How to Calculate Crypto Futures Profit: PnL, Net PnL and ROE
Futures profit has three layers: the price move on the position (gross PnL), what is left after fees and funding (net PnL), and that result as a share of your margin (ROE). Exchanges show the first and third on screen; the second is the one that reaches your balance.
The three numbers, in order
Gross PnL: the price move times the position
OKX's rules for USDT-margined contracts: long PnL = face value × number of contracts × multiplier × (mark price − average open price); a short reverses the price difference (OKX Futures PnL calculation rules, updated 2026-08-11). Face value × contracts × multiplier is simply the coin quantity, so a 4-coin long that moves from 250 to 260 shows +40 USDT.
Unrealized vs realized
While the position is open, the PnL on screen is unrealized and uses the mark price, so it moves with the market. It becomes realized only when you close, at your actual fill price.
Net PnL: subtract fees and funding
Each fill pays notional × fee rate, once to open and once to close (OKX fee calculation). Funding is paid or received at each settlement you hold through (OKX funding mechanism). Net PnL = gross PnL − opening fee − closing fee − funding paid (+ funding received).
All-in-one futures calculator (net PnL at your exit) →ROE: the result as a share of margin
OKX calls this the P&L ratio: P&L divided by initial margin, where initial margin is the position value divided by leverage. Because margin is a fraction of the position, the same price move gives a bigger ROE at higher leverage: a 4% move is 16% ROE at 4x and 80% at 20x.
Leverage calculator →Work backwards from the exit you need
If you know the profit you want, the breakeven price tells you the minimum exit that covers both fees and funding, and the position size calculator sizes the trade from your stop-loss.
Breakeven calculator →
Worked example: 4-coin long, 250 → 260, 4x
| Item | Value (USDT) | How it is calculated |
|---|---|---|
| Gross PnL | 40.00 | 4 × (260 − 250) |
| Fees (taker 0.05% both ways) | −1.02 | 4 × 250 × 0.05% + 4 × 260 × 0.05% |
| Funding, one settlement at 0.01% (assumed) | −0.10 | 1,000 × 0.01% |
| Net PnL | 38.88 | gross − fees − funding |
| ROE on screen (gross) | 16.00% | 40 ÷ 250 initial margin |
| ROE after costs | 15.55% | 38.88 ÷ 250 |
Common mistakes
- Reading ROE as the return on your account. ROE is measured against the margin of that one position, not your whole balance.
- Forgetting the closing fee. The closing fee is charged on the exit value, so it grows when the trade wins.
- Ignoring funding on longer holds. Several settlements can take more than the trading fees on a position held for days.
- Treating unrealized PnL as money in hand. It changes with the mark price until you close.
Frequently asked questions
How do I calculate profit on a crypto futures trade?
What is ROE in crypto futures?
Why does my PnL change when the price barely moves?
Do fees depend on leverage?
Sources and limits
OKX Futures PnL calculation rules, OKX fee calculation, OKX funding mechanism, checked 2026-11-14. Other exchanges use similar formulas with their own fees and reference prices. Education, not trading advice.