An Ethereum block builder made more revenue than Hyperliquid in a single week. > Titan Builder: $23.65M > Hyperliquid: $16.87M That’s $6.78M more, or roughly 40% above Hyperliquid’s reported figure. Titan’s weekly revenue also increased nearly 30x. Pretty wild considering how much attention crypto pays to perp DEX revenue while the economics of Ethereum block building barely get discussed. The mechanism is different though. Builders compete to assemble the most valuable blocks, capturing opportunities created by arbitrage, liquidations and transaction ordering. When markets become dislocated, the value of securing profitable order flow can increase dramatically. But there’s an important catch. Builder revenue isn’t the same as profit. A substantial portion can be paid to validators through competitive bids, while searchers may capture much of the underlying arbitrage. So the $23.65M doesn’t mean Titan pocketed that amount. What I’d really want to know is how much of the spike Titan actually retained after proposer payments, and whether the activity came from a handful of exceptional opportunities. Because a 30x weekly revenue increase tells you something unusual happened in Ethereum’s execution market. It doesn’t necessarily tell you the block-building business became 30x more profitable.