PnL & equity

PnL & equity

Your score for an epoch is your return: how far your equity is from the $1,000 you started with.

Position PnL

A position of margin M at leverage L opened at entry E holds a quantity of M × L ÷ E coins. At mark P:

long PnL  = quantity × (P − E)
short PnL = quantity × (E − P)

The loss is capped at the margin (see Liquidation): a position is never worth less than zero.

Unrealized and realized

  • Unrealized PnL is what an open position would make if it closed at the current mark. It moves with every price.
  • Realized PnL is locked in when you close (all or part) or get liquidated. The released margin plus the realized PnL goes back to your balance.

Equity

equity = available balance
       + margin reserved by pending orders
       + Σ (margin + unrealized PnL) of open positions

Equity is what the leaderboard ranks on, live during the epoch and final at settlement, when every position is closed at the mark.

Return

return = (equity − $1,000) ÷ $1,000

A +25% return means equity of 1.25 × $1,000. The reward split uses this return, capped at +100% (see Leaderboard & rewards).