Entry Price / PnL
Entry Price & PnL
Entry price and profit/loss (PnL)—both unrealized and closed—are calculated client-side for your convenience and clarity. These numbers help you track trading performance but don’t affect official, on-chain balances. On-chain accounting is determined purely by margin (for perpetuals) or asset balances (for spot), plus settlement of executed trades.
Perpetual Contracts (Perps)
Opening a Position: Any trade that increases your position size in the same direction (buying more when already long, or adding to a short) is an opening trade.
Closing a Position: Trades reducing your exposure in the opposite direction (selling longs, buying back shorts) are closing trades.
Entry Price Calculation:
For opening trades, your entry price updates using a size-weighted average of existing and new trade prices.
Closing trades do not affect the entry price.
PnL Formulas:
Unrealized PnL:
Unrealized PnL=side×(mark price−entry price)×position sizeUnrealized PnL=side×(mark price−entry price)×position size
Closed PnL:
Closed PnL=side×(exit price−entry price)×size+feesClosed PnL=side×(exit price−entry price)×size+fees
Spot Trading
Spot calculations use similar logic, with some key tweaks:
Buys are opening trades, and sells are closing trades.
Internal transfers are recorded at the current mark price and counted as buys or sells.
UBTC on Hyperliquid always tracks real BTC held in custody—guaranteeing a true 1:1 peg for accurate balances.
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