diff --git a/src/live/dashboard.py b/src/live/dashboard.py
index 2cc99e6..13f1156 100644
--- a/src/live/dashboard.py
+++ b/src/live/dashboard.py
@@ -139,6 +139,28 @@ def _equity_curve(max_pts: int = 400) -> list[dict]:
     return [{"t": r["ts"], "equity": r["equity"], "dd": r.get("dd", 0.0)} for r in rows]
 
 
+def _ledger_pnl(equity: float) -> tuple[float, float]:
+    """(pnl_total, capitale iniziale) dal ledger — MAI hardcoded. La equity.jsonl scrive
+    `pnl_total = equity − initial_capital` ad ogni tick → e' la fonte di verita' (il
+    micro-test mainnet parte da 500, il testnet partiva da 2000; lo status non persiste
+    l'iniziale). Da pnl_total derivo l'iniziale (equity − pnl_total) cosi' la dashboard
+    combacia col ledger per costruzione. Fallback: primo punto equity, poi l'equity stessa."""
+    f = LEDGER / "equity.jsonl"
+    if f.exists():
+        lines = [l for l in f.read_text().splitlines() if l.strip()]
+        if lines:
+            try:
+                last = json.loads(lines[-1])
+                if last.get("pnl_total") is not None:
+                    pt = float(last["pnl_total"])
+                    return pt, equity - pt
+                init = float(json.loads(lines[0]).get("equity", equity))
+                return equity - init, init
+            except Exception:
+                pass
+    return 0.0, equity
+
+
 def _worker_trades(wid: str) -> tuple[float, int, int, list[dict]]:
     """(pnl realizzato, n_chiusi, n_win, lista CLOSE) dal trades.jsonl."""
     f = PAPER / wid / "trades.jsonl"
@@ -175,7 +197,7 @@ def build_state() -> dict:
     led = json.loads((LEDGER / "status.json").read_text()) if (LEDGER / "status.json").exists() else {}
     curve = _equity_curve()
     equity = led.get("equity", curve[-1]["equity"] if curve else 0.0)
-    init_cap = 2000.0
+    pnl_total, init_cap = _ledger_pnl(equity)   # dal ledger, NON hardcoded (500 mainnet / 2000 testnet)
     strategies, active, closed = [], [], []
     paper_strategies, paper_closed = [], []
     open_assets: set[str] = set()
@@ -306,9 +328,9 @@ def build_state() -> dict:
         "ts": now.isoformat(),
         "version": _app_version(),
         "portfolio": {
-            "equity": round(equity, 2), "init": init_cap,
-            "pnl_total": round(equity - init_cap, 2),
-            "pnl_pct": round((equity / init_cap - 1) * 100, 2),
+            "equity": round(equity, 2), "init": round(init_cap, 2),
+            "pnl_total": round(pnl_total, 2),
+            "pnl_pct": round((pnl_total / init_cap * 100) if init_cap else 0.0, 2),
             "dd": led.get("max_dd", 0.0), "peak": led.get("peak", equity),
             "last_rebalance": led.get("last_rebalance", ""),
             "curve": curve,