Protocol Overview

Understand Flipper’s architecture, positions, collateral vaults, and execution venues.

Flipper is an execution layer that provides unified access to decentralized trading across multiple liquidity venues through a single interface.

The current version of Flipper is available on Solana and integrates supported perpetual futures venues, including Adrena, GMTrade, and Phoenix. Support for EVM-compatible networks is planned for future releases.

Instead of requiring users to trade separately on each venue, Flipper manages execution routing, collateral allocation, and position aggregation behind the scenes. Users interact with a single trading interface while Flipper coordinates execution across the underlying infrastructure.

Whether an order is executed through one venue or split across several, Flipper presents a unified trading experience with consolidated positions, portfolio tracking, and performance reporting.

Note Flipper does not operate a standalone perpetual exchange. It connects to existing execution venues and provides a unified execution and portfolio-management layer on top of them.

01 — TECHNICAL ARCHITECTURE Architecture, order routing, and routing modes.

02 — ROUTING MODES

Manual and Smart routing modes

03 — POSITION ARCHITECTURE Aggregated positions, venue positions, and design principles.

04 — COLLATERAL VAULTS Supported collateral, lifecycle, and isolated positions.

05 — SUPPORTED EXECUTION VENUES Supported venues, liquidity models, and execution behavior.