REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: REVENUES

Disaggregation of Revenues

The following table presents our revenues disaggregated by revenue source:

	Year Ended December 31,
(in millions)	2021		2022		2023
Transaction-based revenues:
Options	$	690	$	488	$	505
Cryptocurrencies	420		202		135
Equities	287		117		104
Other	5		7		41
Total transaction-based revenues	1,402		814		785
Net interest revenues:
Interest on corporate cash and investments	1		103		288
Margin interest	132		177		243
Interest on segregated cash and cash equivalents and deposits	4		57		210
Cash Sweep	3		22		123
Securities lending, net	136		89		79
Credit card, net	—		—		9
Interest expenses related to credit facilities	(20)		(24)		(23)
Total net interest revenues	256		424		929
Other revenues	157		120		151
Total net revenues	$	1,815	$	1,358	$	1,865

For our Fully-Paid Securities Lending program, we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to participating users, and those payments are recorded as interest expense. The program was launched during the three months ended

June 30, 2022. The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:

	Year Ended  December 31,
(in millions)	2022		2023
Interest revenue	$	11	$	44
Interest expense	(2)		(7)
Fully-Paid Securities Lending, net	$	9	$	37

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 related to proxy revenues due from issuers are reported in other current assets on the consolidated balance sheets.

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

	December 31, 2023
(in millions)	Contract Receivables		Contract Liabilities
Beginning of period, January 1, 2023	$	60	$	3
End of period, December 31, 2023	87		4
Changes during the period	$	27	$	1

The change in contract receivables was primarily driven by increases in trading volume for Cryptocurrencies, Equities, and Options for the month ended December 31, 2023 compared to the same period in the prior year. Receivable balances are also impacted by the 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, 2023.