Break-even that includes fees you actually paid

Most exchange screens show an average buy price. They rarely fold in every fee that left your wallet when you moved coins between venues.

Create three columns: fill cost, trading fees, and documented network fees. Sum them, divide by units still held, and that quotient is the price where you are flat before tax considerations.

If you averaged down, do not overwrite earlier rows — keep each lot visible so you can see how the blended break-even climbed. Holders who skip this step often buy again while still measuring against an outdated floor.

When the true break-even surprises you, that is the point of the exercise. Better a clear number on the PC than a hopeful one in memory.