Realised PnL is the actual profit or loss from trades you have closed. Unrealised PnL is the “paper” profit or loss on currently open positions, calculated against the current market price. Only Realised PnL reflects confirmed gains or losses.
What is Realised PnL on BitMEX?
The BitMEX PnL dashboard tracks Realised PnL as the confirmed profit or loss from trades that have been closed. Once a position is fully or partially closed, the resulting gain or loss is locked in and recorded as Realised PnL. After settlement, Realised PnL does not change regardless of subsequent market movements. The figure represents the definitive outcome of completed trading activity.
Realised PnL accumulates over time as more trades are closed. Each closed position adds its individual profit or loss to the running total displayed on the dashboard. Traders can filter Realised PnL by time period to evaluate performance during specific intervals, such as a single day, a week, or a month. Reviewing Realised PnL in isolation provides a clear picture of how much actual profit or loss has been confirmed from trading decisions.
Partial closes also contribute to Realised PnL. When a trader reduces the size of a position without closing it entirely, the portion that is closed generates a Realised PnL entry, while the remaining open portion continues to generate Unrealised PnL.
What is Unrealised PnL on BitMEX?
Unrealised PnL is the “paper” profit or loss on your currently open positions, based on the current market price. Unlike Realised PnL, Unrealised PnL fluctuates in real time as the market moves. The value represents the theoretical outcome if all open positions were closed at the prevailing market price at that exact moment.
Unrealised PnL only becomes Realised PnL when you close the position. Until that point, the figure remains provisional and subject to change with every price movement. A position showing a large unrealised gain can reverse if the market moves against you, and conversely, an unrealised loss may recover if the market moves in your favour.
Understanding the distinction between Realised and Unrealised PnL helps traders assess both confirmed returns and the potential outcome of positions still in play, enabling more informed decisions about when to hold and when to close.