Hey friends, @metricxyz ’s latest note on Markout APR made me pause and look again at how most DeFi pools report performance. Traditional APR usually just adds up the fees collected and leaves out the money lost once the price moves after the trade. Metric instead measures, after every fill, whether the pool still made money once the reference market has caught up. In their example a pool that buys ETH a few dollars under the reference can show a small profit if the price later ticks higher, or a loss if it drops. You can check the number 1, 5 or 30 minutes after the fill, and over 24-hour, 7-day or all-time windows; it can also go negative. That lets you see, bin by bin, whether high volume is actually leaving LPs better or worse off. It’s the same lens professional market makers have always used, now available to every liquidity provider. @metricxyz @yurisdiction (📷According to X rules, a paid partnership has been selected. It is not investment advice or a paid partnership.)