PnL, Average Open Price, and Break-Even Price

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Details about your positions can be seen on Trade pages or on your Positions page. There are three metrics that are worth explaining in greater detail:

  • PnL: how much money you have made or lost on this product since you were last flat.
  • Average Open Price: Average price at which you opened (bought if you are long, sold if you are short) since you were last flat.
  • Break-Even Price: the price at which you'd have to close your position to break even since you were last flat.

 

PnL

PnL = Sum(current mark price - fill price) * fill size * (-1 if sell, 1 if buy) for all the fills since you were last flat.

Your percentage PnL for futures is PnL / position size.

You can find a summary of your historical PnL here.

 

Average Open Price

This is the weighted average of the price of your opening fills since you were last flat.

Opening Fills = all fills that were opening (buying if you are currently long, selling if you are currently short) since you were last flat.

Opening Size = Sum(fill size) for all Opening Fills.

Opening Cost = Sum(fill price * fill size) for all Opening Fills.

 

Average Open Price = Opening Cost / Opening Size

 

Break-Even Price

Opening Fills = all fills that were opening (buying if you are currently long, selling if you are currently short) since you were last flat.

Opening Size = Sum(fill size) for all Opening Fills.

Opening Cost = Sum(fill price * fill size) for all Opening Fills.

Closing Fills = all fills that were closing (selling if you are currently long, buying if you are currently short) since you were last flat.

Closing Size
= Sum(fill size) for all Closing Fills

Closing Proceeds = Sum(fill price * fill size) for all Closing Fills

 

Break-Even Price = (Opening Cost - Closing Proceeds) / (Opening Size - Closing Size)

 

As an example, suppose you made the following trades:

  • BUY 11 BTC-PERP at $10,000
  • SELL 1 BTC-PERP at $12,000

Your sale was $2,000 higher than your buys, and so you can lose $200 selling each of 10 BTC-PERP you have open without losing money overall. This implies a break-even price of $9,800. Notice that the above formula gives the same number:

Opening Size = 11 BTC-PERP

Opening Cost = (11 BTC-PERP) * ($10,000 / BTC-PERP) = $110,000

Closing Size = 1 BTC-PERP

Closing Proceeds = (1 BTC-PERP) * ($12,000) = $12,000

Break-Even-Price = ($110,000 - $12,000) / (11 - 1) = $9,800

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