> 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

Flipper is a non-custodial trading interface and unified liquidity and execution layer for perpetual futures and other on-chain derivatives.

It provides a single interface for accessing multiple derivatives markets and liquidity sources across supported protocols. Instead of switching between exchanges, networks, and trading interfaces, users can trade through Flipper while the platform connects to the relevant execution venues behind the scenes.

Flipper aggregates available liquidity, compares execution routes, and helps users access the most suitable available trading conditions based on factors such as price, liquidity depth, slippage, fees, funding rates, and execution reliability.

Flipper does not replace existing trading venues. Users authorize transactions through their own wallets, while collateral for leveraged trading is held in on-chain smart contract vaults and managed according to protocol rules.

Whether users trade perpetual futures, FX-based derivatives, or other supported derivative products, Flipper is designed to simplify execution while keeping the trading process transparent, efficient, and non-custodial.

## <mark style="color:$primary;">One Ecosystem for Different Trading Flows</mark>

Decentralized trading is spread across multiple protocols, markets, and liquidity venues. Traders often need to switch between platforms, compare prices manually, and manage positions across separate interfaces.

Flipper brings these trading flows together in a single platform. It provides access to multiple trading products through one interface, reducing the need to move between different applications and protocols.

Today, Flipper supports Spot Trading, Perpetual Futures, and DeForex while using smart execution to route orders across supported liquidity sources. As the platform evolves, additional trading products and execution capabilities may be integrated into the same ecosystem.

The goal is simple: give traders one place to access on-chain markets with a more efficient and consistent trading experience.

## <mark style="color:$primary;">Flipper Perps</mark>

Flipper Perps is the perpetual futures product within the Flipper ecosystem.

Perpetual futures allow users to trade an asset's price movement without owning the underlying asset. Traders can open long or short positions, use leverage, and apply a range of trading strategies.

Flipper Perps is designed to simplify access to decentralized perpetual futures trading. Users can open, manage, and track positions through one interface, with a clearer view of markets, positions, and trading actions.

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

DeForex is a product within the Flipper ecosystem focused on forex-style and traditional-market exposure in a decentralized environment.

While Flipper Perps focuses on crypto perpetual markets, DeForex expands Flipper's offering to currency pairs, commodities, stocks, and equity indices.

DeForex is not a standalone product. It is part of Flipper's broader goal of bringing different trading flows into one ecosystem and making market access easier.

## <mark style="color:$primary;">Why Flipper Combines Perps and DeForex</mark>

Modern traders are rarely limited to one market category. Some trade crypto assets, others follow currency pairs, and many want to access different markets through one interface.

Flipper combines Perps and DeForex to create a more complete trading experience. Users can access different markets, compare opportunities, use a consistent interface, and receive support from AI-powered tools within one ecosystem.

Flipper abstracts where liquidity is located and which protocol executes a trade. By unifying access at the execution layer, it helps users reach supported markets through a simpler and more consistent workflow.

## <mark style="color:$primary;">The Role of AI in Perps and DeForex</mark>

AI in Flipper consists of two complementary layers: AI Copilot and the AI Execution Engine. They serve different purposes, but together they make trading easier to understand and execution more efficient.

|               | <mark style="color:$primary;">**AI Copilot**</mark> | <mark style="color:$primary;">**AI Execution Engine**</mark>                |
| ------------- | --------------------------------------------------- | --------------------------------------------------------------------------- |
| **Faces**     | User-facing                                         | Internal                                                                    |
| **Role**      | Explains and guides                                 | Analyzes execution options                                                  |
| **Considers** | Concepts, risks, product logic                      | Price, liquidity, slippage, fees, funding, depth, size, limits, speed, risk |
| **Control**   | User decides                                        | Optimizes the execution path within user-approved parameters                |

## <mark style="color:$primary;">AI Copilot</mark>

AI Copilot is the user-facing AI assistant within Flipper. It helps users understand markets, product functionality, trading actions, and potential risks.

In Flipper Perps, AI Copilot can explain long and short positions, leverage, margin, collateral, liquidation, position changes, and the difference between Smart Mode and Manual Mode.

In DeForex, AI Copilot can help users understand currency pairs, factors that influence market movements, cross-market relationships, trade logic, and potential risks.

{% hint style="warning" %}
AI Copilot is not an autotrader. It explains and guides, but it does not place trades or make trading decisions on the user's behalf.
{% endhint %}

## <mark style="color:$primary;">AI Execution Engine</mark>

The AI Execution Engine is Flipper's internal AI layer for trade analysis and execution optimization. While AI Copilot helps users understand a trade, the AI Execution Engine analyzes available liquidity sources and helps determine the proposed execution path.

It may consider price, liquidity, slippage, fees, funding rates, market depth, position size, available limits, execution speed, the probability of successful execution, and the risk of partial execution.

The AI Execution Engine is designed to improve execution quality without requiring users to compare every available route manually.