Payward, the company behind the Kraken exchange, laid out its third-quarter numbers in a shareholder letter, showing a sharp drop in profitability from a year ago as trading activity cooled.

Adjusted EBITDA fell 67% year over year to $60M, while total platform margin, the metric that now replaces adjusted revenue, slipped 12% to $487M.

Trading volume declined 30% to $353B. Against the prior quarter the picture improved: platform margin rose 12% and adjusted EBITDA jumped 163%.

The user base kept growing despite weaker volumes, with funded accounts (those holding a balance above zero) up 37% year over year to 7.1 million.