Most people think crypto exchanges only earn from trading fees, but there's a lot more going on. Quick breakdown:

1. Trading fees – maker/taker fees on every trade (0.1%–0.5%)
2. Listing fees – projects pay to get listed on the exchange
3. Withdrawal fees – small charge when users move funds out
4. Margin/futures trading – interest + liquidation fees
5. Staking services – exchange takes a cut of staking rewards
6. API access fees – institutional traders pay for premium API tiers
7. Token launches (IEOs) – exchange takes a percentage of funds raised
8. Market making – in-house liquidity desk for spread profit

Full breakdown with examples here: crypto exchange revenue models
Which of these do you think matters most going forward?
​ crypto exchange revenue models​