REVENUE

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: REVENUES

Disaggregation of Revenues

The following table presents our revenue disaggregated by revenue source:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2021		2020		2021
Transaction-based revenues:
Options	$	126,769	$	163,750	$	297,677	$	526,214
Cryptocurrencies	5,282		50,723		14,840		371,413
Equities	68,818		50,459		171,013		235,772
Other	938		1,865		1,321		5,004
Total transaction-based revenues	201,807		266,797		484,851		1,138,403
Net interest revenues:
Securities lending	27,891		33,495		63,029		108,569
Margin interest	21,288		34,238		40,075		93,199
Interest on segregated cash and securities	1,359		1,071		11,991		3,112
Other interest revenue	743		853		3,259		3,050
Interest expenses related to credit facilities	(875)		(6,252)		(3,934)		(14,319)
Total net interest revenues	50,406		63,405		114,420		193,611
Other revenues	17,317		34,721		42,020		120,416
Total net revenues	$	269,530	$	364,923	$	641,291	$	1,452,430

Contract Balances

Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract with a customer and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers and clearing organizations while other revenue receivables due from our relationship with a third-party investor communications company are reported in other current assets on the unaudited condensed consolidated balance sheets.

The table below sets forth contract receivables balances for the period indicated:

(in thousands)	Contract Receivables
Beginning of period, January 1, 2021	$	111,871
End of period, September 30, 2021	115,298
Increase in contract receivables during the period	$	3,427

The difference between the opening and ending balance of our contract receivables primarily results from the growth of our business over the period and timing differences between our performance and counterparties’ payments.

Contract liabilities consist of unearned subscription revenue which are recognized when users remit contractual cash payments in advance of the time we satisfy our performance obligations under the contract and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.

The table below sets forth contract liabilities balances for the period indicated:

(in thousands)	Contract Liabilities
Beginning of period, January 1, 2021	$	2,060
End of period, September 30, 2021	3,298
Increase in contract liabilities during the period	$	1,238

We recognized all revenue from amounts included in the opening contract liability balances in the nine months ended September 30, 2021. The difference between the opening and ending balance of our contract liability balances primarily results from the increase in subscription users and the timing difference between our performance and payments from the users.