> For the complete documentation index, see [llms.txt](https://docs.flash.trade/flash-trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.flash.trade/flash-trade/flash-trade-protocol/build-on-flash/flash-trade-v2/concepts.md).

# Core concepts

The mental model behind the API — read before you build.

Four ideas explain everything else in these docs. Read them once and the endpoints stop feeling arbitrary.

| Concept                                                                                                                    | What it explains                                                       |
| -------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- |
| [The Basket model](/flash-trade/flash-trade-protocol/build-on-flash/flash-trade-v2/concepts/basket-model.md)               | Where positions and orders live, and how you identify one              |
| [Funds lifecycle](/flash-trade/flash-trade-protocol/build-on-flash/flash-trade-v2/concepts/funds-lifecycle.md)             | How collateral moves in and out: deposit → delegate → trade → withdraw |
| [Prices & markets](/flash-trade/flash-trade-protocol/build-on-flash/flash-trade-v2/concepts/prices-and-markets.md)         | Where prices come from and how equity market hours work                |
| [How transactions work](/flash-trade/flash-trade-protocol/build-on-flash/flash-trade-v2/concepts/how-transactions-work.md) | The build → sign → submit pattern, previews, and error surfaces        |

New here? Do the [Quickstart](/flash-trade/flash-trade-protocol/build-on-flash/flash-trade-v2/quickstart.md) first — these pages make more sense once you've seen a trade land.


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