Futures PnL and ROE calculator
Profit, loss and return on margin for a leveraged futures trade, with opening and closing fees, funding, and the exit price you need.
Read this first. Leveraged crypto products can lose your entire margin, and many regulators restrict or ban them for retail clients. This page is arithmetic on the numbers you enter, not advice or a signal.
Educational arithmetic from the numbers you enter. It is not investment advice or a signal, and it does not model exchange tiers, funding, partial liquidation or auto-deleveraging. Your exchange's position panel is the binding figure. Calculations run in your browser; nothing you type is sent or stored.
How it works
Leverage only changes how much margin you put up. The profit itself depends on the position size and the price move. For a long of Q coins opened at E and closed at X, with opening and closing fee rates fo and fc and funding F paid:
Profit = Q × (X − E) − fo × E × Q − fc × X × Q − F
Return on margin (ROE) = Profit ÷ (E × Q ÷ L)
For a short, swap X and E in the first term. Do not multiply the profit by the leverage a second time: the leverage is already inside the margin in the denominator.
The break-even exit price is where the profit is zero: E × (1 + fo) ÷ (1 − fc) for a long and E × (1 − fo) ÷ (1 + fc) for a short. The price for a target return r solves the same equation with r × margin added to the cost.
Worked example
The page opens with a long of 0.1 BTC at 60,000 closed at 63,000, with 10x leverage and a 0.055% fee on each side. The position is worth 6,000, so the margin is 600.00. The gross gain is 300.00. Fees are 0.055% of 6,000 plus 0.055% of 6,300, which is 6.765. The profit is 293.235, a return of 48.87% on the margin even though the price rose only 5%. The break-even exit is 60,066.04, and a 50% return on margin needs an exit at 63,067.69.
Return on margin by price move and leverage
| Price move | 5x | 10x | 25x |
|---|---|---|---|
| +1% | +4.4% | +8.9% | +22.2% |
| +2% | +9.4% | +18.9% | +47.2% |
| +5% | +24.4% | +48.9% | +122.2% |
| −1% | −5.5% | −11.1% | −27.7% |
| −5% | −25.5% | −51.1% | −127.7% |
The same table is why leverage cuts both ways: at 25x a 5% fall costs more than the whole margin, which is why the position would be liquidated before that. The liquidation price calculator shows where.
Questions
What is the difference between PnL and ROE?
PnL is the profit or loss in money. ROE, return on equity, divides it by the margin you put up, so it is bigger than the price move by about the leverage. Exchanges usually show both.
Why is the break-even price not the entry price?
Because you pay a fee to open and another to close. The price has to move far enough in your favour to cover both, and funding if you hold the position over a funding time.
Does the fee depend on leverage?
The fee is charged on the position value, not on the margin. At 10x a fee of 0.055% on each side costs 0.11% of the position, which is 1.1% of the margin.
Can I lose more than my margin?
On most exchanges isolated margin limits the loss to the margin in that position, but extreme moves, gaps and cross margin can cost more. Treat the margin as money that can disappear.