PnL Calculation
Entry Price When opening or increasing a position, the entry price is calculated as a size-weighted average of all opening trades:Entry Price = (Previous Entry Price x Previous Size + Trade Price x Trade Size) / New Position Size
When partially or fully closing a position, the entry price remains unchanged.
Unrealized PnL The potential profit or loss on an open position if closed at the current mark price:
Unrealized PnL = (Mark Price - Entry Price) x Position Size
For long positions, uPnL is positive when mark price is above entry price. For short positions, uPnL is positive when mark price is below entry price.
Realized PnL Captured when closing a position, in full or in part:
Realized PnL = (Exit Price - Entry Price) x Closed Size
Funding payments are applied to realized PnL at each hourly settlement. Trading fees are deducted separately.
Total PnL Total PnL = Realized PnL + Unrealized PnL
Example: A trader opens a long NVDA-PERP position of 10 shares at $875.00. If the mark price moves to $900.00, uPnL = (900 - 875) x 10 = $250.00. If the trader closes the full position at $900.00, realized PnL = $250.00 minus applicable fees.