When are LP APYs 'real'? Markouts is a very interpretable tool to help answer! Gyroscope's Dynamic E-CLP gained 4.5% last month in markouts, which is a direct trading PnL vs the market. That's 69% annualized (compounded), which for this pool explains most swap APYs. In contrast, beware of pools where markouts are much less (or negative!) than swap APYs. Those are pools where LPs will likely get rekt.