diff --git a/web/components/contract-feed.tsx b/web/components/contract-feed.tsx
index 32db9013..926f8d88 100644
--- a/web/components/contract-feed.tsx
+++ b/web/components/contract-feed.tsx
@@ -6,7 +6,6 @@ import {
   CheckIcon,
   DotsVerticalIcon,
   LockClosedIcon,
-  StarIcon,
   UserIcon,
   UsersIcon,
   XIcon,
@@ -43,6 +42,7 @@ import { fromNow } from '../lib/util/time'
 import BetRow from './bet-row'
 import { parseTags } from '../../common/util/parse'
 import { Avatar } from './avatar'
+import { User } from '../../common/user'
 
 function FeedComment(props: {
   activityItem: any
@@ -470,7 +470,12 @@ function groupBets(
     if (group.length == 1) {
       items.push(toActivityItem(group[0]))
     } else if (group.length > 1) {
-      items.push({ type: 'betgroup', bets: [...group], id: group[0].id })
+      items.push({
+        type: 'betgroup',
+        bets: [...group],
+        id: group[0].id,
+        createdTime: group[group.length - 1].createdTime,
+      })
     }
     group = []
   }
@@ -504,6 +509,52 @@ function groupBets(
   return items as ActivityItem[]
 }
 
+export function getContractFeedItems(
+  contract: Contract,
+  bets: Bet[],
+  comments: Comment[],
+  user: User | null | undefined,
+  options: { feedType: 'activity' | 'market'; expanded: boolean }
+) {
+  const { feedType, expanded } = options
+  const groupWindow = feedType == 'activity' ? 10 * DAY_IN_MS : DAY_IN_MS
+
+  const allItems: ActivityItem[] = [
+    { type: 'start', id: '0', createdTime: contract.createdTime },
+    ...groupBets(
+      bets.filter((bet) => !bet.isAnte),
+      comments,
+      groupWindow,
+      user?.id
+    ),
+  ]
+  if (contract.closeTime && contract.closeTime <= Date.now()) {
+    allItems.push({
+      type: 'close',
+      id: `${contract.closeTime}`,
+      createdTime: contract.closeTime,
+    })
+  }
+  if (contract.resolution) {
+    allItems.push({
+      type: 'resolve',
+      id: `${contract.resolutionTime}`,
+      createdTime: contract.resolutionTime,
+    })
+  }
+
+  // If there are more than 5 items, only show the first, an expand item, and last 3
+  let items = allItems
+  if (!expanded && allItems.length > 5 && feedType == 'activity') {
+    items = [
+      allItems[0],
+      { type: 'expand', id: 'expand' },
+      ...allItems.slice(-3),
+    ]
+  }
+  return items
+}
+
 function BetGroupSpan(props: { bets: Bet[]; outcome: 'YES' | 'NO' }) {
   const { bets, outcome } = props
 
@@ -583,9 +634,7 @@ function FeedExpand(props: { setExpanded: (expanded: boolean) => void }) {
   )
 }
 
-// Missing feed items:
-// - Bet sold?
-type ActivityItem = {
+export type ActivityItem = {
   id: string
   type:
     | 'bet'
@@ -595,48 +644,34 @@ type ActivityItem = {
     | 'close'
     | 'resolve'
     | 'expand'
+
+  createdTime?: number
 }
 
 export function ContractFeed(props: {
   contract: Contract
-  bets: Bet[]
-  comments: Comment[]
+  activityItems: ActivityItem[]
   // Feed types: 'activity' = Activity feed, 'market' = Comments feed on a market
   feedType: 'activity' | 'market'
   betRowClassName?: string
 }) {
-  const { contract, feedType, betRowClassName } = props
+  const { contract, activityItems, feedType, betRowClassName } = props
   const { id } = contract
   const [expanded, setExpanded] = useState(false)
   const user = useUser()
 
-  let bets = useBets(id) ?? props.bets
+  let bets = useBets(id)
   bets = withoutAnteBets(contract, bets)
 
-  const comments = useComments(id) ?? props.comments
+  const comments = useComments(id)
 
-  const groupWindow = feedType == 'activity' ? 10 * DAY_IN_MS : DAY_IN_MS
-
-  const allItems = [
-    { type: 'start', id: 0 },
-    ...groupBets(bets, comments, groupWindow, user?.id),
-  ]
-  if (contract.closeTime && contract.closeTime <= Date.now()) {
-    allItems.push({ type: 'close', id: `${contract.closeTime}` })
-  }
-  if (contract.resolution) {
-    allItems.push({ type: 'resolve', id: `${contract.resolutionTime}` })
-  }
-
-  // If there are more than 5 items, only show the first, an expand item, and last 3
-  let items = allItems
-  if (!expanded && allItems.length > 5 && feedType == 'activity') {
-    items = [
-      allItems[0],
-      { type: 'expand', id: 'expand' },
-      ...allItems.slice(-3),
-    ]
-  }
+  const items =
+    bets && comments
+      ? getContractFeedItems(contract, bets, comments, user, {
+          feedType,
+          expanded,
+        })
+      : activityItems
 
   return (
     <div className="flow-root pr-2 md:pr-0">
diff --git a/web/components/contract-overview.tsx b/web/components/contract-overview.tsx
index 3528a727..1de1d157 100644
--- a/web/components/contract-overview.tsx
+++ b/web/components/contract-overview.tsx
@@ -14,7 +14,7 @@ import { Row } from './layout/row'
 import { Linkify } from './linkify'
 import clsx from 'clsx'
 import { ContractDetails, ResolutionOrChance } from './contract-card'
-import { ContractFeed } from './contract-feed'
+import { ContractFeed, getContractFeedItems } from './contract-feed'
 import { TweetButton } from './tweet-button'
 import { Bet } from '../../common/bet'
 import { Comment } from '../../common/comment'
@@ -46,6 +46,11 @@ export const ContractOverview = (props: {
   const url = `https://manifold.markets${contractPath(contract)}`
   const tweetText = `${tweetQuestion}\n\n${tweetDescription}\n\n${url}`
 
+  const activityItems = getContractFeedItems(contract, bets, comments, user, {
+    feedType: 'market',
+    expanded: true,
+  })
+
   return (
     <Col className={clsx('mb-6', className)}>
       <Row className="justify-between gap-4 px-2">
@@ -131,8 +136,7 @@ export const ContractOverview = (props: {
 
       <ContractFeed
         contract={contract}
-        bets={bets}
-        comments={comments}
+        activityItems={activityItems}
         feedType="market"
         betRowClassName="md:hidden !mt-0"
       />
diff --git a/web/pages/activity.tsx b/web/pages/activity.tsx
index be5a9809..15df7311 100644
--- a/web/pages/activity.tsx
+++ b/web/pages/activity.tsx
@@ -1,5 +1,9 @@
 import _ from 'lodash'
-import { ContractFeed } from '../components/contract-feed'
+import {
+  ActivityItem,
+  ContractFeed,
+  getContractFeedItems,
+} from '../components/contract-feed'
 import { Page } from '../components/page'
 import { Contract } from '../lib/firebase/contracts'
 import { Comment } from '../lib/firebase/comments'
@@ -85,27 +89,86 @@ export function findActiveContracts(
   return contracts.slice(0, MAX_ACTIVE_CONTRACTS)
 }
 
+export function getActivity(
+  contracts: Contract[],
+  contractBets: Bet[][],
+  contractComments: Comment[][]
+) {
+  const contractActivityItems = contracts.map((contract, i) => {
+    const bets = contractBets[i]
+    const comments = contractComments[i]
+    return getContractFeedItems(contract, bets, comments, undefined, {
+      expanded: false,
+      feedType: 'activity',
+    })
+  })
+
+  const hotMarketTimes: { [contractId: string]: number } = {}
+
+  // Add recent top-trading contracts, ordered by last bet.
+  const DAY_IN_MS = 24 * 60 * 60 * 1000
+  const contractTotalBets = _.map(contractBets, (bets) => {
+    const recentBets = bets.filter(
+      (bet) => bet.createdTime > Date.now() - DAY_IN_MS
+    )
+    return _.sumBy(recentBets, (bet) => bet.amount)
+  })
+  const topTradedContracts = _.sortBy(
+    contractTotalBets.map((total, index) => [total, index] as [number, number]),
+    ([total, _]) => -1 * total
+  ).slice(0, MAX_HOT_MARKETS)
+
+  for (const [_total, index] of topTradedContracts) {
+    const lastBet = _.last(contractBets[index])
+    if (lastBet) {
+      hotMarketTimes[contracts[index].id] = lastBet.createdTime
+    }
+  }
+
+  const orderedContracts = _.sortBy(
+    contracts.map((c, index) => [c, index] as const),
+    ([contract, index]) => {
+      const activeTypes = ['start', 'comment', 'close', 'resolve']
+      const { createdTime } = _.last(
+        contractActivityItems[index].filter((item) =>
+          activeTypes.includes(item.type)
+        )
+      ) as ActivityItem
+      const activeTime = createdTime ?? 0
+      const hotTime = hotMarketTimes[contract.id] ?? 0
+      return -1 * Math.max(activeTime, hotTime)
+    }
+  )
+
+  return {
+    contracts: orderedContracts.map(([_, index]) => contracts[index]),
+    contractActivityItems: orderedContracts.map(
+      ([_, index]) => contractActivityItems[index]
+    ),
+  }
+}
+
 export function ActivityFeed(props: {
   contracts: Contract[]
-  contractBets: Bet[][]
-  contractComments: Comment[][]
+  contractActivityItems: ActivityItem[][]
 }) {
-  const { contracts, contractBets, contractComments } = props
+  const { contracts, contractActivityItems } = props
 
   return contracts.length > 0 ? (
     <Col className="items-center">
       <Col className="w-full max-w-3xl">
         <Col className="w-full bg-white self-center divide-gray-300 divide-y">
-          {contracts.map((contract, i) => (
-            <div key={contract.id} className="py-6 px-2 sm:px-4">
-              <ContractFeed
-                contract={contract}
-                bets={contractBets[i]}
-                comments={contractComments[i]}
-                feedType="activity"
-              />
-            </div>
-          ))}
+          {contracts.map((contract, i) => {
+            return (
+              <div key={contract.id} className="py-6 px-2 sm:px-4">
+                <ContractFeed
+                  contract={contract}
+                  activityItems={contractActivityItems[i]}
+                  feedType="activity"
+                />
+              </div>
+            )
+          })}
         </Col>
       </Col>
     </Col>
@@ -117,7 +180,7 @@ export function ActivityFeed(props: {
 export default function ActivityPage() {
   return (
     <Page>
-      <ActivityFeed contracts={[]} contractBets={[]} contractComments={[]} />
+      <ActivityFeed contracts={[]} contractActivityItems={[]} />
     </Page>
   )
 }
diff --git a/web/pages/fold/[...slugs]/index.tsx b/web/pages/fold/[...slugs]/index.tsx
index f43f847a..e0e9103b 100644
--- a/web/pages/fold/[...slugs]/index.tsx
+++ b/web/pages/fold/[...slugs]/index.tsx
@@ -39,6 +39,7 @@ import { FollowFoldButton } from '../../../components/follow-fold-button'
 import FeedCreate from '../../../components/feed-create'
 import { SEO } from '../../../components/SEO'
 import { useTaggedContracts } from '../../../hooks/use-contracts'
+import { getContractFeedItems } from '../../../components/contract-feed'
 
 export async function getStaticProps(props: { params: { slugs: string[] } }) {
   const { slugs } = props.params
@@ -175,6 +176,16 @@ export default function FoldPage(props: {
     (contract) => contractsMap[contract.id]
   )
 
+  const contractActivityItems = activeContracts.map((contract, index) =>
+    getContractFeedItems(
+      contract,
+      activeContractBets[index],
+      activeContractComments[index],
+      user,
+      { feedType: 'activity', expanded: false }
+    )
+  )
+
   if (fold === null || !foldSubpages.includes(page) || slugs[2]) {
     return <Custom404 />
   }
@@ -260,8 +271,7 @@ export default function FoldPage(props: {
               <>
                 <ActivityFeed
                   contracts={activeContracts}
-                  contractBets={activeContractBets}
-                  contractComments={activeContractComments}
+                  contractActivityItems={contractActivityItems}
                 />
                 {activeContracts.length === 0 && (
                   <div className="text-gray-500 mt-4 mx-2 lg:mx-0">
diff --git a/web/pages/home.tsx b/web/pages/home.tsx
index f80c32b1..eef04ff8 100644
--- a/web/pages/home.tsx
+++ b/web/pages/home.tsx
@@ -4,9 +4,9 @@ import _ from 'lodash'
 
 import { Contract, listAllContracts } from '../lib/firebase/contracts'
 import { Page } from '../components/page'
-import { ActivityFeed, findActiveContracts } from './activity'
-import { Comment, listAllComments } from '../lib/firebase/comments'
-import { Bet, listAllBets } from '../lib/firebase/bets'
+import { ActivityFeed, getActivity } from './activity'
+import { listAllComments } from '../lib/firebase/comments'
+import { listAllBets } from '../lib/firebase/bets'
 import FeedCreate from '../components/feed-create'
 import { Spacer } from '../components/layout/spacer'
 import { Col } from '../components/layout/col'
@@ -22,6 +22,7 @@ import { SearchIcon } from '@heroicons/react/outline'
 import { Row } from '../components/layout/row'
 import { SparklesIcon } from '@heroicons/react/solid'
 import { useFollowedFolds } from '../hooks/use-fold'
+import { ActivityItem } from '../components/contract-feed'
 
 export async function getStaticProps() {
   const [contracts, folds] = await Promise.all([
@@ -36,9 +37,7 @@ export async function getStaticProps() {
 
   return {
     props: {
-      contracts,
-      contractBets,
-      contractComments,
+      ...getActivity(contracts, contractBets, contractComments),
       folds,
     },
 
@@ -48,18 +47,14 @@ export async function getStaticProps() {
 
 const Home = (props: {
   contracts: Contract[]
-  contractBets: Bet[][]
-  contractComments: Comment[][]
+  contractActivityItems: ActivityItem[][]
   folds: Fold[]
 }) => {
-  const { contractBets, contractComments, folds } = props
+  const { contractActivityItems, folds } = props
 
   const user = useUser()
 
   const contracts = useUpdatedContracts(props.contracts)
-  const contractIdToIndex = _.fromPairs(
-    contracts.map((contract, index) => [contract.id, index])
-  )
 
   const followedFoldIds = useFollowedFolds(user)
   const followedFolds = filterDefined(
@@ -76,36 +71,20 @@ const Home = (props: {
 
   const feedContracts =
     followedFoldIds && yourBetContracts
-      ? contracts.filter(
-          (contract) =>
-            contract.lowercaseTags.some((tag) => tagSet.has(tag)) ||
-            yourBetContracts.has(contract.id)
-        )
+      ? contracts
+          .filter(
+            (contract) =>
+              contract.lowercaseTags.some((tag) => tagSet.has(tag)) ||
+              yourBetContracts.has(contract.id)
+          )
+          .slice(0, 75)
       : undefined
 
-  const oneDayMS = 24 * 60 * 60 * 1000
-  const recentBets = (feedContracts ?? [])
-    .map((c) => contractBets[contractIdToIndex[c.id]])
-    .flat()
-    .filter((bet) => bet.createdTime > Date.now() - oneDayMS)
-  const feedComments = (feedContracts ?? [])
-    .map((c) => contractComments[contractIdToIndex[c.id]])
-    .flat()
+  const feedContractSet = new Set(feedContracts?.map((contract) => contract.id))
 
-  const activeContracts =
-    feedContracts &&
-    findActiveContracts(feedContracts, feedComments, recentBets, 365)
-
-  const activeBets = activeContracts
-    ? activeContracts.map(
-        (contract) => contractBets[contractIdToIndex[contract.id]]
-      )
-    : []
-  const activeComments = activeContracts
-    ? activeContracts.map(
-        (contract) => contractComments[contractIdToIndex[contract.id]]
-      )
-    : []
+  const feedActivityItems = contractActivityItems.filter((_, index) =>
+    feedContractSet.has(contracts[index].id)
+  )
 
   if (user === null) {
     Router.replace('/')
@@ -143,11 +122,10 @@ const Home = (props: {
             <SparklesIcon className="inline w-5 h-5" aria-hidden="true" />
             Recent activity
           </Row>
-          {activeContracts ? (
+          {feedContracts ? (
             <ActivityFeed
-              contracts={activeContracts}
-              contractBets={activeBets}
-              contractComments={activeComments}
+              contracts={feedContracts}
+              contractActivityItems={feedActivityItems}
             />
           ) : (
             <LoadingIndicator className="mt-4" />