Decrypt Integrates More Than 100 Perpetual Markets Into Its News Platform
Key Facts
Decrypt announced on November 11, 2026, that it had integrated perpetual trading directly alongside its journalism, saying it was the first media platform to offer this type of trading on its site. The service runs through Phoenix, a perpetual exchange operating entirely on the Solana network. More than 100 markets have been integrated into Decrypt, according to Kabir Sethi, Phoenix’s head of business development. The service lets readers open long or short positions in crypto, stocks and commodities from where they read the news. “We’re enabling readers to move from understanding what’s happening in markets to taking a position, without leaving Decrypt,” said Ilan Hazan, Decrypt’s co-founder and chief operating officer.
The integration aims to connect news consumption with trade execution in a single experience; readers can “read the story, form an opinion and trade in the same place,” Sethi said. Accessing the service does not require switching to another app, connecting an external wallet or moving funds between platforms. Decrypt uses Decrypt Money, a self-custodial account on Solana designed to work without recovery phrases, gas fees or cross-chain bridging. The company previously said it does not hold users’ account private keys and cannot transact on their behalf. Phoenix says each trade is routed between the order book and market makers based on the best price.
The leverage cited in Decrypt’s report, according to the Phoenix website, reaches 40x, while the report described fees as low. Trading fees vary by market and are listed on Phoenix’s relevant market page; the platform also accepts USDC and its native SOL token as collateral. Leverage magnifies both gains and losses, and adverse market moves can quickly liquidate positions. Phoenix’s terms warn users they could immediately lose all collateral, in addition to facing liquidation, funding-fee, smart-contract or network, price-volatility and liquidity risks. These positions therefore differ from buying the underlying asset and remain subject to margin-trading risks.
Phoenix listed 106 markets, according to a page update on November 11, 2026, at 14:11 UTC: 55 for crypto, 46 for stocks and exchange-traded funds, 4 for commodities and one for a pre-IPO company. Decrypt said markets available through its service also include gold and pre-IPO companies. Phoenix data for the same period show that its listed markets recorded total trading volume of $29.48 million over the last 24 hours, with $16.39 million in open interest. These figures cover Phoenix markets collectively and do not measure the performance of the new trading service within Decrypt. The company did not provide figures for trading conducted through its interface at the time of the announcement.
Stock and ETF contracts have features that differ from owning the securities themselves: a position does not confer shares, voting rights or dividends, and gains and losses are settled in USDC. Phoenix says prices for these markets’ indices come from external sources on business days, including premarket, after-hours and overnight sessions. During holidays, prices rely on the Phoenix order book within a range of the last external price. These details underscore the distinction between derivative positions and traditional stock trading, even though the contracts appear among the products available on the site. Accepted collateral includes USDC and SOL, while fees are set separately for each market.
The launch of perpetual contracts is the latest step in Decrypt’s effort to build what it calls an “information exchange,” a vision announced in September to bring together news, data, market prices and probabilities, and direct financial participation. On September 30, the company presented the vision as a shift toward a destination encompassing those elements, then made Decrypt Money accounts on Solana available on October 8. On October 22, it announced the integration of swaps powered by Jupiter, saying more products, markets and features would follow in the weeks ahead of the Solana Breakpoint conference. On November 10, it announced a partnership with Helius to add confidential transfers to accounts. Decrypt Money’s balance now includes prediction markets through Decrypt Predict, swaps, Earn and perpetual contracts, the company said.
The new products run on the Solana network, whose resilience the company discussed in an update on September 14, 2026. Solana said a routing outage at the network’s largest infrastructure provider on August 12 took about 29% of its staked share offline, while block and transaction production continued. This provides operational context for the network hosting Decrypt Money accounts and the Phoenix exchange, but was not part of the integration announcement itself. The announcement did not specify a date for a next step after the launch of perpetual contracts. Decrypt positions the product within its broader vision of bringing news, data, markets and financial participation onto one platform.