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Decrypt wants you to stop reading about the market and start trading it, on the same page.
The crypto and markets publication is integrating perpetual futures trading powered by Phoenix, a Solana-based exchange. Decrypt is billing itself as the first media platform to let readers take long or short positions on the news they just finished reading.
What Decrypt is actually launching
A perpetual future, or “perp,” is a derivative contract that tracks an asset’s price but never expires. Traders can bet on prices rising (going long) or falling (going short), usually with leverage, and hold the position as long as they want.
Through the integration, Decrypt readers get access to round-the-clock perps on crypto, US stocks, gold and pre-IPO companies. Every position draws from a single Decrypt Money Account balance.
That 24/7 detail matters more than it sounds. Traditional stock markets close in the evening and on weekends, while news keeps breaking. Perps on US equities let traders react when the bell isn’t ringing.
The announcement came on November 11, 2026. Decrypt co-founder Farokh confirmed the integration on Decrypt’s X account the same day.
Meet Phoenix, the engine under the hood
Phoenix is a decentralized exchange on Solana operated by Ellipsis Labs. It runs an on-chain central limit order book, usually shortened to CLOB.
A CLOB works like the classic stock exchange model. Buyers post bids, sellers post asks, and trades happen where the two meet. Doing that fully on-chain means the order matching is recorded on the blockchain rather than inside a company’s private servers.
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The exchange supports USDC and native SOL as collateral. Profits and losses settle in USDC.
Phoenix had been running in private beta since December 2025. It now lists 106 perpetual futures markets, spanning 55 cryptocurrencies and 46 stocks or ETFs, along with other assets.
As of the announcement date, Phoenix reported 24-hour trading volume of approximately $31.76 million. Open interest, meaning the total value of positions still open, stood at around $16.51 million.
The exchange also crossed $1 billion in unincentivized trading volume before launching a rewards program in July 2026.
The Information Exchange
Perps aren’t Decrypt’s first move into markets. They join prediction markets, token swaps and an Earn product already living on the platform.
Decrypt has wrapped these features under a broader banner it calls The Information Exchange. The idea is a single destination where news, data and markets sit side by side.
What this means for traders, Phoenix and media
For traders, the pitch is speed and convenience. Read a story about a stock, a token or gold, then open a position without switching apps or moving funds between venues.
For Phoenix, the integration is a distribution play. A media site with an existing audience can funnel new users toward the exchange’s order books.
With daily volume around $31.76 million and open interest near $16.51 million, Phoenix is still a relatively young venue.
When a publication earns money from trading activity, the incentives around what gets covered, and how loudly, become worth watching.
