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How does it hurt them?

They are matching buyers and sellers of ads across different exchanges, how are buyers and sellers hurt by this?

Yes, the traders pocket a spread for their trouble, but they also save you the hassle of checking all the different exchanges. And if you really care about that spread, you still have the option of looking at all the different exchanges.

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X dollars go in, x dollars go out. before, average revenue per market participant category was x/n. Now its x/(n+1).

At the end of the day, unless their participation increases x by more than their cut, they're just taking revenue from everyone in the game who actually provides value.

They don't make the market more efficient.

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