Crypto exchanges derive revenue from multiple streams, with trading and withdrawal fees forming the core. They also profit from liquidity provision, lending, and proprietary products that monetize user activity. Fee design, regulatory costs, and competition compress margins, while incentives like…

Cryptocurrency exchanges function as liquidity hubs that aggregate orders from diverse venues to enable price discovery and efficient execution. They classify, route, and match trades while handling settlement and custody within a regulated framework. Liquidity sources, routing logic, and latency…