REVENUE

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: REVENUES

Disaggregation of Revenues

The following table presents our revenue disaggregated by revenue source:

	Year Ended December 31,
(in millions)	2020		2021		2022
Transaction-based revenues:
Options	$	440	$	690	$	488
Cryptocurrencies	27		420		202
Equities	251		287		117
Other	2		5		7
Total transaction-based revenues	720		1,402		814
Net interest revenues:
Margin interest	67		132		177
Interest on corporate cash and investments	2		1		103
Securities lending, net	98		136		89
Interest on segregated cash and cash equivalents and deposits	14		4		57
Cash Sweep, net	1		3		22
Interest expenses related to credit facilities	(5)		(20)		(24)
Total net interest revenues	177		256		424
Other revenues	61		157		120
Total net revenues	$	958	$	1,815	$	1,358

Contract Balances

Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract 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 consolidated balance sheets.

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

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

	December 31, 2021
(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2021	$	112	$	2
End of the period, December 31, 2021	83		3
Changes during the period	$	(29)	$	1

	December 31, 2022
(in millions)	Contract Receivables		Contract Liabilities
Beginning of period, January 1, 2022	$	83	$	3
End of period, December 31, 2022	60		3
Changes during the period	$	(23)	$	—

The difference between the opening and ending balances of our contract receivables primarily results from lower transaction-based revenue driven by the market environment which had a negative impact on the number of traders and Notional Trading Volume and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances for the year end December 31, 2022