Profit and loss: realised, unrealised and total

The three kinds

• Realised PnL: profit or loss on trades you have closed. Buy at 85,000 and sell at 90,000 and the realised profit is 5,000 per coin, before fees.
• Unrealised PnL: what you would gain or lose if you closed an open position now. It changes with every price move.
• Total PnL: realised plus unrealised.

How HedgerX calculates futures PnL

For USDT-margined contracts, long unrealised PnL is (mark price − average entry price) × quantity. Short unrealised PnL is (average entry price − mark price) × quantity. Realised PnL uses the closing price in place of the mark price.

Net profit also includes trading fees (0.06% for a taker and 0.02% for a maker on most contracts) and any funding fees you pay or receive.

HedgerX’s worked example

A taker buys 0.1 BTC at 50,000 USDT with 10x leverage and pays a 3 USDT entry fee. A funding rate of −0.025% brings in 1.25 USDT. The position closes at 60,000 USDT as a maker, which gives 1,000 USDT of closing PnL and a 1.2 USDT closing fee. The realised result is 997.05 USDT.

Why mark price matters

Unrealised PnL runs on the mark price, and so does liquidation. See index, mark and last price.