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I believe it's actual revenue

Might still not be that much, if earnings through exchange rate gains were also part of their revenue. btc made what? Over 1000% in that year? If they pooled earlier in the year that are huge gains. If it's only from their 1.5% cut, it is really impressive.

Exchanges are literally printing money. I think nearly a million Ether a day was traded on Gdax at the top.

At $1,400 you're talking $1.4bn a day in trading volume, on (at least) half of which they take a 0.3% fee. That's $2.1m a day, just from ETH. Then there's Bitcoin and Litecoin. Bitcoin probably makes a similar amount. And their "simplified" website on which they charge higher fees.

They would be fractional if they were literally printing money.

Right, it's Tether which is doing that, not Coinbase!

It was fee revenue

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