> For the complete documentation index, see [llms.txt](https://docs.novarpc.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.novarpc.xyz/nova-rpc/why-use-a-private-mempool/understanding-mev.md).
# Understanding MEV
**Maximal Extractable Value (MEV) and Why Rank Matters**
Traditional commodities are purely cardinal, where what matters is how much you have. Blockspace is both cardinal and ordinal: value depends on how much AND what rank you hold within a block.
A trader whose transaction lands first captures arbitrage. A trader whose transaction lands second finds the opportunity gone. Same block, same commodity – radically different outcomes.
This ordinal structure means MEV is not a bug or exploit; it emerges necessarily from the ordinal structure of blockspace, and the fact blockspace is capacity constrained.
As long as rank carries value, there will be competition for rank.
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