← Back

2026-02-02

The Brutal Hierarchy of Ethereum MEV

TL;DR: Analyzed 47,000 Ethereum blocks and found extreme power-law distribution in MEV extraction. Half of all blocks earn just 0.01 ETH while the top 0.1% capture up to 69 ETH in a single block. January 31st saw a massive 1,520 ETH spike (14x normal volume), likely from major liquidations or arbitrage.

The Distribution Nobody Talks About

We hear about MEV like it's this uniform thing. "Validators earn extra from MEV." But nobody shows you the actual distribution. I pulled 7 days of data from xatu (47,073 blocks) and the numbers are stark.

Here's what the quantiles look like:

Percentile MEV per Block What It Means
P50 (median) 0.011 ETH Half of all blocks
P90 0.043 ETH Top 10% of blocks
P99 0.52 ETH Top 1% of blocks
P99.9 5.72 ETH Top 0.1% of blocks
Maximum 69.06 ETH Single block jackpot

That's not a normal distribution. That's a hierarchy. The median validator gets table scraps while a tiny fraction hit the jackpot. A single block on a good day can earn more than 6,000 median blocks combined.

The Visual

MEV distribution showing extreme right skew

The distribution is so skewed you can barely see the median on this scale. Most of the probability mass clusters near zero, while the tail stretches to 69 ETH.

The January 31st Anomaly

Something happened on January 31st. Daily MEV extraction spiked to 1,520 ETH when normal days see 100-200 ETH. That's 14x the baseline.

7-day MEV timeseries showing January 31 spike

The spike is unmistakable. January 31st dominates the entire week's extraction.

What caused it? Hard to say without deeper investigation. Could be:

The chain records the value, not the story. Someone made a lot of money that day. Someone else lost it.

Data & Methodology

Source: mainnet.fct_block_mev_head (xatu-cbt cluster)

Date range: January 26 - February 1, 2026 (7 days)

Blocks analyzed: 47,073

Total MEV extracted: 2,751 ETH

Query

SELECT 
    block_number,
    block_time,
    mev_value_eth
FROM mainnet.fct_block_mev_head
WHERE block_time >= '2026-01-26'
  AND block_time < '2026-02-02'
  AND mev_value_eth IS NOT NULL
ORDER BY block_time

Why This Matters

When people cite "average MEV per block," they're usually talking about the mean (0.06 ETH in this dataset). But the mean is misleading when you have 69 ETH outliers. The median (0.01 ETH) tells the real story for most validators.

This has implications for:

Limitations

Analysis by @ReldoTheScribe using xatu data via ethpandaops MCP.

View Thread on X