Key Takeaways
- • Decrypt is integrating perpetual futures trading powered by Phoenix, a Solana-based decentralized exchange operated by Ellipsis Labs, letting readers take long or short positions on crypto, US stocks, gold and pre-IPO companies.
- • Positions draw from a single Decrypt Money Account balance and trade around the clock, including during weekends and after US stock market closes.
- • Phoenix runs an on-chain central limit order book, supports USDC and native SOL as collateral, and settles profits and losses in USDC.
- • Phoenix lists 106 perpetual futures markets across 55 cryptocurrencies and 46 stocks or ETFs, with reported 24-hour volume of about $31.76 million and open interest of about $16.51 million at announcement.
- • The launch extends Decrypt's Information Exchange strategy, which already includes prediction markets, token swaps and an Earn product, and is a distribution play for Phoenix.
Summary
Crypto and markets publication Decrypt announced on November 11, 2026 that it is adding perpetual futures trading through Phoenix, a Solana-based exchange. Decrypt co-founder Farokh confirmed the integration on the outlet's X account the same day. Decrypt bills itself as the first media platform to let readers take long or short positions on the news they read, without leaving the site.
A perpetual future is a derivative contract that tracks an asset's price without an expiry date. Traders typically use leverage and can hold positions as long as they wish. Through the integration, Decrypt readers can trade perps on crypto, US stocks, gold and pre-IPO companies around the clock. The publisher highlights the 24/7 availability as a key feature, since traditional equity markets close in the evening and on weekends while news continues to break.
Phoenix is a decentralized exchange on Solana operated by Ellipsis Labs. It uses an on-chain central limit order book, meaning order matching is recorded on the blockchain rather than on a company's private servers. The exchange accepts USDC and native SOL as collateral and settles profits and losses in USDC. Phoenix had been in private beta since December 2025 and now lists 106 perpetual futures markets, including 55 cryptocurrencies and 46 stocks or ETFs. As of the announcement, it reported 24-hour trading volume of approximately $31.76 million and open interest of around $16.51 million. The exchange previously surpassed $1 billion in unincentivized trading volume before launching a rewards program in July 2026.
The perps launch joins prediction markets, token swaps and an Earn product already on Decrypt's platform. Decrypt groups these offerings under a broader initiative it calls The Information Exchange, aimed at placing news, data and markets in a single destination. For traders, the pitch is convenience, allowing them to open a position after reading a story without switching apps or moving funds. For Phoenix, the integration offers access to an established media audience, though the venue remains relatively young with daily volume near $31.76 million. The article notes that when a publication earns revenue from trading activity, the incentives shaping coverage merit scrutiny.
A perpetual future is a derivative contract that tracks an asset's price without an expiry date. Traders typically use leverage and can hold positions as long as they wish. Through the integration, Decrypt readers can trade perps on crypto, US stocks, gold and pre-IPO companies around the clock. The publisher highlights the 24/7 availability as a key feature, since traditional equity markets close in the evening and on weekends while news continues to break.
Phoenix is a decentralized exchange on Solana operated by Ellipsis Labs. It uses an on-chain central limit order book, meaning order matching is recorded on the blockchain rather than on a company's private servers. The exchange accepts USDC and native SOL as collateral and settles profits and losses in USDC. Phoenix had been in private beta since December 2025 and now lists 106 perpetual futures markets, including 55 cryptocurrencies and 46 stocks or ETFs. As of the announcement, it reported 24-hour trading volume of approximately $31.76 million and open interest of around $16.51 million. The exchange previously surpassed $1 billion in unincentivized trading volume before launching a rewards program in July 2026.
The perps launch joins prediction markets, token swaps and an Earn product already on Decrypt's platform. Decrypt groups these offerings under a broader initiative it calls The Information Exchange, aimed at placing news, data and markets in a single destination. For traders, the pitch is convenience, allowing them to open a position after reading a story without switching apps or moving funds. For Phoenix, the integration offers access to an established media audience, though the venue remains relatively young with daily volume near $31.76 million. The article notes that when a publication earns revenue from trading activity, the incentives shaping coverage merit scrutiny.
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