Trading / Positions & PnL

Positions & PnL

A position is a bet on price, not a claim on a skin. Here is exactly how CSL prices it, what moves your PnL, and what lands back in your balance when you close.

Anatomy of a position

Opening a position freezes four numbers. Nothing else about it can change afterwards except the mark price.

Field	Meaning
Entry price	The mark at the moment your order filled. Your reference point forever.
Collateral	USDC you committed. Your maximum loss — never more.
Leverage	2x–20x multiplier applied to the collateral.
Liquidation price	The mark at which the collateral is exhausted. Shown before you confirm.

Notional  = Collateral × Leverage
Units     = Notional / Entry price
Liq price = Entry × (1 ∓ 1/Leverage ± Maintenance)   (− for longs, + for shorts)

Two positions on the same skin do not merge. Each carries its own entry, its own collateral and its own liquidation price — you can be long and short the same market at once.

Unrealized PnL

While a position is open, PnL is recomputed on every oracle tick against the mark price — never against a listing you saw on a marketplace.

Long  PnL = (Mark − Entry) / Entry × Leverage × Collateral
Short PnL = (Entry − Mark) / Entry × Leverage × Collateral

A 10x long on a $6,000 Dragon Lore with $500 collateral:

Mark	Move	Unrealized PnL	Equity
$6,300	+5.0%	+$250	$750
$6,000	0.0%	$0	$500
$5,700	−5.0%	−$250	$250
$5,430	−9.5%	−$475	$25 — liquidation zone

Unrealized PnL is not spendable. It becomes balance only when the position closes.

Realized PnL

Closing settles everything in one step and credits your USDC balance:

Returned = Collateral + PnL − Funding paid − Taker fee

If the result is negative, the position is worthless: you lose the collateral and nothing more. CSL has no negative balances and cannot claw funds from your wallet.

Closing a position

Manual close — hit Close in Positions. Fills at the current mark.
Liquidation — the engine closes it for you when equity hits maintenance. See Liquidations.

Partial closes are not live yet — a position closes in full. Sizing down means closing and reopening smaller.

Funding drag

Funding accrues hourly against the notional, not the collateral, so it bites harder at high leverage. A 20x position pays 20× the funding of a 1x position on the same collateral. Read Funding & Fees before holding leverage overnight.