Analysis: MEV Is Conserved Across Ethereum, Canton and Hyperliquid

The framing matters more than any single venue: value extraction from transaction ordering is a structural constant, so the real variable is who captures it and how visible that capture is. Canton is the telling case — institutional repo flow at Broadridge's scale settles on permissioned rails where ordering value is internalised rather than auctioned in public, which shifts the question from transparency to governance. Hyperliquid's fee auctions and burn show a third path, pricing priority directly and returning proceeds to token holders. Whether these regimes converge on disclosure norms, or stay siloed by user base, is the open question.