What this calculator shows
When you close a crypto futures trade, the exchange shows several numbers: realized PnL, fees and ROE. They are related but not the same. This calculator works them out for linear, USDT-margined perpetual contracts so you can plan a trade before you enter or check the result after you exit.
You get:
- Gross PnL – profit or loss from the price move alone.
- Fees – opening and closing fees charged on the position value.
- Net PnL – gross minus fees.
- Initial margin – the margin you posted at entry.
- ROE % – return on equity, the net PnL as a percentage of initial margin.
PnL and ROE formula
Direction = +1 for long, −1 for short
Gross PnL = (Exit − Entry) × Quantity × Direction
Fees = (Entry × Qty + Exit × Qty) × Fee rate % ÷ 100
Net PnL = Gross PnL − Fees
Initial margin = Entry × Qty ÷ Leverage
ROE % = Net PnL ÷ Initial margin × 100
Fees are charged on the notional value at entry and at exit, which is why they grow with leverage and position size, not with your margin.
Worked example: BTC long
You open a long of 0.5 BTC at 60,000 with 10x leverage. You close at 63,000. The fee rate is 0.05% per side (a common taker rate).
- Gross PnL = (63,000 − 60,000) × 0.5 = 1,500 USDT
- Fees = (60,000 × 0.5 + 63,000 × 0.5) × 0.05% = (30,000 + 31,500) × 0.0005 = 30.75 USDT
- Net PnL = 1,500 − 30.75 = 1,469.25 USDT
- Initial margin = 30,000 ÷ 10 = 3,000 USDT
- ROE = 1,469.25 ÷ 3,000 × 100 = 48.98%
A 5% move in Bitcoin produced about a 49% return on margin because of 10x leverage. The same works in reverse: if BTC had fallen to 58,000 instead, gross PnL would be −1,000, fees 29.50, net −1,029.50 and ROE −34.32%.
Short example: ETH
You short 4 ETH at 3,000 with 20x leverage and cover at 2,850, paying 0.05% per side.
- Gross = (2,850 − 3,000) × 4 × −1 = 600 USDT
- Fees = (12,000 + 11,400) × 0.0005 = 11.70 USDT
- Net = 588.30 USDT
- Margin = 12,000 ÷ 20 = 600 USDT
- ROE = 98.05%
ROE vs PnL: which one matters?
ROE looks impressive at high leverage, but it measures return on the margin for one position, not on your account. A 98% ROE on 600 USDT of margin is the same 588.30 USDT whether your account holds 1,000 or 100,000 USDT.
For risk control, the useful number is the PnL compared with your total balance. Size trades by the dollar amount you can lose at your stop with the crypto position size calculator, and treat ROE as a by-product of leverage.
How to use this calculator
- Choose long or short.
- Enter the entry price and exit price (or your target).
- Enter the quantity in coins (for example 0.5 BTC).
- Enter your leverage.
- Enter the fee rate per side in percent (maker or taker, from your exchange's fee page).
- Read gross PnL, fees, net PnL, initial margin and ROE.
What is not included
- Funding payments. Perpetuals charge or pay funding every few hours. On trades held for days this can be significant; estimate it with the funding rate calculator.
- Slippage. Market orders can fill at worse prices than expected, especially on thin altcoins.
- Liquidation. If price hits your liquidation level first, the trade closes there. Check it with the liquidation price calculator.
- Fee discounts from exchange tokens, VIP tiers or rebates.
FAQ
What does ROE mean in crypto futures?
ROE stands for return on equity. It is your net profit or loss divided by the initial margin of the position, shown as a percentage.
Why are fees so large compared with my margin?
Fees are charged on the full position value, not on the margin. At 20x, a 0.05% fee on each side equals about 2% of your margin for the round trip.
Does leverage change my PnL?
No. PnL depends on quantity and price move. Leverage only changes the margin you post, which changes ROE.
How do I calculate PnL for a short?
Subtract the exit price from the entry price and multiply by quantity. A short makes money when the exit is lower than the entry.
Why does my exchange show a slightly different PnL?
Exchanges may use the mark price for unrealized PnL, include funding, apply different maker and taker fees on each side, or round quantities to the contract step size.
Final note
Run the numbers before you click. Knowing the net PnL, the fee drag and the real size of a loss makes leverage something you control rather than something that controls you.
Trading leveraged products carries a high risk of loss. Results are estimates; check your broker's contract specifications.