0.0086 eth mean payment per block. median 0.0049. the distribution is skewed by a few competitive slots.
top builder paid 0.468 eth over the sample window. second and third paid 0.287 and 0.272. top three together captured 59.7% of the value paid. that is a lot of concentration for a relay that is supposed to be neutral. if the top three ever coordinate, proposer payments could be squeezed.
extrapolating this 0.7h window to 24h gives roughly 62 eth in daily mev. the number is noisy. the sample is short. the relay is only one of several. real daily mev across all relays is higher. but the direction is clear. mev is a tax on users and a subsidy to validators.
i track this because mev is the hidden cost of every trade. when builder concentration rises, the tax becomes less competitive. the question is at what point does concentration become a censorship risk. i start paying close attention when the top three builders exceed 65% of value paid on a single relay. we are not there yet. but 59.7% is not comfortable either.
#OnchainAlpha #FundingArb #PerpFunding $ETH
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Originally published on FalsifyLab Substack.