with HDR->SDR madVR trys to archive a gamma of 2.2 and at that gamma the brightness matches PQ brightness. so if you now set your display is calibrated to 2.4 it will lower the gamma so the image looks brighter and is effect gamma 2.2.
with a target 2.4 3D LUT it doesn't do that because it doesn't known the 3D LUT gamma so the image is darker in comparison and mathematically wrong.
this should not be confused with color and gamma setting which work different and again don't work properly with a 3D LUT.
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Also, is there a lut switcher of sorts in madvr that can cycle the luts in a folder ?
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no but you can do that with profiles.