Realized vs Unrealized PnL
Realized PnL is the profit/loss you've locked in by selling positions. Unrealized PnL is the paper profit/loss on positions you still hold — it can evaporate before you exit.
In detail
Realized PnL = (sell price - buy price) × units sold, summed across every position you've closed. Unrealized PnL = (current price - buy price) × units still held. The distinction matters enormously in memecoin trading because unrealized gains routinely go to zero when a token dies or rugs. Leaderboards that rank by total PnL (realized + unrealized) flatter active buyers who haven't exited yet; leaderboards that rank by realized PnL only reward wallets that actually took profits. Subglow and kolscan.io rank by realized PnL for exactly this reason — we want the signal, not the bag-holding.
Key points
- Realized = PnL locked in through closed trades
- Unrealized = paper PnL on open positions
- Unrealized can evaporate before exit (especially memecoins)
- Subglow/kolscan leaderboards use realized-only
- Tax treatment usually tracks realized events only