> For the complete documentation index, see [llms.txt](https://flipper-3.gitbook.io/flipper-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://flipper-3.gitbook.io/flipper-docs/flipper-v2/overview/how-flipper-v2-works.md).

# How Flipper V2 Works

Follow the Flipper V2 flow from wallet connection to withdrawal.

Flipper V2 has a separate account and trading flow.

## <mark style="color:$primary;">From Wallet to Trading Account</mark>

Connect a supported wallet and complete the account setup prompts.

Creating a trading account may require wallet signatures to register the account and enable trading. These signatures authorize the required account actions but do not deposit funds or open a position by themselves.

After the account is ready, deposit an accepted asset through one of the supported networks shown in the deposit interface.

Once the deposit is credited, eligible funds become part of your trading balance.

## <mark style="color:$primary;">From Order to Position</mark>

To place an order:

1. Select a market.
2. Choose the trade direction.
3. Select an order type.
4. Enter the quantity and other order details.
5. Review the required margin, estimated fees, and available balance.
6. Confirm the order.

Orders are matched against available orderbook liquidity.

A submitted order becomes part of a position only after it executes. Depending on the order and market conditions, it may fill in one or several parts, remain open, or be rejected.

A limit order may remain open until it is filled or cancelled.

## <mark style="color:$primary;">Manage Your Exposure</mark>

After an order executes, monitor:

* position size;
* average entry price;
* mark price;
* unrealized and realized PnL;
* account margin;
* estimated liquidation price;
* funding information.

Market movements and funding payments can change the condition of your account even when you are not placing new orders.

Reducing or closing a position changes your market exposure. Cancelling an unfilled order only removes the pending instruction and does not close an existing position.

## <mark style="color:$primary;">Return Funds to Your Wallet</mark>

You can request a withdrawal for the amount shown as available to withdraw.

Funds required to support open positions or orders may not be withdrawable. Some realized profit may also need to complete the applicable settlement process before becoming available to withdraw.

Review the withdrawal network, asset, amount, destination, and any displayed costs before confirming the transaction.

{% hint style="warning" %}
Flipper V2 has its own account and execution mechanics. Do not apply V1 routing, split-execution, Health Factor, or Stop-out Protection rules to V2 positions.
{% endhint %}