GUIDE
Exchange Revenue, Updated: What Changed Since the 2025 Benchmark
October 17, 2026
Alphapoint’s updated report on crypto exchange economics examines how exchange revenue models have shifted since the 2025 benchmark, using reported results from Coinbase, Robinhood, and Kraken, plus market-wide data through Q4 2026.
Download this report for expert insight on:
- The core revenue mechanics: trading fees, spread capture, perpetual futures funding, listing, margin, custody, and withdrawal fees
- How stablecoins moved from a side line to a core exchange business across balances, conversions, payments, and reserve economics
- The revenue mix shift from Q1 2025 to Q2 2026, with consumer transaction revenue falling as stablecoin and services revenue rose
- Trading fee benchmarks for Kraken, Binance, Coinbase, and traditional venues as of Q4 2026.
- Where regulation stands: the Clarity Act, GENIUS Act implementation, SEC/CFTC action, and an international snapshot
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