Crypto Exchange Take Rates: 2026 Report

How much does a crypto exchange keep from each trade? We worked it out from the revenue and trading volume in each publicly traded exchange's own filings.

Published: October 13, 2026By Benjamin Margolis, Founder and Managing Editor, The Fintech Index

Crypto trading platforms earn transaction revenue on the trades their customers make. But the share of each trade they keep varies widely by platform.

Our analysts studied six publicly traded companies that run crypto trading platforms: Coinbase, Robinhood, Gemini, Bullish, eToro and Coincheck. We used their filings for 2025 and 2024.

In the following sections, we compare take rates by company, look inside Gemini's rates, show the change since 2024, and track Robinhood's rate by quarter.

Crypto Exchange Take Rates by Company

Coinbase reports consumer and institutional revenue and volume separately, so it has three take rates: consumer, institutional and all transactions.

• Across the six companies, using Coinbase's all-transaction rate of 0.332%, the median take rate is 0.351%, halfway between Coinbase and Robinhood's 0.371%. The range runs from 0.016% at Bullish to 3.28% at Coincheck's Marketplace business.
• Coinbase kept 1.390% of consumer trading volume and 0.049% of institutional volume in 2025, so a dollar of consumer trading produced about 28 times as much revenue as a dollar of institutional trading. Consumers made up $239 billion of Coinbase's $1,221 billion in volume and $3,322.8 million of its $4,055.4 million in transaction revenue.
• Coincheck sets the price at which it buys from and sells to customers on its Marketplace platform. Its 20-F says the spread generally falls between 0.1% and 5.0% of a trade's value and averaged 3.28% in the year ended March 2026.
• What a trader pays depends heavily on how they trade. Coinbase kept 1.390% of consumer volume but 0.049% of institutional volume, and the median rate across six companies is 0.351%.

Gemini Crypto Exchange Take Rates by Customer Type and Asset

Gemini splits its trading volume between retail and institutional customers and reports exchange revenue by crypto asset, which shows how its take rate varies with what customers trade.

• Institutional customers accounted for $46.0 billion of Gemini's $52.7 billion in 2025 volume, up from $31.6 billion of $38.6 billion in 2024. Retail volume fell to $6.7 billion from $7.0 billion, and Gemini's 10-K says retail revenue fell $13.0 million as a result.
• Gemini's growth came from customers who pay much less per trade. Institutional volume rose to $46.0 billion while retail fell to $6.7 billion.
• Ether volume on Gemini's exchange roughly doubled to $15.8 billion while ether revenue fell to $16 million from $18 million, cutting the rate on ether trades from 0.234% to 0.101%.

Change in Crypto Exchange Take Rates, 2024 to 2025

Six of the seven take rates fell from 2024 to 2025, and only Coinbase's institutional rate rose. Coincheck's figures are for fiscal years ended in March. Bullish is not included because its monthly metrics filings give average trading spreads from January 2025 only.

• Coinbase's institutional rate rose from 0.036% to 0.049%. Its 2025 institutional revenue includes $152.0 million from derivatives trading, which the 10-K attributes mainly to Coinbase's August 2025 purchase of the Deribit exchange, while its institutional volume figure counts spot trades only.
• Coinbase's 10-K says a lower blended fee rate cut consumer transaction revenue by $384.4 million in 2025, mainly because more consumer volume came from Advanced traders and Coinbase One subscribers, who pay lower fees than users of its basic Simple trading screen. Higher consumer volume, up 6.7% by the figures above (7% in the 10-K), added $277.0 million.
• Higher volume no longer guarantees higher revenue at crypto exchanges. Gemini's volume grew 36.5% while its transaction revenue fell 1.1%.

Robinhood Crypto Take Rate by Quarter

Robinhood bought Bitstamp, its first crypto exchange, in 2025, and its crypto take rate in every quarter since has stayed below its peak of 0.548% in the first quarter of 2025.

Its quarterly releases have counted Bitstamp's volume in its crypto notional volume since the purchase closed on June 2, 2025.

• Robinhood's crypto take rate peaked at 0.548% in the first quarter of 2025 and fell to 0.203% in the first quarter of 2026, when Bitstamp handled $42 billion of the $66 billion total.
• Volume on the Robinhood app itself fell from $46 billion in the first quarter of 2025 to $18 billion in the second quarter of 2026, when Bitstamp handled 55% of Robinhood's total crypto volume, down from 64% in the first quarter of 2026.
• Robinhood's take rate has fallen as its own app has lost volume to Bitstamp. The rate dropped from 0.548% to 0.203% between the first quarters of 2025 and 2026. Robinhood's 2025 10-K credits the year's crypto revenue growth mainly to higher rebates from crypto market makers, which pay a fixed percentage of each order's value, and to the Bitstamp purchase.

What Crypto Exchange Take Rate Trends Mean for 2027 and Beyond

For most people who buy crypto, the cost of a trade is set less by the exchange they pick than by the screen they trade on. The simple buy button in a consumer app is the priciest way to trade, while large clients and advanced screens pay a small fraction of that, so the same purchase can cost very different amounts depending on how it is placed.

Exchanges are earning less on each dollar traded as more of their business comes from big clients and cheaper tiers. To hold on to revenue, they have to either find income beyond trading fees or keep everyday customers on the pricier consumer screens, and the path each one takes decides what ordinary traders pay.

So if you buy crypto regularly, compare what the basic buy button costs with the exchange's advanced trading screen before your next purchase.