> 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/trading-mechanics.md).

# Trading Mechanics

Understand the accounts, balances, collateral, costs, and risks behind Flipper V2 trading.

<table data-view="cards"><thead><tr><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><mark style="color:$primary;"><strong>01 — WALLET, TRADING ACCOUNT AND TRADING BALANCE</strong></mark><br><br>Understand how your wallet, trading account, and trading balance relate.</td><td><a href="/flipper-docs/flipper-v2/trading-mechanics/wallet-trading-account-and-trading-balance.md">Wallet, Trading Account and Trading Balance</a></td></tr><tr><td><mark style="color:$primary;"><strong>02 — COLLATERAL, MARGIN AND PNL</strong></mark><br><br>Learn how collateral supports positions and how PnL affects account value.</td><td><a href="/flipper-docs/flipper-v2/trading-mechanics/collateral-margin-and-pnl.md">Collateral, Margin and PnL</a></td></tr><tr><td><mark style="color:$primary;"><strong>03 — FEES, FUNDING AND LIQUIDATION</strong></mark><br><br>Understand trading costs, funding payments, and liquidation risk.</td><td><a href="/flipper-docs/flipper-v2/trading-mechanics/fees-funding-and-liquidation.md">Fees, Funding and Liquidation</a></td></tr></tbody></table>