⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
PnL and total account value on Lighter
Verified against Lighter's official docs on 2026-09-29. Formulas below are restated in words from the docs.
Three numbers on the Lighter screen come from simple formulas, and knowing them explains most "why did my PnL change?" questions. The docs cover perps; the spot section of the same page is empty at the time of writing.
Unrealized PnL
For each position: (mark price − average entry price) × position size, summed across positions. Size is positive for a long and negative for a short, so the same formula works both ways. It uses the mark price, not the last trade, so a wick on the book does not move it.
Realized PnL
Realized PnL is what you have locked in by closing, plus funding. The docs are explicit that "all funding payments for the position are immediately applied to its realized PNL", so realized PnL moves every hour you hold a position, even if you never trade.
- Partial close. Average entry stays the same. The change to collateral is (exit price − average entry) × the size closed.
- Adding to a position. "No PnL is realized." The new average entry is the size-weighted mix of the old average and the new fill.
One consequence: adding to a losing long lowers the average entry but realizes nothing. The loss is still there in unrealized PnL, on a larger position.
Total account value
Total account value = collateral + unrealized PnL. For an isolated position, its allocated margin "functions the same as collateral but applies only to the relevant position" and counts as collateral in that sum. This is the figure the margin checks compare against; see Lighter liquidations for the thresholds.
FAQ
Why did realized PnL change when I did not trade?
Funding. Hourly funding is booked straight into realized PnL.
Does closing half a position change my entry price?
No. A partial close keeps the average entry; only adding to a position changes it.
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