[lend000]

> If Binance quotes you [XXX] BTC at $1 mil it will go through 100% of the time.

1mm would even go through on Gemini. Even for crypto, that's tiny. You bring up an important point: have you ever noticed the correlation between fees and volume? Bitmex is the best example; they literally pay the maker of each trade and the taker pays an order of magnitude less than KYC exchanges.

Bitmex and Binance are doing well, no doubt, and Bitmex likely has higher revenue than Coinbase's exchange and Kraken combined, in part due to their built in market maker and de-leveraging mechanism. However, the numbers you are looking at will throw you off by an order of magnitude from true values for the argument you are trying to make. The big legitimate exchanges are doing quite well considering the market, although the volume is seemingly consolidating into Coinbase and Kraken.

If you know how to code, check out the entropies. Bitmex volume is real, but synthetic. Binance volume... maybe 40% real, being generous. There was a time when it was more than 90% fake, like most of the exchanges on CoinMarketCap. They literally faked it until they made it. No need to get feisty about it, just fact checking.