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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% V3965,577$21.05B$-2.99M$-4.09M$-4.01M$-3.85M$-3.56M-1.91 bps-38.1%
ETH/USDC 0.01% V32,461,698$4.16B$325.2K$273.5K$275.8K$273.6K$263.8K+0.66 bps+66.3%
ETH/USDC 0.30% V3104,019$1.10B$44.1K$-49.5K$-13.0K$-7.1K$-182.5K-0.12 bps-0.4%
ETH/USDC 0.01% V4852,204$792.68M$24.6K$13.9K$14.4K$14.0K$10.8K+0.18 bps+18.1%
ETH/USDC 0.05% V4350,602$733.87M$-112.4K$-147.8K$-142.5K$-132.4K$-130.5K-1.94 bps-38.8%
ETH/USDC 0.30% V475,573$661.31M$-199.8K$-233.3K$-215.3K$-227.7K$-330.6K-3.26 bps-10.9%

Cumulative Markout PnL — ETH/USDC 0.30% V4 (180d)