How much the binder can take measured in millimetres. The size of the binder (eg, 40mm) doesn't refer to the physical height of the mechanism but the gap between the top of the plate and the vertical length of the binder before it starts to curve round at the top.
We refer to each mechanism by size and type, for example a '40mm D Ring Binder', which is D shaped and gives you 40mm of space (capacity).
This gives you an idea, when ordering, which size binder mechanism you need depending upon the volume being put in the ring binder.
This can depend on whether the contents of your binder is in page protectors, or have 1 or 2 pages in each page protector. Also the quality (thickness) of the page protector material or the pages themselves.
As an 'approximation' the 65mm mechanism will hold (comfortably) 150 page protectors.
Without wanting to sound deliberately patronising, the only way to figure it out accurately, is to pile up the contents and measure it.