Glossary
What is unrealized PnL?
Also called: uPnL, floating PnL, open PnL, paper profit
Updated Ninja Terminal team
Definition
Unrealized PnL is the profit or loss on an open position, measured against the current price and not yet locked in. For a long it equals the price change since entry times the size. For a short the sign is reversed. It changes with every price tick and only becomes realized profit or loss when you close.
Unrealized PnL is a mark-to-market number. It tells you what closing now would roughly produce, before closing fees.
How is it calculated?
Long: (mark price - entry price) x size Short: (entry price - mark price) x size
Example: long 0.5 BTC from 60,000 with the mark price at 61,200. Unrealized PnL is (61,200 - 60,000) x 0.5 = +600 USD. If the mark price falls to 59,000, it is -500 USD.
Most venues use the mark price for this value, not the last traded price. Hyperliquid documents that its mark price is used for unrealized PnL. The value is not final until you close. After closing, the result becomes realized PnL.
Why does it matter for risk?
In cross margin, unrealized profit raises your equity and unrealized loss lowers it, so it directly moves your distance to liquidation. Funding and fees also change your real result. See funding rate.
You can express it as a percentage of margin. See ROE.
Where does it appear in Ninja Terminal?
The positions table shows PNL for each position with a ROI percentage. Account summaries and the portfolio view show total unrealized PnL.
Frequently asked questions
Is unrealized PnL real money?
No. It becomes real only when you close the position, and the final result can differ from the number you saw.
Why can unrealized PnL change while the price is flat?
Funding payments and a changing mark price can move it even when the last traded price barely moves.