REVENUE (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Revenue Source

The following table presents our revenue disaggregated by revenue source:

	Year ended December 31,
(in thousands)	2019		2020		2021
Transaction-based revenues:
Options	$	110,656	$	440,070	$	688,899
Cryptocurrencies	9,487		26,708		419,382
Equities	50,688		251,200		287,734
Other	—		2,155		6,335
Total transaction-based revenues	170,831		720,133		1,402,350
Net interest revenues:
Securities lending	6,380		98,165		137,153
Margin interest	19,104		66,781		131,823
Interest on segregated cash and securities	36,281		13,401		4,023
Other interest revenue	9,865		3,972		4,181
Interest expenses related to credit facilities	(991)		(4,882)		(20,218)
Total net interest revenues	70,639		177,437		256,962
Other revenues	36,063		61,263		155,831
Total net revenues	$	277,533	$	958,833	$	1,815,143

Receivables and Contract Balances

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

	December 31,
(in thousands)		2020		2021
Beginning of the period		$	20,577	$	111,871
End of the period		111,871		83,207
Increase (decrease) in contract receivables during the period		$	91,294	$	(28,664)

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

	December 31,
(in thousands)		2020		2021
Beginning of the period		$	954	$	2,060
End of the period		2,060		3,211
Increase in contract liabilities during the period		$	1,106	$	1,151