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Why Is My Closed P&L a Loss When My Unrealized Profit Was Positive?Understanding your profit and loss (P&L) in trading is crucial for making informed decisions and managing your investments effectively. After closing a position, you may find that your Closed P&L differs from your Unrealized P&L or Realized P&L. This article will help you understand how to interpret your position P&L information. In essence, discrepancies between Unrealized P&L, Realized P&L, and Closed P&L can be attributed to fee factors such as trading fees and funding fees. The table below summarizes these differences, providing valuable insights into the nuances of your financial outcomes and refining your approach to trading closures. Unrealized P&LRealized P&LClosed P&LPosition P&L YesYesYesFee to open positionNoYesYesFunding FeesNoYesYesFee to close positionNoYesYesUpdate FrequencyReal-TimeUpdate when realizedUpdate when a position is closed Let us first understand what P&L informations are shown inside your Positions tab on the trading pair page. Unrealized P&L The Unrealized P&L shown inside the Positions tab has the following key characteristics: 1) It is purely meant as a quick estimate of a position's estimated P&L. This is not the final position P&L. 2) This estimated P&L is calculated based on the platform's Last Traded Price (LTP). When the LTP fluctuates, the unrealized P&L will also increase or decrease accordingly. 3) The Unrealized P&L does not take into consideration any trading fees and funding fees that have been paid out to open and hold the position. 4) The formula to calculate the P&L can be found inside our help center articles. For Bybit Inverse Perpetual P&L calculations, please refer to this article.For Bybit USDT Perpetual P&L calculations, please refer to this article.For USDC Perpetual and Futures P&L calculation, please refer to this article. Realized P&L The Realized P&L shown inside the Positions tab has the following key characteristics: 1) It captures your realized assets inflow or outflow arising from the position until the position for that direction is fully closed. 2) This includes the fee to open the position or add position size, the fee to partially close the position, funding fees, and realized P&L from a partially closed position. 3) This will be reset upon the full closure of the position and you can refer to the closed P&L for the ultimate P&L outcome. 4) The formula to calculate the P&L can be found inside our help center articles. For Bybit Inverse Perpetual P&L calculations, please refer to this article.For Bybit USDT Perpetual P&L calculations, please refer to this article.For USDC Perpetual and Futures P&L calculation, please refer to this article. Next, let us understand what is the Closed P&L. The Closed P&L of each position is accessible by clicking on Orders → Derivatives Orders Or Unified Trading Orders → Closed P&L and has the following key characteristics. 1) On Closed P&L history, it shows the final position P&L considering the fee charges after closing the position. You can see two types of Closed P&L: Closed Positions and Closed Orders. 2) For Closed orders, it shows the realized P&L of every single closed transaction, including the proportionate transaction and funding fees if it is a partially closed position. 3) For Closed Position, you can review a comprehensive log of your closed Long and Short positions. It includes details from the initial opening order to the final closing order and shows the full P&L for that position calculated based on the Average Exit Price. 4) The formula to calculate the P&L can be found inside our help center articles. For Bybit Inverse Perpetual P&L calculations, please refer to this article.For Bybit USDT Perpetual P&L calculations, please refer to this article. Notes: — The leverage will affect your P&L ROI % due to the difference of initial margin used to hold position but not the P&L amount itself. Please refer to this article for more information.— To get a better estimate of your Closed P&L before closing the position, you can analyze your current Unrealized P&L and Realized P&L. If subtracting your Realized P&L from your Unrealized P&L leads to a loss, you can expect a negative Closed P&L when closing your position. Lastly, let’s refer to an example: 1) Unrealized P&L and Realized P&L calculation breakdown LTP = 43,696.60Entry Price = 43,807.30Qty: 0.002Unrealized P&L = 0.2214 USDT (The positive unrealized P&L inside the image above shows up to 4 decimal places)Realized P&L = - 0.0339 USDT (It will include the fee to open, all the funding fees incurred if any as well as an estimated fee to close (for which the taker fee rate will be used)) 2) Trading Fee and Funding Fee calculation breakdown Fee to open = (0.002/43,807.30) x 0.055% = 0.04818803 (Truncated at 8 decimal place)Fee to close = (0.002/43,704.00) x 0.055% = 0.04807440 (Truncated at 8 decimal place) Total Trading Fee (Red Box) = 0.04818803 + 0.04807440 = 0.09626243 Total Funding Fee (Yellow Box) = -0.01420107 3) Closed P&L calculation breakdown Average Final Exit Price = 43,704.00Average Entry Price = 43,807.30Qty: 0.002 Position P&L = 0.002 x (43,807.30 - 43,704.00) = 0.2066 Closed P&L = Position P&L - Total Trading Fee - Total Funding Fee= 0.2066 - 0.09626243 - (-0.01420107) = 0.12453864 USDT Disclaimer: The example above is given for illustrative purposes only and uses the trading fee rates applicable to a non-VIP account at the time of writing. Please refer to the following articles to consult the current trading fee rates applied on Bybit and to know more about funding fees....
How to Become a Master Trader and Upgrade Your RankingVIP on Bybit, you will be upgraded to VIP 1 when you qualify for the upgrade benefits. Existing Bybit VIPs will receive a VIP upgrade. Master Trader Level EvaluationAfter you complete t...
Introduction to Copy Trading ProWhat is Copy Trading Pro?Copy Trading Pro is a financial product on Bybit that allows users (investors) to invest in strategies created by experienced traders, known as Pro Master. It is a closed-end, periodically open financial product that allows Pro Master to raise funds for their strategies and earn profit sharing from investors’ earnings. Investors can invest in Pro Master by buying shares of the strategy and potentially gain profits without the need to actively manage trades. Key AdvantagesBroader Opportunities: Copy Trading Pro strategies can encompass a wider range of trading signals compared to individual trading strategies.Expert Management: Leverage the knowledge and experience of Pro Master Traders for potentially better returns.No Execution Lag: The execution of all trading strategies by the Pro Master Trader will be executed in real-time without lags typical in traditional copy trading. Key Terms Strategy A trading plan created by a Pro Master using capital contributed by the trader and investors. Pro MasterAn experienced trader who creates and manages Copy Trading Pro strategies. Investor The user who chooses to invest in a Copy Trading Pro strategy. Net Asset Value (NAV)The total value of the portfolio of a Copy Trading Pro strategy divided by the number of outstanding shares. Public StrategyA Copy Trading Pro strategy that is open for investment to all users.Private Strategy A Copy Trading Pro strategy accessible only to a select group of investors (determined by the Pro Master).Min. Master BalanceThe minimum amount of USDT that Pro Master needs to initiate on their own to create a strategy.Strategy Value CapThe upper limit of the number of shares under each type of strategy one can apply for. Unlimited strategy value cap only applies to Stable Strategies and Spot-Only trades. SharesTo participate in a strategy, investors purchase "shares," which represent a portion of the strategy's total ownership and underlying assets.Max. Shares This represents the maximum number of shares available for investors to purchase and participate in the strategy.Position Net ValueIt refers to the current value of all positions held by the strategySeed Round It refers to a specific time frame when investors can contribute capital to a strategy created by a Pro Master. The fundraising period for Copy Trading Pro will typically last for 3 days. Lock-Up PeriodThe lock-up period refers to the 180-day period in which investors cannot withdraw their capital from the strategy or make changes to their investment amount except during the Subscription & Redemption window on certain days of the week. Investment WindowAn open investment period during which an investor can choose to invest in the strategy. Redemption WindowAn open period during which an investor can choose to redeem the shares in the strategy. Profit SharingAn investor’s investment return is directly tied to the NAV per share at the time one chooses to redeem their investment. If the NAV is higher than that at the time of investment, the investor has earned a profit and has to share a percentage of the profit with the Pro Master upon strategy maturity or share redemption. Strategy Lifecycle CycleExplanationPro Master OnboardingThe Pro Master submits an application of strategy, which is vetted to ensure compliance with Bybit Copy Trading Guidelines. Strategy CreationA Subaccount dedicated to this strategy is created. The Master Trader deposits funds into the Subaccount.Seed RoundInvestors contribute to the capital of the strategy. The Transfer function of the Copy Trading Pro Subaccount is disabled. Trading (Lock-Up Period of 180 days)During this period, the Pro Master can start trading using the pooled assets. Investment & Redemption WindowsDuring the lock-up period, investors may continue to subscribe to the strategy or redeem their shares during designated window periods. Settlement WindowThe system will calculate the NAV of the strategy and help investors redeem their shares. Strategy Maturity Upon strategy maturity, the systems will calculate each investor’s shares and profit-sharing based on the strategy’s NAV after the lock-up period, and transfer the amount to investors’ Bybit accounts. Types of Strategies StableAggressiveMax. Leverage 5x10xMin. Master Balance10%15%Strategy Value CapUnlimited 1 millionTrade TypeSpot Only or Hybrid (Derivatives + Spot)Hybrid (Derivatives + Spot) How it worksExamplePro Master A creates a strategy with the following details:Total Share Limit: 1,000,000 sharesTrade Style: Hybrid (Derivatives + Spot Only)Strategy Style: StableMinimum Master Balance Ratio: 10%Minimum Master Balance: 10% of total shares limit = 100,000 sharesProfit Sharing ratio: 20% As a result, Pro Master A will need to prepare 100,000 USDT in the Funding Account of his/her Main Account to create the strategy successfully. Assuming the strategy is successfully created and the seed round phase is completed, the strategy details are as follows: Shares Purchased during Seed Round: 400,000 sharesInitial NAV = 1.00 Raised Funds = 400,000 USDTNet Assets for The Strategy = 500,000 USDT (including the Pro Master’s own investment of 100,000 USDT) The strategy now enters the lock-up period (T-day) with an initial net asset of 500,000 USDT. Assuming Pro Master A has realized 100,000 USDT of profits at T+4 days, the net asset of A’s strategy increases to 600,000 USDT. Net Assets 600,000 USDTTotal Shares500,000NAV Updated on T+5600,000 / 500,000 = 1.2 During the Investment Window on T+5, Investor B decides to invest 60,000 USDT into A’s strategy. Investor B will be able to confirm the allocated share amount around 2AM UTC on T+6. Net Assets 600,000 + 60,000 = 660,000 USDTNAV at T+5 1.2Purchased Shares500,000B’s Investment60,000 USDT / 1.2 = 50,000 sharesTotal Purchased Shares500,000 + 50,000 = 550,000 On T+5, Investor C submits a redemption request of 10,000 shares. Investor C needs to wait for Pro Master to prepare the redemption funds on T+6, based on the NAV updated on T+6. Assuming no change in equity, the strategy details on T+6 are as follows: Net Assets660,000 USDTNAV at T+6660,000 / 550,000 = 1.2C’s Redemption Funds10,000 x 1.2 = 12,000Redeemed Shares10,000 sharesTotal Holding Shares550,000 shares (pending redemption of 10,000 shares) On T+7, C’s redemption will be automatically settled. The total holding shares of the strategy is now 540,000 (550,000-10,000). Profit SharingAssume that, after the lock-up period, the position value of A’s strategy increases to 800,000 USDT. The total number of shares is 540,000. Net Assets800,000 USDTNAV800,000 / 540,000 = 1.4815B’s Shares50,000 B’s total redeemed amount = 1.4815 × 50,000 = 74,075 USDT B’s profit sharing with A = 50,000 × (1.4815 - 1.2) × 20% = 2,815 USDTB’s Net Profit = 74,075 - 60,000 - 2,815 = 11,260 USDT The example above is for illustration purposes only. For detailed explanations and calculations, please refer to the articles below: Key Rules for Copy Trading Pro Copy Trading Pro: Profit Sharing Explained FAQ — Copy Trading Pro Liquidation MechanismWhen extreme risk is detected, the system will automatically take over the strategy to ensure that investors’ funds are protected and facilitate future redemption requests. The system takeover happens when:Case 1: NAV<0.30000, the system will take over and close positions to ensure investors can redeem their shares. OR,Case 2: MMR≥100%, the liquidation process follows the same logic as the process for UTA. RisksMarket Risk: This is the inherent risk associated with any investment in financial markets. The value of the underlying assets in the Copy Trading Pro strategy can fluctuate, potentially leading to losses on your investment.Master Trader Performance: The success of your investment depends heavily on the skill and performance of the Pro Master managing the strategy. Past performance is not necessarily indicative of future results, and there's no guarantee the Pro Master will deliver positive returns.Limited Control: Once you invest in a Copy Trading Pro strategy, you give up control over the specific trading decisions made. You cannot actively manage the trades within the strategy.Strategy Design: The pre-defined trading plan of the Copy Trading Pro strategy may not align perfectly with your risk tolerance or investment goals. Carefully analyze the strategy details before investing.Liquidation Risk: If the strategy's NAV (Net Asset Value) falls below a certain threshold for a sustained period, the strategy may be liquidated. This could result in a significant loss on your investment, depending on the remaining asset value at the time of liquidation. Difference between Copy Trading and Copy Trading Pro Copy Trading ProCopy TradingTrading MarketSpotUSDT PerpetualsUSDC PerpetualsUSDT Perpetuals onlyRolesPro Master and InvestorMaster Trader and FollowerCopy ModeClose-end strategies where Pro Master fully manages the investor’s fund.Follower’s trades are copied based on signals from the Master Trader. Profit Sharing 0% ~ 30%0% ~ 15%Entry Requirement for Masters/Traders Pro Masters must provide 10% to 15% as the minimum master balance in their own strategy.There is no requirement for the master trader to invest a specific percentage of their own funds to start copy trading.Investors/Followers’ control over their invested fundsInvestors have no control over the invested amount, which will be fully managed by Pro Master.Followers can set trading parameters such as leverage, margin mode, take profit/stop loss (TP/SL), and more. Transaction Fee RateThe VIP 1 fee rate is applied to all trades conducted in Copy Trading Pro, regardless of your VIP level.According to the user’s own VIP level fee rate...
FAQ — Copy Trading ProVIP 1 fee rate is applied to all trades conducted in Copy Trading Pro, regardless of your VIP level.According to the user’s own VIP level fee rate For more information, please refer to Introduction...
FAQ — LeaderboardVIP level applied on the account. If an account does not have a VIP level, no icon will be displayed.3. The UTA icon will be visible whenever the account has been upgraded to a Unified Trading Account...
P&L Calculations (Futures Grid Bot)VIP users only. To learn more about Derivatives trading fees, please refer to Trading Fee Structure. — The system will adjust the limit of the maximum number of grids according to the price range y...
Perpetual & Futures Contract: Fees ExplainedVIP Users.— The fees used in the examples are given for illustrative purposes only. To view the fee rates applicable to your account, please visit your My Fee Rates page. Here are the details of ...
Order Cost (Perpetuals & Futures Trading)VIP level. Order Cost ExamplesUSDT and USDC ContractsTrader A opens a long BTCUSDT position of 1 BTC at 50,000 USDT with 10x leverage. Assuming he is using a market order, with the taker fee ra...
Options Trading: Fees ExplainedVIP users. For details on the trading fee rates for each VIP tier, please refer to the Trading Fee Structure. CalculationFormulaTrading Fee = Minimum (Taker/Maker Fee Rate x Index Price, Maximum Pr...
FAQ — Fiat DepositVIP levels. Please refer to the table below for more information. VIP LevelIdentity Verification Lv. 1Identity Verification Lv. 2Business VerificationVIP 0Per Order: ≤ 20k Daily: ≤ 50k Weekly...