For the complete documentation index, see llms.txt. This page is also available as Markdown.
Entry Price / PnL
Entry Price and PnL
Entry price, unrealized PnL, and closed PnL are client-side calculations meant for user clarity — they are not part of the protocol's on-chain accounting, which is instead based solely on margin (for perps) or balances (for spot) and executed trades.
Perpetuals (Perps)
Opening vs. Closing Trades
An opening trade increases the absolute size of your position — e.g., going longer while already long, or adding to a short.
A closing trade reduces your position size in the opposite direction.
For example, if you are long 1 ETH and buy 0.5 more ETH, this is an opening trade. If you then sell 0.5 ETH, this is a closing trade.
Entry Price Logic
For opening trades, the entry price is recalculated using a size-weighted average of the current entry price and the new trade price.
For closing trades, the entry price remains unchanged.
Unrealized PnL
Where side = 1 for long, -1 for short.
Closed PnL
For closing trades:
For opening trades, the closed PnL equals only the fee paid — there is no exit price calculation since no position is being reduced.
Spot
Spot PnL calculations follow similar logic to perps with a few key differences:
Buys are treated as opening trades, and sells as closing trades.
Transfers are treated as buys or sells at the current mark price.
UBTC on Hyperliquid always matches the BTC held in custody, maintaining a 1:1 peg.
Viewing Your PnL
You can view your account balance, unrealized PnL, and trade history directly in the BasedApp terminal.
