Understanding Any Ordered Funnels and Step-by-Step Conversion Rates

Hi! Is anyone here familiar with "Any Ordered" funnels? I'm specifically wondering how the "step-by-step" conversion rates are calculated and how the map the the events in the funnel. When re-ordering the steps, none of the Step-by-step conversion rate change for me. I can understand the full funnel conversion (users who completed all events in any order), but I'd like to understand the step specific conversions better. Thanks!