Markouts Lab

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% V385,244$1.03B$49.5K$-11.3K$-26.0K$7.3K$5.8K-0.25 bps-5.0%
ETH/USDC 0.01% V3216,297$553.44M$25.3K$16.3K$11.7K$16.5K$15.7K+0.21 bps+21.1%
ETH/USDC 0.30% V47,283$60.01M$-12.9K$3.1K$1.7K$-3.1K$-2.0K+0.28 bps+0.9%
ETH/USDC 0.01% V451,565$52.35M$2.5K$1.9K$1.6K$1.9K$1.9K+0.31 bps+31.4%
ETH/USDC 0.30% V310,031$49.77M$17.0K$10.2K$9.2K$11.6K$13.5K+1.84 bps+6.1%
ETH/USDC 0.05% V422,345$24.84M$-2.0K$-3.4K$-6.3K$-6.1K$-6.4K-2.54 bps-50.8%

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