-8.9%
ETH/USDC 0.01% V4233,170$196.48M$12.1K$10.5K$10.2K$10.1K$10.6K+0.52 bps+51.8%
ETH/USDC 0.05% V4107,007$163.75M$-17.9K$-27.1K$-29.9K$-35.7K$-20.1K-1.83 bps-36.6%

Cumulative Markout PnL — ETH/USDC 0.05% V3 (180d)