Decrypt Adds Perpetual Futures Trading Through Phoenix on Solana

Decrypt has integrated Phoenix-powered perpetual futures, allowing readers to open leveraged long or short positions on crypto, U.S. stocks, gold and pre-IPO companies without leaving the publication.

CryptoMEV Bot NewsroomNov 11, 20263 min read

A hand holding a smartphone displaying trading apps against a blue background. — Image: forextime.com / Wikimedia Commons (CC BY 2.0)

Key takeaways

Decrypt integrated Phoenix-powered perpetual futures that run on Solana.
Readers can take long or short positions on crypto, U.S. stocks, gold and pre-IPO companies from one Decrypt account.
Phoenix offers up to 40x leverage, while Decrypt warns that perpetual futures carry a high risk of loss.

On November 11, 2026, Decrypt announced the integration of perpetual futures trading powered by Phoenix, a decentralized exchange on Solana, according to Crypto Briefing.

"Information influences decisions, shapes opinions and moves markets," said Ilan Hazan, co-founder and COO of Decrypt.

Trading Path

Phoenix is a fully onchain perpetuals exchange on Solana developed by Ellipsis Labs. Decrypt says the integration makes it the first media platform to offer perpetual futures directly alongside its journalism.

Decrypt readers can open long or short positions on crypto, U.S. stocks, gold and pre-IPO companies around the clock. They do not need to connect external wallets or move funds between platforms because positions draw from the same account balance.

A perpetual future tracks an asset's price without an expiry date and normally uses leverage. Leverage magnifies gains and losses, while positions can be liquidated quickly if the market moves against them.

Funding runs through the Decrypt Money Account, a self-custodial account on Solana designed to operate without seed phrases, gas fees or bridging. The same balance funds prediction markets on Decrypt Predict, Jupiter-powered token swaps, Earn and perpetual futures.

Phoenix routes each trade onchain as it lands, splitting it between its order book and market makers according to the price it expects to provide. That execution detail is relevant context for our guides to Advanced Solana MEV Bot and Profitable Sandwich Bot for Crypto Trading.

Key Figures

Phoenix had been running in private beta since December 2025, according to Crypto Briefing. When Decrypt announced the integration, the exchange listed 106 perpetual futures markets, including 55 cryptocurrency markets and 46 stock or ETF markets, alongside other assets.

Crypto Briefing reported approximately $31.76 million in 24-hour trading volume and around $16.51 million in open interest as of the announcement date. The exchange had also crossed $1 billion in unincentivized trading volume before launching its rewards program in July 2026.

Figure	Reported value
Listed perpetual futures markets	106
Cryptocurrency markets	55
Stock or ETF markets	46
24-hour trading volume	Approximately $31.76 million
Open interest	Around $16.51 million
Unincentivized cumulative volume	More than $1 billion
Maximum available leverage	Up to 40x

In a separate broad crypto market snapshot at 20:42 WIB on November 11, 2026, Pluang counted 9 rising cryptocurrencies and 40 falling ones among 50 priced assets.

Pluang also described the Decrypt integration as providing round-the-clock access to long and short positions through a single account balance.

Market Structure

Phoenix supports USDC and native SOL as collateral, and profits and losses settle in USDC. The onchain central limit order book records bids and asks on Solana rather than on private servers operated by a conventional venue.

Phoenix is operated by Ellipsis Labs, whose team has built exclusively on Solana. The exchange's onchain structure places order matching and market-maker routing within the same execution environment as Decrypt's Solana-based account and other products.

The integration expands Decrypt's existing financial offering, which already includes prediction markets, token swaps and Earn. Decrypt groups those products under its Information Exchange initiative, a single destination for news, market data, probabilities and financial participation.

Risks and Editorial Angle

Phoenix offers up to 40x leverage, according to Decrypt's description of the exchange. That degree of leverage can increase the speed and size of both gains and losses, and positions may be liquidated quickly during adverse price moves.

Crypto Briefing said the incentives surrounding editorial coverage become worth watching when a publication earns money from trading activity. The report did not say Decrypt's coverage had changed because of the integration.

Decrypt's own warning is the final risk marker: perpetual futures are leveraged products that carry a high risk of loss and may not be available in every region.