Coinbase's fee revenue for the year is between $1.5 billion and $2 billion. Assuming it accounts for 20% of the industry's fee revenue, all exchanges + on-chain protocols combined might earn $7–10 billion in fees annually. In other words: The market is drained by CEX + DEX every day by $20–27 million, and every year by $7–10 billion. The question is, how many more years can it be drained?