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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% V380,842$1.16B$-39.2K$-108.1K$-100.2K$-72.4K$-84.0K-0.86 bps-17.2%
ETH/USDC 0.01% V3277,273$942.35M$64.6K$50.0K$51.9K$48.9K$44.9K+0.55 bps+55.1%
ETH/USDC 0.01% V474,696$81.65M$4.7K$4.2K$4.4K$4.2K$3.9K+0.53 bps+53.3%
ETH/USDC 0.30% V36,892$46.38M$-12.4K$-17.5K$-16.1K$-16.6K$-22.0K-3.48 bps-11.6%
ETH/USDC 0.05% V432,838$42.60M$-1.8K$-3.7K$-3.5K$-4.2K$-6.6K-0.83 bps-16.5%
ETH/USDC 0.30% V45,867$30.53M$-6.7K$-9.9K$-8.3K$-8.6K$-11.6K-2.73 bps-9.1%

Cumulative Markout PnL — ETH/USDC 0.01% V3 (30d)