P&L

Three different numbers that all get called "profit". Keeping them apart is the whole job.

Realised

Money that has actually arrived, from sells that confirmed on chain.

Each sell nets against the cost of the portion it sold, not against the position's current average — so a later addition to a position cannot retroactively change what an earlier sale made.

Realised is not always positive. A stop that fires below entry is realised loss, and it is shown as one.

Unrealised

What the remaining bag is worth right now, against what it cost.

Marked to the last price we could read. It moves every time the price does and it is not money until it is sold. Unrealised is not always negative — a position in profit that has not hit an exit yet carries positive unrealised.

Unconfirmed

A sell that the ladder has claimed but the chain has not yet confirmed.

It sits in its own line rather than in realised, because a transaction that has not landed might still fail, and counting it as banked would be reporting money that may not arrive. When it confirms it moves to realised; if it fails, the step is released and can fire again.

Why the distinction is enforced everywhere

An earlier version of this system computed realised from a position's current average cost. A position that was added to later then had its earlier, profitable sales recalculated against the new average — and a 1.6× win was recorded as a 60% loss.

Nothing about that was visible in the total. It only appeared when the three numbers were separated and made to agree with the chain.

So: every fill records what it actually sold and what that portion actually cost, and the three figures are shown apart on every surface that shows any of them.

Multiples

A multiple is the price now, or at exit, against the price at entry.

For a position that has partly sold, the multiple shown combines what was banked with what is still riding — so a position that took profit at a step and is now below it still shows the banked part. A position with nothing sold shows the live multiple and nothing else.

Peak is the best it ever reached after we spotted it, which is usually higher than anything a ladder actually collects. Peak is useful for comparing launches. It is not a claim about money.