Perpetual Futures P&L Calculator — Long & Short with Leverage
Perpetual futures let you go long or short with leverage, and your P&L scales with the price move, position size, and direction. This calculator gives you exact profit or loss in USD and ROE (return on margin) — before funding and fees — so you can size your trade and plan your stop before you enter.
To calculate perpetual futures P&L: subtract entry price from exit price (or reverse for short), multiply by quantity (notional ÷ entry price). For example, a $10,000 long on BTC at $60,000 closing at $64,000 earns (64,000−60,000) × (10,000/60,000) = $666.67 P&L. With 10x leverage, the margin is $1,000 and ROE is 66.7%.
When to use this calculator
- Calculate profit or loss before entering a trade
- Stress-test different leverage levels and exit prices
- Compare long vs short outcomes for the same price move
- Verify P&L matches your exchange's trade history
- Understand ROE vs absolute P&L with leverage
Worked Example
- Long BTC at $60,000 → exit at $64,000
- Notional size: $10,000 | Leverage: 10×
- Quantity = 10,000 / 60,000 = 0.1667 BTC
- P&L = (64,000 − 60,000) × 0.1667 = $666.67
- Margin = $10,000 / 10 = $1,000
- ROE = $666.67 / $1,000 = 66.7%
How it works
2 min readHow Perpetual Futures P&L Is Calculated
Perpetual futures (also called perpetual swaps) are leveraged derivative contracts with no expiry date. Your profit or loss depends on the direction you trade, how far price moves, and the notional size of your position.
Core Formulas
Long position P&L:
Quantity = Notional / Entry Price
P&L = (Exit Price − Entry Price) × QuantityShort position P&L:
Quantity = Notional / Entry Price
P&L = (Entry Price − Exit Price) × QuantityMargin and ROE:
Margin = Notional / Leverage
ROE = P&L / Margin × 100%> Note: This calculator shows gross P&L before trading fees and funding rates. On Binance/Bybit, taker fees of 0.04–0.05% and funding rates (typically ±0.01% every 8 hours) will reduce your net result.
P&L Table — Long BTC at $60,000 with $10,000 Notional (10× leverage)
| Exit Price | Price Move | P&L (USD) | ROE (on $1,000 margin) |
|---|---|---|---|
| $54,000 | −10% | −$1,000 | −100% (liquidation risk) |
| $57,000 | −5% | −$500 | −50% |
| $60,000 | 0% | $0 | 0% |
| $63,000 | +5% | +$500 | +50% |
| $66,000 | +10% | +$1,000 | +100% |
| $72,000 | +20% | +$2,000 | +200% |
P&L Table — Short BTC at $60,000 with $10,000 Notional (10× leverage)
| Exit Price | Price Move | P&L (USD) | ROE |
|---|---|---|---|
| $54,000 | −10% | +$1,000 | +100% |
| $57,000 | −5% | +$500 | +50% |
| $60,000 | 0% | $0 | 0% |
| $63,000 | +5% | −$500 | −50% |
| $66,000 | +10% | −$1,000 | −100% (liquidation risk) |
Key Concepts
Frequently asked questions
What is perpetual futures P&L?
P&L (Profit & Loss) is your net gain or loss on a futures position. For a long: P&L = (Exit Price − Entry Price) × (Notional / Entry Price). For a short: P&L = (Entry Price − Exit Price) × (Notional / Entry Price).
What is the difference between notional size and margin in futures?
Notional size is the total contract value in USD — the amount you're controlling. Margin is the collateral you deposit to open that position (Margin = Notional / Leverage). With $10,000 notional at 10× leverage, you only deposit $1,000 in margin.
What does ROE mean in crypto futures?
ROE (Return on Equity) measures your profit or loss as a percentage of the margin you deposited. A $500 gain on $1,000 margin = 50% ROE. It's the correct metric to compare trade efficiency, since the same price move produces very different ROEs at different leverage levels.
How does leverage affect futures P&L?
Leverage amplifies both gains and losses relative to your deposited margin. A 5% price move with 10× leverage produces 50% ROE — positive or negative. The absolute P&L in USD is the same regardless of leverage; it's your margin requirement (and thus ROE) that changes.
When does liquidation happen in perpetual futures?
Liquidation occurs when losses consume your margin. With 10× leverage, a ~10% adverse price move (minus the maintenance margin buffer) triggers liquidation. Most exchanges liquidate at roughly Entry Price × (1 − 1/Leverage + Maintenance Margin Rate) for longs.
What are funding rates in perpetual swaps?
Funding rates are periodic payments (every 8 hours on Binance/Bybit) between long and short traders, keeping perpetual prices close to spot. When funding is positive, longs pay shorts; when negative, shorts pay longs. Typical rate is ±0.01% per 8-hour interval, but spikes to ±0.1% or more during high volatility.
What fees do I pay on perpetual futures?
Exchanges charge maker fees (limit orders, ~0.01–0.02%) and taker fees (market orders, 0.04–0.05%) per side. On a $10,000 notional round-trip trade with taker fees of 0.05%, you pay $10 in fees — subtract this from gross P&L for net profit.
What is the difference between unrealized and realized P&L?
Unrealized P&L is your mark-to-market gain or loss while the position is still open — it fluctuates with price. Realized P&L is locked in only when you close the position. Exchanges may partially realize P&L if you partially close.
Does this calculator work for Bitcoin, Ethereum, and altcoin futures?
Yes. The formula is identical for any USD-margined or USDT-margined perpetual: P&L = price change × quantity. Enter any asset's entry and exit prices, notional size, and leverage.