If the unrealized P&L shown on your screen doesn't match what you expected, it's almost never a platform calculation error. More likely, the price you are using to do the math is simply not the same price the platform uses to compute unrealized P&L.
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Platforms typically calculate unrealized P&L using the mark price, not the "last traded price" (last price) you see on the chart. These two prices differ most of the time, especially in futures contracts. Since unrealized P&L follows the mark price, the number can look "off" if you compare against the last price.
Go through the following four price data points for your position one by one, and you'll find exactly where the disconnect is.
Step 1: Check If Your Average Entry Price Is Accurate
Unrealized P&L starts from your average entry price. If you opened the same position multiple times, the system calculates a weighted average price.
What to do:
- Find the historical order records for that position and list the execution price and quantity of every opening order.
- Manually calculate the weighted average: sum of (execution price × quantity) ÷ total quantity.
- Compare your result with the "average entry price" or "position average price" displayed on the platform.
Completion criteria: The number you calculated matches the platform's average entry price within a 0.01% tolerance.
If they don't match, a common reason is that you partially closed the position during the opening period, or that long and short hedged orders affected the average price logic. Partial closes usually do not change the average entry price of the remaining position.
Why most mistakes happen: Many people compare their most recent buy price with the entry average. However, the system uses a weighted average, so your "last purchase price" can be completely different from the displayed average entry price.
Risk reminder: The average entry price is the foundation for unrealized P&L. If this number is wrong, the realized P&L you see after closing out may also be wrong. Making sure your entry average is correct is the first step in verifying unrealized P&L and is also a key cost-basis record for tax reporting.
Step 2: Check the Difference Between the "Mark Price" and the "Last Price"
In spot trading, unrealized P&L is usually calculated with the current market price. But in futures trading, unrealized P&L uses the mark price, not the last traded price.
The mark price is designed to prevent a sudden abnormal spike or crash in the last price from unfairly triggering liquidations. That's why it is typically much smoother than the last price.
What to do:
- In the "Positions" area of your futures trading interface, check whether both "mark price" and "last price" are displayed.
- If they are not directly shown, go to the price chart area and switch the price type to view the mark price value.
- Reverse-engineer your unrealized P&L manually: unrealized P&L = position size × (mark price − average entry price) × direction.
Completion criteria: Your manual calculation using the mark price matches the platform's displayed unrealized P&L. If not, continue to the next steps.
The platform uses the mark price not only for unrealized P&L but also to decide whether a liquidation is triggered. This means that even if the last price is far from your liquidation price, your position can still be liquidated if the mark price hits that level. Relying on the last price to gauge risk is therefore ineffective.
Step 3: Check Whether the "Index Price" Is Being Overlooked (Important for Delivery Contracts)
The index price is a weighted average of spot prices from several major exchanges. It is mainly used for settlement-price calculations in delivery (expiry) contracts.
What to do:
- Confirm which type of contract you hold: perpetual swap or delivery contract.
- If it is a delivery contract, go to the contract details page and check where the index price comes from (it usually lists the exchanges used).
- Compare the index price with the current mark price and last price to see the deviation.
Completion criteria: You can state what the current index price level is and whether the gap between the index price and the mark price falls within a normal range.
When a delivery contract approaches expiration, the gap between the index price and the last price can widen noticeably, causing unrealized P&L to fluctuate. This is normal behavior, not a system error.
Step 4: Check if "Diluted Cost" Differs Because of Your Account Type
If you use a unified trading account (UTA) or cross-currency margin mode, cost calculations can become more complicated because different coins have different collateral haircuts.
What to do:
- Confirm your account type (classic account vs. unified account).
- In a unified account, different coins' collateral values are calculated at different ratios. This haircut does not directly change the entry price, but it affects the perceived "effective cost" — you may feel the percentage-based unrealized P&L looks wrong relative to your margin.
- In the asset details of your unified account, check the "collateral value ratio" of each coin and see whether your position coin has been discounted.
Completion criteria: If the absolute unrealized P&L number is correct but the percentage looks strange, check the collateral value ratio first.
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How to Validate After Going Through These Steps
After checking all four points, use the manual unrealized P&L formula again:
Position size × (mark price − average entry price) × direction
If the result now matches the platform's displayed unrealized P&L, the issue is not with price data. You can hold your position with confidence, or investigate other factors that affect realized P&L, such as trading fees or funding rate payments.
Next step: Take screenshots of all four price data points (average entry price, mark price, last price, and index price) along with the timestamp in your local time. Next time your unrealized P&L looks wrong, compare the platform's data against those four numbers and you'll pinpoint the problem within five minutes. There is no need to recheck the same position repeatedly unless extreme price swings occur; once a day is enough.
