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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% V380,788$1.16B$-39.3K$-108.2K$-100.2K$-72.5K$-84.1K-0.86 bps-17.2%
ETH/USDC 0.01% V3277,211$941.98M$64.6K$50.0K$52.0K$49.0K$45.0K+0.55 bps+55.2%
ETH/USDC 0.01% V474,664$81.99M$4.7K$4.2K$4.4K$4.2K$4.0K+0.53 bps+53.4%
ETH/USDC 0.30% V36,896$46.39M$-12.4K$-17.5K$-16.1K$-16.6K$-22.0K-3.48 bps-11.6%
ETH/USDC 0.05% V432,818$42.57M$-1.8K$-3.7K$-3.5K$-4.2K$-6.6K-0.83 bps-16.5%
ETH/USDC 0.30% V45,873$30.56M$-6.7K$-9.9K$-8.3K$-8.6K$-11.5K-2.72 bps-9.1%

Cumulative Markout PnL — ETH/USDC 0.30% V3 (30d)