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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% V324,941$704.21M$-79.9K$-126.0K$-128.8K$-101.9K$-105.5K-1.83 bps-36.6%
ETH/USDC 0.01% V387,829$208.54M$9.5K$5.9K$5.7K$6.4K$5.5K+0.27 bps+27.3%
ETH/USDC 0.01% V426,291$19.45M$13.11$-275.05$-222.98$-190.72$-243.61-0.11 bps-11.5%
ETH/USDC 0.05% V49,582$15.26M$-2.8K$-3.5K$-3.7K$-4.1K$-4.9K-2.43 bps-48.6%
ETH/USDC 0.30% V31,964$14.93M$-7.1K$-9.0K$-9.9K$-9.1K$-10.2K-6.63 bps-22.1%
ETH/USDC 0.30% V41,598$9.48M$-4.9K$-6.1K$-6.6K$-6.6K$-7.1K-6.92 bps-23.1%

Cumulative Markout PnL — ETH/USDC 0.01% V4 (7d)