Decrypt readers can now open leveraged long and short positions without leaving the news site. On 11 November 2026 the crypto publisher switched on perpetual futures trading powered by Phoenix, the onchain perps exchange built by Ellipsis Labs on Solana. "Perps are live on Decrypt, powered by @PhoenixTrade. Read the news and take a position, all in one place," Decrypt posted on X.
Phoenix confirmed the launch the same hour. "Read it and trade it in one click. Phoenix is now powering the Information Exchange," the exchange wrote. Decrypt's own announcement article calls it the first media platform to offer perps trading directly alongside its journalism.
Decrypt perps: 100+ Phoenix markets in crypto, US stocks and gold
Decrypt perps give readers access to more than 100 Phoenix perpetual markets covering crypto, US stocks, gold and pre-IPO companies, trading around the clock, according to Decrypt. A perpetual future is a contract that tracks an asset's price with no expiry date, so a trader can bet on it rising (long) or falling (short) and hold the position for as long as the margin lasts.
The markets sit on Decrypt's perps page, linked from a reply to the launch post. Decrypt's announcement, citing Phoenix's website, puts maximum leverage at up to 40x and describes fees as low without giving rates.
Phoenix routes each trade at the moment it lands onchain, splitting it between its order book and market makers "based on what's going to give you the best price," Ellipsis Labs CEO Eugene Chen said in a Lightspeed podcast interview quoted in Decrypt's article.
How the Decrypt Money Account funds perps on Solana
Trades run through the Decrypt Money Account, a single self-custodial account on Solana that Decrypt says works without seed phrases, gas fees or bridging. The same balance now covers prediction markets on Decrypt Predict, token swaps, Earn and perps.
Decrypt and Myriad announced The Information Exchange on 30 September 2026, pitching news, data and markets in one place. Money Accounts went live on Solana next, Jupiter JUP$0.264+0.7% became the swap engine for those accounts in October, and on 10 November Helius hSOL$100.92-0.3% added confidential transfers through Solana Privacy Rings. Perps are the latest addition.
The trade screen on Decrypt uses isolated margin. Each position has its own collateral, posted in USDC, so a loss on one position cannot reach the others. The screen labels the margin as "the USDC locked in this position" and shows a liquidation price, the level at which the position closes and that margin is lost. Decrypt's disclaimer reads: "Perpetual futures are leveraged products and carry a high risk of loss. Availability may vary by region."
Phoenix adds a news publisher to its distribution after Solflare
For Phoenix, Decrypt is a new kind of front end. Phoenix already puts its markets inside other companies' products: Solflare launched in-wallet perps on Phoenix in August. A news site reaches people at the moment they are reading about a market, which a wallet does not.
"Partnering with Decrypt closes the gap between reading the news and acting on it," said Kabir Sethi, Phoenix's head of business development, in Decrypt's announcement. "With over 100 Phoenix perpetuals markets built directly into Decrypt, readers can take in a story, form a view, and trade it in the same place."
Why Decrypt wants trading revenue alongside its journalism
Decrypt co-founder and COO Ilan Hazan framed the launch in plain business terms. In his telling, a reader finds an idea in an article, then goes elsewhere to trade it.
"The publisher monetizes the impression, while someone else monetizes the transaction," Hazan said. "It means the publisher captures only a small part of the economic activity that its information and distribution generates." Chen, for his part, has called perps exchanges "very, very strong, high revenue businesses" in his Lightspeed interview.
That model puts a newsroom's coverage and a trading product on the same page. Two things are worth watching as Decrypt adds more products to The Information Exchange: how it keeps its reporting separate from its markets business, and how it handles a story that is corrected after readers have traded on it.
