How do I calculate PnL on a futures trade?

Subtract the entry price from the exit price (the other way round for a short), multiply by the size in coins and subtract the entry and exit fees. Example: (63,000 − 60,000) × 0.5 − 30.75 = $1,469.25.

What is ROE and how is it different from PnL?

PnL is the result in money. ROE is the same result as a percentage of the margin set aside for the position. At 20× leverage a 5% price move gives about 100% ROE before fees.

How does leverage affect profit?

With the same size, PnL in money does not change: leverage reduces the margin behind the position and so raises ROE. Profit is set by size and price; leverage sets how much capital is tied up and how close liquidation is.

Which fee should I enter?

The one your exchange charges at your tier: taker for market orders, maker for limit orders. If you enter with a limit and exit at market the rates differ, and the calculator takes one for both sides — use the higher.

Does the calculator include funding?

No. Funding depends on the rate and the holding time — work it out in the funding rate calculator and subtract it from net PnL.

Tools

Futures profit calculator: PnL and ROE from leverage and fees

Entry, exit, size and leverage in — net profit after fees, initial margin and ROE out. Set the size in coins or through margin and leverage.

Updated September 24, 2026

Futures trade PnL formulas

Gross PnL = (exit price − entry price) × size in coins; for a short the sign is reversed. Fees = (entry price + exit price) × size × rate: they are charged on both opening and closing. Net PnL = gross − fees.

Initial margin = entry price × size ÷ leverage. ROE = net PnL ÷ initial margin. If the size is set through margin, coins are margin × leverage ÷ entry price.

Example: a BTC long

Entry 60,000, exit 63,000, size 0.5 BTC, 20× leverage, 0.05% fee. Gross PnL = 3,000 × 0.5 = $1,500. Fees = 123,000 × 0.5 × 0.0005 = $30.75. Net PnL = $1,469.25.

Margin = 60,000 × 0.5 ÷ 20 = $1,500, ROE = 1,469.25 ÷ 1,500 = 97.95%. Price moved 5% and ROE moved almost 98%: leverage multiplies both profit and loss.

ROE and liquidation

An ROE of −100% is the whole position margin. At 20× leverage a price move of about 5% against you is enough for that, and liquidation arrives slightly sooner because of maintenance margin. The liquidation price has its own calculator.

What this leaves out

The calculation ignores funding over the holding time, slippage and the difference between maker and taker rates: one fee is used for both sides. Work funding out in the funding rate calculator and subtract it from net PnL.

Frequently asked questions

How do I calculate PnL on a futures trade?: Subtract the entry price from the exit price (the other way round for a short), multiply by the size in coins and subtract the entry and exit fees. Example: (63,000 − 60,000) × 0.5 − 30.75 = $1,469.25.
What is ROE and how is it different from PnL?: PnL is the result in money. ROE is the same result as a percentage of the margin set aside for the position. At 20× leverage a 5% price move gives about 100% ROE before fees.
How does leverage affect profit?: With the same size, PnL in money does not change: leverage reduces the margin behind the position and so raises ROE. Profit is set by size and price; leverage sets how much capital is tied up and how close liquidation is.
Which fee should I enter?: The one your exchange charges at your tier: taker for market orders, maker for limit orders. If you enter with a limit and exit at market the rates differ, and the calculator takes one for both sides — use the higher.
Does the calculator include funding?: No. Funding depends on the rate and the holding time — work it out in the funding rate calculator and subtract it from net PnL.

Every trade's net result, in the journal

The Trading OS journal computes a trade's result in money and in R with fees included, so ROE never hides the real outcome.

No sign-up: the journal runs in your browser. An account keeps your trades on the server.

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