Glossary
What is realized PnL?
Also called: closed PnL, booked profit, locked-in PnL
Updated Ninja Terminal team
Definition
Realized PnL is the profit or loss you lock in when you close all or part of a position. It is calculated from the entry and exit prices and the closed size. It does not change after the trade closes. Many traders also subtract trading fees and funding to see the net result of the trade.
Realized PnL starts as unrealized PnL while a position is open. When you close, the closed part becomes realized.
How is it calculated?
Long: (exit price - entry price) x closed size Short: (entry price - exit price) x closed size
Example: you buy 0.5 BTC at 60,000 and sell 0.25 BTC at 62,000. Realized PnL on the closed part is (62,000 - 60,000) x 0.25 = +500 USD. The remaining 0.25 BTC is still open and carries unrealized PnL.
What about fees and funding?
Net realized PnL also depends on maker and taker fees and on funding payments paid or received while the position was open. Venues differ on whether their “realized PnL” field already includes fees or funding, so check how your exchange reports it. OKX, for example, returns fees and funding fees as separate fields from its PnL field.
Why track it?
Realized PnL is the basis for performance review: win rate, profit factor, average win and average loss. It is also the number that matters for tax records, which depend on your jurisdiction.
Where does it appear in Ninja Terminal?
The analytics page reports realized PnL, win rate, profit factor, average win and loss, fees, and trade count, with an equity curve and daily PnL. You can break results down by symbol and by exchange.
Frequently asked questions
Does realized PnL include fees?
It depends on the venue and on the report. Some separate fees and funding from the PnL figure. Check the definition on your exchange.
What is the difference between realized and unrealized PnL?
Realized PnL comes from closed trades and is final. Unrealized PnL comes from open positions and changes with price.