Estimates revenues are calculated as follows: CryptoRank.io reported volumes for November multiplied by average fees listed on exchanges websites.
According to estimates, TOP 5 exchanges (Huobi, OKEx, Binance, Coinbase Pro, and MXC) are bringing in more than $20 million per month in revenue. The rest TOP 10 exchanges are bringing in from $3m to $18m that is also absolutely astonishing revenue.
In February BitMax exchange has entered the top 15 list with estimated trading fees revenue of $5.4 million.
Overall, our estimates can be fixed on trading/VIP discounts, market making, trading mining, and other factors that reduce the estimated revenues of exchanges. Even so, the incredible fact remains that the relatively young cryptocurrency industry represented by the top 15 exchanges can generate such an impressive monthly revenue.