Binance does have significantly lower trading fees than coinbase - so while they do have about 8x the trade volume, it's not exactly an apples to apples compari

Binance does have significantly lower trading fees than coinbase - so while they do have about 8x the trade volume, it's not exactly an apples to apples comparison, because lower fees mean tighter spreads and more money bouncing around within the system per unit of (deposit -> withdrawal in different currency) So, I'm not sure "an order of magnitude larger" is necessarily an accurate description. Wouldn't say it's inaccurate either, but just missing some nuance.