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HYPE

PERPS POSITION MANAGEMENT

Read your PnL without double-counting

Separate open-position changes, closed trades, funding, and transfers.

THE IDEA TO TAKE WITH YOU

A deposit raises your balance but is not trading profit.

Realized and unrealized

Unrealized PnL is the current gain or loss attributed to an open position. It changes as the market changes. Realized PnL is associated with completed closing activity. An exit can move part of a result from unrealized to realized without creating a second profit.

Check whether a displayed measure includes fees and funding. Different views answer different questions, and adding them blindly can count the same effect twice.

Orders are not fills

An order records an instruction. A fill records an execution. One order can generate several fills at different prices, or none at all. TWAP and scale strategies make that distinction particularly important.

Use fills to reconcile actual traded quantity and price. Use order history to understand cancellations and rejections. Use funding and deposit history to explain changes that did not come from a new trade.

Statistics need context

Win rate is incomplete without the size of wins and losses. Trade count can reflect the grouping convention used by a view, while volume measures activity rather than profit.

Choose a timeframe and keep the denominator consistent when comparing results. A high-volume account, a large open position, and a profitable account describe three different things.

WORKED EXAMPLE

A balance reconciliation

Starting with $500, depositing $100, and finishing with $610 does not imply $110 trading profit. After excluding the deposit, the net account change is $10; fills, fees, and funding explain how it arose.

Illustrative figures only. Not a price forecast or trade recommendation.

Further reading

Protocol details and market rules can change. Check the current specification before trading.

Educational content, not investment advice. Trading perpetuals can result in substantial loss. Market access is subject to eligibility and location. Product disclosures.