Industry Competition Upgrading: Fee Pressure on Leading Exchanges

Recently, a clear competitive trend has emerged in the trading market—some exchanges are beginning to adjust their fee strategies by launching zero-fee models for order placement and trading. This move directly targets the industry's core revenue source.

From the revenue structure perspective, trading fees are undeniably crucial for exchanges:

**Current Situation of Leading Exchanges**: A top-tier exchange's estimated fee revenue in 2025 is between $14 billion and $15.5 billion, accounting for 80-90% of total revenue, with total earnings projected to reach $17 billion to $17.5 billion. These figures indicate that fees have become the absolute main source of income for exchanges, and their stability directly impacts the platform's business model.

**Pressure from Competitors**: Another leading exchange's estimated fee revenue is between $1.2 billion and $1.8 billion, also making up 80-90% of its total revenue, with total income expected to be $1.5 billion to $2 billion. This comparison highlights the market segmentation.

When an exchange begins to actively reduce or eliminate fees, it will inevitably impact the overall market fee structure. How each platform maintains revenue while responding to competitive pressures will be a key focus for the industry's future development.