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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.
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
Liquidation distance by leverage — how far price can move against you before you're wiped out
P&L is only half the story: leverage also sets how much room you have before liquidation. For an isolated position, you're liquidated when your loss eats your margin minus the maintenance margin. Approximate adverse price move to liquidation ≈ (1 ÷ leverage) − maintenance margin rate. This table uses the 0.50% maintenance-margin rate of the lowest BTCUSDT tier on Bybit (Binance's lowest tier is 0.40%). Cross-margin and higher notional tiers (larger maintenance rates) liquidate slightly sooner. Gross of funding and fees, which push the real liquidation price closer.
Leverage
Margin (on $10k notional)
Adverse move to liquidation
ROE at liquidation
2×
$5,000
−49.5%
−100%
3×
$3,333
−32.8%
−100%
5×
$2,000
−19.5%
−100%
10×
$1,000
−9.5%
−100%
20×
$500
−4.5%
−100%
25×
$400
−3.5%
−100%
50×
$200
−1.5%
−100%
100×
$100
−0.5%
−100%
125×
$80
−0.3%
−100%
At liquidation you lose ~100% of the margin regardless of leverage — only the size of the price move that gets you there changes. At 100× a 0.5% wick liquidates the trade; at 5× it takes a ~20% move. Maintenance margin rate rises with position size, so big positions liquidate at slightly smaller moves than shown. Bybit BTCUSDT lowest tier MMR is 0.50%; Binance BTCUSDT lowest tier MMR is 0.40%.
How it works
How 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.
> 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
Notional vs Margin: The notional is the full contract value; your margin is the collateral you actually deposit. With 10× leverage on $10,000 notional, your margin is $1,000.
ROE vs Absolute P&L: ROE (return on equity/margin) is the relevant metric for comparing trades of different sizes. It tells you how efficiently you used your margin.
Liquidation price: With 10× leverage, a 10% adverse move wipes out 100% of your margin. Most exchanges apply a maintenance margin of ~0.5%, so liquidation happens slightly before a full 10% move.
Funding rate: Every 8 hours, longs pay shorts (or vice versa) a small rate based on market premium. Holding positions for days can add meaningful cost.
Fees: Always subtract taker fees (0.04–0.05%) on both entry and exit from your calculated P&L to get net profit.
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%
+$666.67 P&L | ROE +66.7%
Disclaimer: Informational estimate. Actual rates, fees, and terms depend on the provider and contract; compare official documents before deciding.
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.
Finance calculator with its formula verified automatically against Binance Futures — How to Calculate P&L, per our editorial policy and methodology.
Updates
Updated: July 2026. Parameters are verified periodically against the cited sources.
Privacy
Calculations run 100% in your browser. We do not store or transmit your data.
Limitations
Indicative results. For critical decisions, consult a professional.
📌 How to cite this calculator
Rodríguez, M. (2026). Perpetual Futures P&L Calculator — Long & Short with Leverage. Hacé Cuentas. https://hacecuentas.com/en/pnl-futures-long-short-perpetual
Content licensed under CC-BY 4.0 — reuse it citing the source with a link to Hacé Cuentas.
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