> 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/protocol-overview/position-architecture.md).

# Position Architecture

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

The Aggregated Position is the single position displayed within the Flipper interface.

It represents the complete trade, including:

* Market
* Direction (Long or Short)
* Position size
* Collateral
* Leverage
* Take Profit
* Stop Loss
* Combined PnL

During normal use, users manage only the Aggregated Position.

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

When an order is executed across multiple venues, Flipper creates an underlying venue position for each allocation.

These positions are managed internally and remain synchronized with the Aggregated Position.

Users do not manage these positions separately.

<mark style="color:$primary;">**Example**</mark>

If an order is allocated:

* 60% to Adrena
* 40% to GMTrade

Flipper creates two underlying venue positions while presenting a single aggregated position in the trading interface.

All portfolio metrics, PnL, collateral usage, and risk indicators are calculated using the combined position.

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

The Flipper execution layer is designed around several core principles:

* Unified execution across multiple trading venues
* Intelligent order routing based on execution quality
* Aggregated portfolio management
* Transparent execution details
* Non-custodial architecture

{% hint style="info" %}
**Note** Although orders may be executed across multiple underlying venues, users interact with a single position, a unified portfolio, and one consistent trading experience.
{% endhint %}