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I was wondering the same thing. At the volume GDAX is processing ($100M/day [0]) they should be making $100M in gross profit every year [1].

[0] https://coinmarketcap.com/exchanges/volume/24-hour/#gdax [1] $100M * 0.0025 = $250K /day, or almost $91M per year.

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There is currently a 0% fee for "market making," or when you do a limit buy/sell. The 0.3% fee only applies when you make a market transaction (instantly filled) [0].

[0]: https://www.gdax.com/fees/ETH-USD

One of the two parties is paying the market-making, the other the market taking fee. So for every transaction, there is always a 0% + 0.3% total commission for Gdax.

(note, large customers get a discount on the taker fee, so I went with 0.25% on average)

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