Estimated trading fees revenues are calculated as follows: CryptoRank.io reported volumes for December multiplied by average trading fees listed on the websites of the exchanges.
Overall, as can be seen from our previous post, the total volume of centralized exchanges has dropped by almost 30%, thus the estimate revenues have dropped by approximately that percentage too.
According to our estimates, TOP 5 exchanges (Huobi, OKEx, MXC, Binance, and Coinbase Pro) had more than $15 million per month in revenue. The rest TOP 10 exchanges had from $2m to $8m in revenue.
This is a very rough estimation considering trading/VIP discounts, market making, wash-trading and other factors that reduce the actual revenues of exchanges. Still, the numbers are very impressive.