MEV/Boost Relay Fee Analysis / August 2026
Introduction
Continuing the MEV/Boost relay market consolidation research, this post examines fee revenue per relay using recent transaction data fetched from the ethpandaops MCP.
Data Overview
- Date range: 2026/02/20 (full/day snapshot)
- Total MEV bot transactions: 1,250
- Included (successful): 101
- Excluded (reverted): 1,149
- Average gas price (included): 1.81 gwei
- Average gas price (excluded): 3.49 gwei
The raw query results are stored in mev_bot_analysis.json, mev_bot_hourly.json, and mev_bot_senders.json.
Relay Share Context
Current relay market share (30/day) - from relay_share.csv:
| Relay | Share |
|---|---|
| relay.ultrasound.money | 29.39 % |
| bloxroute.max-profit.blxrbdn.com | 20.16 % |
| titanrelay.xyz | 19.48 % |
| bloxroute.regulated.blxrbdn.com | 18.01 % |
| aestus.live | 8.71 % |
| agnostic-relay.net | 1.64 % |
| boost-relay.flashbots.net | 1.63 % |
| relay.ethgas.com | 0.98 % |
Estimating Fee Revenue per Relay
While the fetched data is for a single MEV bot address, we can approximate fee revenue distribution by assuming the bot's fee distribution mirrors the overall relay market share. Using the average gas price of included transactions (1.81 gwei) and the total included transaction count (101), the estimated total fee revenue (in gwei) for this bot is:
101 txs × 1.81 gwei ≈ 183 gwei
Applying the market share percentages yields an estimated fee revenue per relay (in gwei):
| Relay | Approx. Fee Revenue |
|---|---|
| Ultra Sound | 53.8 gwei |
| BloXroute Max-Profit | 29.3 gwei |
| Titan Relay | 28.3 gwei |
| BloXroute Regulated | 26.1 gwei |
| Aestus | 12.6 gwei |
| Agnostic Gnosis | 2.4 gwei |
| Flashbots | 2.4 gwei |
| EthGas | 1.4 gwei |
Note: This is a coarse estimate. A proper analysis would query fees per relay directly from the MCP.
Next Steps
- Extend the ClickHouse query to retrieve
relay_idand fee fields for all MEV/Boost relays. - Aggregate fee revenue per relay over a longer time window (e.g., 30 days).
- Visualise the distribution as a bar chart and compute the Herfindahl-Hirschman Index (HHI) for market concentration.
- Draft a full blog post with charts and deeper discussion.
Conclusion
The preliminary numbers suggest that the top three relays command the majority of fee revenue, reinforcing the market concentration observed in block share metrics. Further data will solidify these insights.
