PnL Calculations

Last updated: June 15, 2026

Understanding how profit and loss (PnL) is calculated is essential to tracking your trading performance and managing risk. Kraken Derivatives US supports real-time PnL visibility for both open and closed futures positions.

Unrealized PnL reflects the current profit or loss of an open position. It updates continuously based on market price movements.

Formula: Unrealized PnL = (Current Mark Price - Entry Price) × Contract Size

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    Long position: You gain if the market price goes up.

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    Short position: You gain if the market price goes down.

The mark price used is typically the best bid (for long positions) or best ask (for short positions). Unrealized PnL is included in your account equity but does not impact your actual balance until the position is closed.

For perpetual futures positions, funding rate payments affect your available balance separately and are not reflected in unrealized PnL.

Realized PnL is the profit or loss that becomes final once you close a position. It accounts for the difference between your entry and exit prices, adjusted for entry and exit fees.

Formula:

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    Realized PnL = (Exit Price - Entry Price) × Contract Size - Total Fees

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    Total Fees = Entry Fee + Exit Fee (both sides of the trade)

When a trade is closed, the realized PnL is credited or debited to your account balance.

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    Entry Fee: Deducted immediately from your account balance when a position is opened. This means it will not show in unrealized PnL.

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    Exit Fee: Applied when a position is closed.

While the entry fee affects your available balance right away, both fees are ultimately reflected in your realized PnL after the trade is closed.

Funding payments are aggregated throughout the day and applied as a single cash adjustment to your available balance at 3:00 pm CT daily. Funding payments are not included in your realized PnL calculation — they are reflected separately as balance adjustments in your account ledger.

To get a complete picture of your total return on a perpetual futures position, factor in all funding payments made or received while the position was open.

Futures and spot margin trading involves substantial risk and is not suitable for everyone. You may lose all or more than the initial investment, exceeding the value of collateral deposited with the firm to open and maintain the position. You may be required to provide additional collateral on short notice or no notice, and you may remain responsible for any deficiency after liquidation and collateral application. Trading should be undertaken only with risk capital, funds that can be lost without jeopardizing one's financial security or lifestyle, and only by those who can afford such losses. While leverage can increase potential returns, it also significantly increases risk. Leverage available may vary by asset. Past performance is not necessarily indicative of future results. Availability of spot margin trading through Kraken Derivatives US is subject to certain limitations and eligibility criteria. View Risk Disclosure Statement.

U.S. Futures and spot margin trading is provided by NinjaTrader Clearing, LLC d/b/a Kraken Derivatives US, a CFTC-registered Futures Commission Merchant and NFA Member (NFA ID: 0309379), with financing provided by Payward Accredited LLC. View Disclosures.

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