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.

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Perpetuals (Perps)

• A trade is considered opening if it 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.

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 Formula: Unrealized PnL = side × (mark_price − entry_price) × position_size Closed PnL Formula: Closed PnL = side × (exit_price − entry_price) × position_size + fees

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.