Entry price and PnL

Your entry price is the one reference that says whether a position built from several fills is up or down. HyperCore doesn’t need it. The official docs call entry price, unrealised PnL and closed PnL conveniences over the real accounting, margin (balance, for spot) and trades. Their example: account value = cash + position value at mark = 13,009.454678 + 100.02765 = 13,109.482328 USDC.

Only opening fills move your entry price

A fill is opening if it increases the position’s absolute size (buying when long, selling when short), closing if it reduces it. PnL uses the mark price.

side = 1 for a long, -1 for a short
opening fill:   entry = (entry * old_size + px * fill_size) / (old_size + fill_size)
closing fill:   entry unchanged
unrealised PnL = side * (mark_price - entry_price) * position_size
closed PnL     = fee + side * (mark_price - entry_price) * position_size   (closing fill, as documented)

Say you buy twice, then sell half, with the mark at 120 throughout:

Step	Fill	Position	Entry price	Unrealised PnL	Closed PnL, before fees
1	Buy 1 at 100	1 long	100	20	0
2	Buy 1 at 110	2 long	105	30	0
3	Sell 1 at 120	1 long	105	15	15

Selling half left the entry price at 105.

The documented position checks out: a 0.0335 ETH long at entry 2,986.3, position value 100.02765, implies mark 2,985.9, and (2985.9 - 2986.3) * 0.0335 = -0.0134 is its unrealizedPnl. Its returnOnEquity of -0.0026789 is -0.0134 / (2986.3 * 0.0335 / 20): unrealised PnL over entry notional divided by leverage.

Spot uses the same formulas

Buys open, sells close, and transfers in and out count as buys and sells at the mark price. Genesis tokens get an entry price equal to a 10,000 USDC market cap; zero would be correct, the docs note, but makes return on equity undefined.

What PnL leaves out

• Funding is not in unrealised PnL: it is paid hourly against your balance and reported as cumulative funding (funding).
• In cross, unrealised profit backs new positions, but withdrawing it is limited by the transfer requirement (margin).
• Portfolio graphs sample every 15 minutes and on deposits and withdrawals, interpolating between; the docs say not for precise accounting. Max drawdown is display-only too, dividing each window’s PnL by the account value at that window’s start.

Rebuilding PnL from fills

Where	Fields
clearinghouseState position	entryPx, szi (signed size), positionValue, unrealizedPnl, returnOnEquity, marginUsed, leverage (with rawUsd for isolated), cumFunding.allTime, sinceOpen, sinceChange
clearinghouseState summary	marginSummary.accountValue, totalRawUsd, totalNtlPos, withdrawable
spotClearinghouseState balance	total, hold, entryNtl (entry notional)
Fill	px, sz, startPosition, dir, closedPnl, fee, feeToken

Rebuild PnL by replaying fills in time order from startPosition, deduplicating on tid, in decimal arithmetic (values are decimal strings), never binary floats.

Fees in closed PnL, flips and genesis tokens

Two official pages differ

The entry price page puts the fee in closed PnL (the fee alone on an opening fill). The info endpoint’s example opening fill shows "closedPnl": "0.0" beside "fee": "0.01", so the API field appears to exclude it: net them yourself. The documented formula also uses mark price and whole position size; check it against your own fills.

• A single fill taking a long through zero into a short is not documented; read dir, startPosition and closedPnl from the fill.
• Spot balances held before entry tracking began took the price of their first trade or transfer after it.
• Selling genesis tokens shows almost the whole sale as closed PnL, from the 10,000 USDC convention.

For what HyperCore actually keeps, see The clearinghouse. For where unrealised PnL counts as margin, see Margin.