A futures position can close above its entry and still add less to your account than the chart move suggests because realized profit is reduced by fees and any funding you paid. A negative account-level PnL can also include other positions, transfers, or earlier losses, so it may not describe that one trade. Reconstruct the position by separating gross price PnL, entry and exit fees, funding, and account-wide movements.
Separate the trade result from the account result
Start with the position's direction, entry, exit, and quantity. For a linear contract, a long earns when exit is above entry; a short earns when exit is below entry. Gross PnL is the price difference multiplied by contract quantity. This is the before-cost result. It does not say how much was credited to the account after closing.
For a long position represented in the Factplain futures calculator, the modeled net is:
quantity = notional size ÷ entry price
gross PnL = (exit price − entry price) × quantity
entry fee = entry notional × entry fee rate
exit fee = exit notional × exit fee rate
funding cost = entry notional × funding rate × completed intervals
net PnL = gross PnL − entry fee − exit fee − funding cost
Rates in the calculator are entered as percentages. For example, an entered rate of 0.04 means 0.04%, which the implementation divides by 100. On a short, the gross price direction reverses. A positive funding rate is treated as a cost to a long and a credit to a short; a negative rate reverses that modeled direction. Actual settlement depends on the venue's contract rules and rate at settlement, so use the rate that applied to your trade rather than a current snapshot.
Account PnL is a wider view. It can combine results from multiple positions and unrealized gains or losses, and the displayed number may depend on whether fees or funding are included. Deposits, withdrawals, and transfers change account balance, but may be excluded from an exchange's PnL measure. First identify whether the number you are comparing is gross realized PnL, net position PnL, or a wallet/account figure. Then reconcile one closed position from its fills and settlement records. This prevents an unrelated wallet movement from being mistaken for a cost on the trade under review. Check the exchange's definition to see which positions, fees, funding, and account movements it includes.
Worked example: price rises but costs reduce the credit
Assume a long linear position opened at $50,000 with $10,000 notional, then closed at $51,000. Use illustrative entry and exit fees of 0.04% and 0.06%, a positive funding rate of 0.01% per 8-hour interval, and a holding time of 20 hours. These are example inputs, not a fee schedule or a claim about a particular exchange.
The modeled quantity is $10,000 ÷ $50,000 = 0.2 BTC. A $1,000 rise per BTC gives gross profit of $1,000 × 0.2 = $200. The entry fee is $10,000 × 0.0004 = $4. The exit notional is 0.2 × $51,000 = $10,200, so the exit fee is $10,200 × 0.0006 = $6.12.
The calculator counts only whole funding intervals: floor(20 ÷ 8) = 2 settlements. Its funding estimate is $10,000 × 0.0001 × 2 = $2 paid by the long. Therefore:
net PnL = $200 − $4 − $6.12 − $2 = $187.88
The position has a positive result, but it is $12.12 below gross PnL because of the modeled fees and funding. If an account panel shows a negative total during the same period, that does not change this trade's arithmetic by itself. Check other open positions, prior realized losses, and account cash movements separately. Use the calculator to estimate the modeled trade result from the prices, size, fee rates, funding rate, interval, and hours entered.
Reconcile your own closed position
Use the calculator with the entry and exit prices from your fills. Select long or short correctly, then enter either a notional amount or a coin quantity according to the selected size mode. Enter the fee percentages that applied to the opening and closing executions; do not assume both were the same if order types or fee tiers differed.
For funding, enter the rate per settlement interval and the interval length used for the product, then provide the holding duration. This tool estimates complete intervals with a floor operation. It does not infer the exact settlement timestamps from an open and close time. If your position was held near a settlement boundary, use the actual funding ledger to determine whether it was included. You can also use the funding fee calculator to isolate the modeled funding amount, and the crypto fee calculator to inspect the effect of different entry and exit rates.
Compare the estimate with trade history line by line: filled quantity and prices, realized PnL, charged commissions, and funding entries. If the inputs match but the displayed venue number differs, check whether it reports gross or net PnL, rounds per fill, uses a different quantity or contract multiplier, or includes an adjustment the simple linear model omits. The tool is an estimate for a linear position; it does not fetch your fills or account balance.
Common mistakes
- Comparing gross PnL with a net account number. Gross PnL is before costs. Reconcile fees and funding before comparing it with an after-cost figure.
- Using the entry notional for every fee. The implementation calculates the exit fee from exit notional, which changes with price.
- Entering a decimal fraction where a percent is expected. Enter 0.04 for 0.04%; the calculator divides by 100 internally.
- Counting partial funding intervals as full settlements. The model counts complete intervals. Actual venue timestamps and settlement records should resolve boundary cases.
- Treating a current funding quote as the historical settled rate. A displayed estimate can change before settlement; use the rate and payment recorded for the relevant event.
- Blaming one position for every wallet change. Deposits, withdrawals, transfers, and other positions can affect account-level figures without changing this trade's net calculation.
- Assuming the simple model covers every contract. It models linear quantity-based PnL and does not reproduce inverse contracts, risk tiers, slippage, liquidation, or every venue adjustment.
FAQ
Can a winning futures trade produce a loss after fees?
Yes. If the gross move is smaller than entry fees, exit fees, funding paid, and other modeled costs, net PnL can be negative even when the exit is favorable.
Why is my exchange's realized PnL different from this estimate?
Check fill-level quantity, contract type, actual commission, funding settlements, rounding, and whether the exchange display includes costs or other adjustments. This calculator uses the inputs you provide and a simplified linear model.
Does leverage increase the trade's gross PnL?
Not when position quantity and prices stay the same. Leverage changes the margin required for the notional exposure. It can change return on margin, while the gross dollar PnL still follows the price difference and quantity.
Does the calculator include transfers or other positions?
No. It estimates a single position. Compare it with the trade ledger, then reconcile transfers and other positions separately against the account figure.
How should I handle a position held close to funding time?
Check the venue's settlement record for that position. The calculator estimates full intervals from the duration entered and cannot know whether the actual open/close timestamps crossed a settlement event.
Not financial advice. This guide explains an arithmetic estimate, not a trading recommendation.