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REVENUE
 12 Months Ended
Dec. 31, 2021
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 thousands)201920202021
Transaction-based revenues:
Options$110,656$440,070$688,899
Cryptocurrencies9,48726,708419,382
Equities50,688251,200287,734
Other—2,1556,335
Total transaction-based revenues170,831720,1331,402,350
Net interest revenues:
Securities lending6,38098,165137,153
Margin interest19,10466,781131,823
Interest on segregated cash and securities36,28113,4014,023
Other interest revenue9,8653,9724,181
Interest expenses related to credit facilities(991)(4,882)(20,218)
Total net interest revenues70,639177,437256,962
Other revenues36,06361,263155,831
Total net revenues$277,533$958,833$1,815,143
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.
The table below sets forth contract receivables balances for the periods indicated:
December 31,
(in thousands)20202021
Beginning of the period$20,577 $111,871 
End of the period111,871 83,207 
Increase (decrease) in contract receivables during the period$91,294 $(28,664)
The increase between the beginning and ending balance of our contract receivables for the year ended December 31, 2020 primarily results from the growth of our business over the period. The decrease for the year ended December 31, 2021 primarily results from lower transaction-based revenues for equities and options for the month of December 2021 as compared to the month of December 2020.
Timing differences between our performance and counterparties’ payments also contributed to the change during the periods presented.
Contract liabilities consist of unearned subscription revenue, 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 consolidated balance sheets.
The table below sets forth contract liabilities balances for the period indicated:
December 31,
(in thousands)20202021
Beginning of the period$954 $2,060 
End of the period2,060 3,211 
Increase in contract liabilities during the period$1,106 $1,151 
We recognized all revenue from amounts included in the opening contract liabilities balances in the years ended December 31, 2020 and 2021. The difference between the beginning 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.