> 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/products/perpetual-futures-perps.md).

# Perpetual Futures (Perps)

Perpetual Futures (Perps) allow you to open long and short positions with leverage without owning the underlying asset.

The current version of Flipper is available on Solana and aggregates liquidity from multiple supported perpetual trading venues. Support for EVM-compatible networks is planned for future releases.

Instead of trading on a single perpetual DEX, Flipper evaluates available execution routes and submits the order through one or more supported venues when appropriate.

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

Flipper provides access to a broad selection of cryptocurrency perpetual futures markets through its integrated liquidity network.

Supported markets include major assets such as:

* BTC-PERP
* ETH-PERP
* SOL-PERP
* BNB-PERP
* XRP-PERP
* TON-PERP
* DOGE-PERP
* AVAX-PERP
* LINK-PERP
* ADA-PERP

Additional supported perpetual markets are available in the product.

Use the Market Selector to browse the complete list of currently supported trading pairs or search for a specific market.

The list of available markets may change over time as new liquidity venues and trading pairs are added.

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

Leverage can be configured for each position individually.

Depending on the selected market, leverage can range from 1x to 100x.

Higher leverage increases both potential profits and potential losses, including liquidation risk.

## <mark style="color:$primary;">Smart Order Routing</mark>

Before an order is submitted, Flipper compares live execution data across supported perpetual trading venues.

The routing engine evaluates factors including:

* Available liquidity
* Expected execution price
* Estimated slippage
* Trading fees
* Route availability

If distributing the order across multiple venues is expected to improve execution quality, Flipper may apply Split Execution.

Users who prefer direct control can switch to Manual Mode and choose the execution venues themselves.

## <mark style="color:$primary;">Supported Liquidity Venues</mark>

The current version of Flipper integrates the following perpetual trading venues:

* Adrena
* GMTrade
* Phoenix

The set of available execution venues depends on the selected market and collateral.

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

Perpetual Futures support:

* Market Orders
* Limit Orders

Take Profit and Stop Loss can be configured when opening a position or updated later.

Positions can be partially or fully closed when the market and execution venue are available.

If a position has been executed across multiple venues, Flipper displays a unified position and consolidated PnL.

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

The following collateral assets are currently supported:

* USDC
* SOL
* USDT
* wBTC
* wETH

The selected collateral determines which execution venues are available for routing.

Flipper automatically filters unsupported venues, so only compatible execution routes are shown in the trading interface.

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

| <mark style="color:$primary;">**Collateral**</mark> | <mark style="color:$primary;">**Supported Venues**</mark> |
| --------------------------------------------------- | --------------------------------------------------------- |
| **USDC**                                            | Adrena, GMTrade, Phoenix                                  |
| **SOL**                                             | Adrena, GMTrade                                           |
| **USDT**                                            | Adrena, GMTrade                                           |
| **wBTC**                                            | GMTrade                                                   |
| **wETH**                                            | GMTrade                                                   |

{% hint style="info" %}
Availability depends on the selected market.
{% endhint %}

{% hint style="info" %}
You don't need to manually check which venues support a particular collateral asset. Flipper automatically displays only compatible execution routes based on your selected market and collateral.
{% endhint %}