Two lanes share one 24-second view of price. Spot fills now and insures its own impact. Batch lets opposing orders meet at the same TWAP. When a move holds, the premium goes to in-range LPs.
A volatile pool should not make every trader pay for the few who move first.
live at markout-nine.vercel.app · Chrome + MetaMask on Sepolia
Spot users get immediate execution with reversion insurance. Batch users opt into an epoch where opposing flow can meet before any residual reaches the curve.
Spot swaps fill instantly at 3 bps. The hook charges a live-quoted reversion-insurance premium — priced from this pool's own settle history (starts at 20 bps, clamps 5–60) — onto the swap caller's own PoolManager delta. Any router that can settle a normal v4 swap pays it.
premium = amountIn × live bps → charged to the swap caller → escrowed by the hook
A hook-local previous-tick accumulator records the pool's memory over an immutable [bond, settleAfter] window. Settling late interpolates the same endpoint — verdicts never change with timing, and nothing can freeze escrow.
Revert past half your own impact and the premium is refunded in the settlement transaction. Sustain, and in-range LPs are credited in that same settle tx (deferred only if L = 0). One claim path exists, only for failed delivery.
reverted ≥ 50% → REFUND sustained → DONATE → LPs
Opt-in 24 s epochs on the same clock. Opposing orders net without touching the AMM. Unmatched size is one bonded residual — a spot swap with an unbounded price limit, named on the honest-limits row.
two-sided → net, no AMM lone / leftover → bonded residual
A volatile pool either charges everyone enough to cover informed flow, or it bleeds. Markout asks the move that stays to fund the difference.
3 bps fill and the 24 s clock are constants. The premium is live-quoted (default 20, clamp 5–60).
Directional fees in beforeSwap are common. Markout taxes the informed move itself: it forfeits its premium into the pool it tried to exploit, on the same shared infrastructure every v4 pool uses.
Deployed against the shared canonical Sepolia PoolManager — a standard v4 hook, not a vanity deployment.
The premium rides the swap caller's own delta. Universal Router, your contract, v4's own test routers — all pay it unchanged.
Sustained one-shot moves forfeit their premium to in-range liquidity on-chain — credited at settle when L > 0. No off-chain component, no private orderflow, no keepers required for correctness.
The oracle is entirely hook-local: pool ticks plus the hook's own accumulator. No Chainlink, no Pyth, nothing external.
Markout is a precise mechanism with precise edges. These are part of the product, not fine print.
The front leg and the victim refund — the backrun leg, unreversed, is what donates. A same-block rule cannot tell an atomic front from a 1:1 next-block organic reversion, so this limit ships named, not hidden.
The measured edge over a vanilla 3 bps pool after identical toxic flow is exactly the forfeited premium — no more. Slow trend that never reverts in-window keeps the LP's inventory risk. Dust donates can walk the quote toward 60 bps; refunds walk it back 1 bp at a time.
While the pool has liquidity, a donate verdict pays in-range LPs inside the settlement transaction itself. Only at zero liquidity does value wait for a permissionless flush — and settle is a call someone must send, never automatic.
Two-sided epochs net at the TWAP and never touch the curve. An empty epoch with one order is honestly a one-epoch TWAP fill — no auction, no solver, no partner.
Unmatched size clears as one bonded residual with an unbounded price limit. Cancelled orders cannot move the TWAP; a live residual can be sandwiched like any spot trade. Use two-sided netting when you care.
Mint capped demo tokens, trade the live Sepolia pool, and settle the verdict yourself. Best in Chrome with MetaMask or another injected wallet.