Decrypt launches perps trading platform powered by Solana's Phoenix
ITF Team3 min read
Decrypt integrates on‑chain perpetual futures on crypto, stocks and gold via Phoenix, letting readers trade 24/7 from a single Money Account balance.
Key takeaways
- Decrypt became the first news publisher to embed on‑chain perpetual futures trading on 11/11/2026.
- The platform offers up to 40x leverage on crypto, U.S. stocks, gold and pre‑IPO assets.
- All trades are executed through a single self‑custodial Decrypt Money Account on Solana.
- Phoenix routes each order between its order book and market makers to obtain the best price.
On 11 November 2026 Decrypt announced that it will embed perpetual futures trading directly into its news portal, using Solana‑based exchange Phoenix. The move makes Decrypt the first media outlet to let readers go long or short on crypto, U.S. equities, gold and pre‑IPO companies without leaving the article page. The integration is part of Decrypt’s broader “Information Exchange” vision, which aims to merge journalism, data and market participation in a single on‑chain environment.
Perpetual futures, or “perps”, are contracts that settle continuously and have no fixed expiry date. Traders can take leveraged positions—Phoenix advertises up to 40 times leverage—on the underlying asset’s price movement. Because perps are settled in real time, gains and losses are reflected instantly, and positions can be liquidated automatically if the market moves against them.
How the Decrypt‑Phoenix link works
Phoenix, a fully on‑chain perpetuals exchange built by Ellipsis Labs on the Solana blockchain, powers the new trading layer. When a reader clicks a “trade” button next to a news story, the order is routed through the Decrypt Money Account, a self‑custodial wallet that requires no seed phrase, gas fee or bridge. The single balance funds all activities on Decrypt, from prediction markets to token swaps and now perps.
Phoenix splits each incoming order between its central order book and a network of market makers, selecting the venue that offers the best price at the moment of execution. This hybrid routing aims to minimise slippage while preserving the speed and low‑fee advantages of Solana’s high‑throughput architecture.
Why the integration matters for traders and readers
Traditionally, news consumption and trade execution have been separate steps: a reader learns about a market‑moving event, then switches to a broker or exchange to act on the insight. By collapsing that workflow, Decrypt reduces friction, potentially increasing the speed at which information translates into price action. For traders, the 24/7 availability of perps on crypto, equities and gold means they can react to breaking headlines at any hour, not only during conventional market sessions.
The platform also consolidates risk management. Because all positions draw from the same Money Account, users can see their total exposure across prediction markets, swaps, Earn products and perps in one dashboard. However, the leverage offered—up to 40x—means that losses can exceed the initial deposit, and positions may be liquidated quickly if market volatility spikes.
Read also: Anthropic IPO raises $64.4bn and its potential effect on Bitcoin
Market context and potential impact
Perpetual futures have grown rapidly in the crypto ecosystem, with total open interest surpassing $1 trillion in 2025. Phoenix’s entry into the news space reflects a broader trend of embedding financial products into non‑financial platforms, from social media to streaming services. By leveraging Solana’s low‑cost, high‑speed network, Phoenix can keep transaction fees minimal, an advantage over Ethereum‑based perps that often suffer from higher gas costs.
For traditional equities, offering perps on U.S. stocks and pre‑IPO companies is still relatively novel. It gives retail participants exposure to price movements without needing to own the underlying shares, and it sidesteps settlement delays that can affect standard options markets. Gold perps add a commodity dimension, allowing hedging or speculative plays on the metal’s price around macro events such as central‑bank policy shifts.
What to watch next
Regulators in several jurisdictions have signalled heightened scrutiny of leveraged crypto products. Decrypt’s rollout will likely be monitored for compliance with regional licensing rules, especially in the United States, Europe and Asia. Users should expect possible geographic restrictions on certain assets.
Traders will also watch how liquidity develops on Phoenix’s integrated markets. The initial offering includes more than 100 perps, but depth will depend on market‑maker participation and user adoption. Early volume spikes could test the platform’s order‑routing algorithm and the robustness of Solana’s network under heavy load.
- Launch date: 11 Nov 2026
- Leverage: up to 40× on all perps
- Assets available: crypto, U.S. stocks, gold, pre‑IPO companies
- Funding source: single Decrypt Money Account on Solana
Frequently asked questions
How does Decrypt’s perpetual futures trading differ from using a traditional broker?
Decrypt embeds perps directly into its news articles, routing orders through the on‑chain Phoenix exchange and a self‑custodial Money Account. This eliminates the need to open a separate brokerage account, connect external wallets or pay high gas fees, but it also means positions are leveraged and can be liquidated quickly.
What assets can be traded as perps on the Decrypt platform?
Users can trade perpetual futures on a range of assets including major cryptocurrencies, U.S. equities, gold and pre‑IPO companies, all available 24/7 with up to 40× leverage.
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This article is compiled from international market news for information only. It is not investment advice.