The simple story of the Dreidel or Sivivon is that it was a decoy used by the little children learning the Aleph Bais in case the Yivanim caught them. The Bnei Yisaschar brings some deep remazim regarding the dreidel.
The four sides of the dreidel have the letters, Nun, Gimel, Shin, Hey. These stand for the four forces in a person. Nefesh or spirit-Nun, Guf or physicality-Gimel, Sechel or intellect-Shin, and a higher spirit combining the other three, HaKol-Hey. The four nations of Bavel, Yavan, Rome, and Madai each opposed a specific one of these forces. Moshiach, whose gematria is 358 the same as Nun, Gimel, Shin, Hey, will annul these forces forever. Then Hashem's reign will be accepted by all. Hashem Melech, Hashem Malach, Hashem Yimloch L'Olam Va'ed also equals 358 like our dreidel and Moshiach.
The dreidel spins on its point. All these nations on each side of the dreidel all focus on Bnei Yisroel. The four side gradually decrease and disappear into this point, as the four nations will disappear and become batel to Am Yisroel.