Net flow is Lighter’s own accounting of money in and out of the account (its /pnl series), day by day since the account opened. 396 equity points on file.

Read risk : reward as "risks 1 to make N" — average loss against average win. On its own it says nothing: 1 : 5 at a 10% hit rate loses money. Read it with the win rate beside it, or read expectancy, which already combines the two.

The P&L line is mark-to-market — it comes from the exchange’s own pnlHistory and already carries open-position profit, not just closed trades. What it is not is continuous: portfolio returns about a hundred points whatever the account’s age, so this wallet is sampled every 1.0 days and any drawdown that opened and closed between two samples is invisible. Every drawdown figure above is a floor, not the true worst. Continuous intraday drawdown only starts accumulating from the position tracker, which has been running since 12 Sep. The two percentages divide the same dollar loss by different things: There is no single right denominator, so both are named rather than one being picked: the largest the account was ever seen to hold, and every dollar ever committed to it. Either can pass 100% on a leveraged account — this wallet gave back $11.61M against a peak P&L of $26.83M. Dividing by peak P&L is deliberately not shown as a headline: on a wallet that was barely profitable before losing, it produces numbers in the thousands of percent. A drawdown measured on raw account value is deliberately not shown at all: this wallet withdrew $7.02M, so its account value fell −33.4% from peak — a figure that reads like a blow-up and is nothing of the kind. Every drawdown above is measured on P&L, which withdrawals cannot move.

Rebuilt from Lighter’s public explorer trade log with average-cost P/L; before fees and funding.

Rebuilt from Lighter’s public explorer trade log, every fill this account made as maker or taker, with average-cost P/L — Lighter’s own rule. Funding and fees are not split by coin in public data, so they sit in “Everything else”, which makes the table add up to Lighter’s own trading P/L.