eli5

Can someone explain Oracle Extractable Value to me. 

I barely figured out MEV, but this stuff is beyond me.

Writer | Book lover | Hobby Classical Guitarist | Marketing /subsquid | /classical music nerd and /postcards lady

Value extraction at a precision only observable by oracles.

Think of an Uber driver who always sees a potential passenger looking for a cab on the road, but the driver decides to wait for a ping from the app, thus loses money to Uber

OEV is the driver picking up the potential passenger before the app ping, ad hoc.

Mostly a phenomenon in perp trading that newer "hybrid" infra is meant to fix (5yo understand  perps right?)

You see the clock in the office on your way back from the bathroom so you know the lunch bell is about to ring, and instead of going back to class, you grab the most desirable table in the lunch hall before the crowd descends