> 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/introduction/what-is-flipper.md).

# What is Flipper

An overview of Flipper and its trading experience.

Flipper is a non-custodial trading platform that gives users access to supported markets through a single interface.

Depending on the product and version, users can access spot swaps, perpetual futures, and DeForex markets, review trading conditions, and manage their activity without switching between multiple trading applications.

## <mark style="color:$primary;">Two Trading Experiences</mark>

Flipper has two separate trading experiences.

**Flipper V1** focuses on routing trades through supported venues. Its documentation covers Smart Routing, Manual Mode, trade execution, and V1 position and risk management.

**Flipper V2** introduces a multichain, orderbook-based perpetual futures experience. Its flow includes connecting a wallet, creating a trading account, enabling trading, depositing collateral, placing orders, and managing positions.

The two versions belong to the same Flipper ecosystem, but their account, execution, balance, and risk-management mechanics are different. Always use the documentation for the version in which you are trading.

## <mark style="color:$primary;">Products and Markets</mark>

| <mark style="color:$primary;">**Product**</mark> | <mark style="color:$primary;">**What you can do**</mark>                |
| ------------------------------------------------ | ----------------------------------------------------------------------- |
| **Spot Trading**                                 | Exchange one supported asset for another                                |
| **Perpetual Futures**                            | Take long or short price exposure without buying the underlying asset   |
| **DeForex**                                      | Access supported forex-style and traditional-market derivative products |

Product and market availability may differ between versions.

Opening a perpetual position does not give you ownership of the underlying asset. Traditional-market derivatives also do not necessarily provide ownership of the referenced stock, commodity, currency, or index.

Always check the instrument selected before placing a trade.

## <mark style="color:$primary;">Multichain Access</mark>

Flipper V2 supports account funding from the networks available in its deposit interface.

Eligible collateral deposited from a supported network may be used to trade markets that are not native to that network. Users do not need to own the underlying asset to open a perpetual position linked to its price.

Multichain access does not mean that every network or token is supported. Network availability, accepted collateral, and withdrawal options may differ. Always use the network and asset options shown in the relevant funding flow.

## <mark style="color:$primary;">Wallet Control and Trading Risk</mark>

You control your wallet and authorize the required account and funding actions.

Collateral deposited for leveraged trading is managed through the applicable smart contracts and is subject to margin, settlement, and withdrawal rules.

{% hint style="warning" %}
Non-custodial access does not eliminate market, execution, smart-contract, funding, or liquidation risk.
{% endhint %}