> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hizz.io/llms.txt
> Use this file to discover all available pages before exploring further.

# PnL, volume, and fees

> The exact accounting behind My agent and aggregate strategy performance.

The Agent panel is designed around net performance. It reconciles filled
orders and funding history, then adds the current Strike position when one is
open.

## Lifetime net PnL

```text theme={null}
Lifetime net PnL = Net realized PnL + Unrealized PnL

Net realized PnL = Gross closed-trade PnL
                 + Funding PnL
                 − Strike fees
                 − Hizz fees
```

Opening-fill fees are recognized when the fill occurs, so lifetime net PnL can
move below zero before a position is closed.

## Metric definitions

| Metric               | What it means                                                                                                                |
| -------------------- | ---------------------------------------------------------------------------------------------------------------------------- |
| **Unrealized PnL**   | Current PnL of the open Strike position, using Strike's position value when available and mark-price calculation as fallback |
| **Net realized PnL** | Closed-trade PnL plus funding, after both Hizz and Strike fees already paid                                                  |
| **Lifetime net PnL** | Net realized PnL plus current unrealized PnL                                                                                 |
| **Lifetime volume**  | Sum of filled notional for every opening and closing fill attributed to the agent                                            |
| **Funding PnL**      | Periodic perpetual funding cash flows; positive means received, negative means paid                                          |
| **Strike fees**      | Actual fill commission returned by Strike                                                                                    |
| **Hizz fees**        | Filled notional multiplied by the builder-fee bps stored on that fill                                                        |
| **Trading fees**     | Strike fees plus Hizz fees                                                                                                   |

<Note>
  Lifetime volume counts both sides. Opening $100 and later closing $100 adds
  about \$200 of volume. Submitted, rejected, cancelled, and unfilled order size
  does not count.
</Note>

## Hizz fee

The current AI Trading builder fee is **5 bps (0.05%) per filled notional**.

| Filled notional | Hizz fee at 5bps |
| --------------- | ---------------- |
| \$100           | \$0.05           |
| \$1,000         | \$0.50           |
| \$10,000        | \$5.00           |

The approved fee cap is shown beside the connected Strike wallet. If the
stored fill uses a different approved bps value, the Agent panel uses that
fill's stored value instead of rewriting history with today's setting.

## Strike fee

Strike trading fees depend on maker/taker role and the account's trailing
30-day volume tier. Strike's base schedule currently documents a **5bps taker**
and **2bps maker** rate; higher-volume tiers may be lower. The Agent panel does
not estimate this line — it sums the commission recorded on each Strike fill.

See Strike's official [fee-tier documentation](https://docs.strikefinance.org/api/common/fee-tiers)
for the current schedule.

## Funding

Funding is not an execution fee. It is a periodic transfer between long and
short perpetual positions. Hizz attributes each Strike funding cash flow to
the agent that owned the position for that symbol at the funding time.

* Positive funding PnL increases net realized PnL
* Negative funding PnL reduces net realized PnL
* Funding can accrue while the position remains open

## Live versus backtest accounting

<Tabs>
  <Tab title="Live agent">
    Uses filled size, average fill price, actual Strike commission, the Hizz bps
    stored on each order, exact realized PnL when provided by Strike, funding
    history, and the current open position.
  </Tab>

  <Tab title="Backtest">
    Uses the strategy's modeled fee. Current built-in strategies use 10bps per
    fill as a base taker assumption: 5bps Hizz plus 5bps Strike. Backtests do
    not reproduce every live funding payment, spread, or slippage event.
  </Tab>
</Tabs>

## Reading the curve

The horizontal zero line separates profit from loss. The curve is teal above
zero and red below zero; the value tag at the right is the latest lifetime net
PnL. Hover or focus the chart for an exact value and timestamp.

Sharp moves are retained because they can represent a real close, fee, funding
event, or mark-price move. The chart no longer uses a large profit/loss fill
that can make a small change look visually larger than it is.

<Warning>
  If a recent fill or funding payment has not reconciled yet, refresh after the
  next ledger sync. The fills and fee rows in the expanded Agent panel are the
  audit trail for the displayed total.
</Warning>