When trading Binance Futures, you might find that even when you called the direction correctly, your actual returns differ from expectations. That's because futures PNL isn't simply "entry minus exit" — it also involves fees, funding rates, and more. Here's a complete breakdown. If you don't have a Binance account yet, sign up for Binance to view full profit details in the futures trading interface.
Unrealized vs Realized PNL
Unrealized PNL
Your current open position's floating profit or loss — not yet locked in since you haven't closed.
Long formula: Unrealized PNL = (Current Mark Price - Entry Price) x Position Size
Short formula: Unrealized PNL = (Entry Price - Current Mark Price) x Position Size
Realized PNL
Actual profit or loss confirmed after closing. Also includes funding rates and fees incurred during the hold.
Worked Example
10x leverage, long BTC/USDT:
- Entry: 60,000 USDT
- Size: 0.1 BTC
- Margin: 600 USDT (60,000 x 0.1 / 10)
- Exit: 62,000 USDT
Gross PNL = (62,000 - 60,000) x 0.1 = 200 USDT
But this isn't your actual take-home. Deductions:
| Item | Amount |
|---|---|
| Open fee (0.02% limit) | 60,000 x 0.1 x 0.02% = 1.2 USDT |
| Close fee (0.05% market) | 62,000 x 0.1 x 0.05% = 3.1 USDT |
| Funding rate (8hr hold, 0.01%) | 60,000 x 0.1 x 0.01% = 0.6 USDT |
| Net profit | 200 - 1.2 - 3.1 - 0.6 = 195.1 USDT |
Actual ROE = 195.1 / 600 = 32.5% (not the naive 33.3%)
Funding Rate Impact
Funding rates are unique to perpetual contracts, settled every 8 hours (UTC 0:00, 8:00, 16:00).
- Positive rate: Longs pay shorts
- Negative rate: Shorts pay longs
For longer holds, funding can significantly impact returns. During extreme bullish or bearish sentiment, rates can spike to 0.1%+ — that's 0.3% per day of holding cost.
Where to View PNL Details
App
- Open futures trading page
- Tap "Positions" at the bottom for unrealized PNL
- Tap "Orders" → "Trade History" for closed trades
- "Futures" → "Trading Data" for detailed statistics
PNL Analysis Tool
Binance offers a futures PNL analysis tool showing:
- Daily/weekly/monthly PNL stats
- PNL by trading pair
- Fee spending breakdown
- Funding rate income/expense detail
Path: Futures page → Top-right menu → Trading Data → PNL Analysis
ROE vs PNL
On the Binance interface, you'll see two values:
- PNL: Actual dollar profit/loss
- ROE: Return on equity (percentage based on margin)
ROE = PNL / Initial Margin x 100%
At 10x leverage, a 1% price move = 10% ROE. So ROE looks impressive, but actual dollar PNL depends on position size.
Improving Futures Returns
- Use limit orders: Maker fee (0.02%) vs Taker (0.05%) — big difference over many trades
- Monitor funding rates: Consider counter-positioning when rates are extreme
- Hold BNB for fee discount: 10% off futures fees
- Advance VIP tiers: Higher volume = lower rates
Summary
Binance Futures PNL = Price Spread Profit - Opening Fee - Closing Fee +/- Funding Rate. Understanding each component lets you accurately evaluate your trading performance and make better decisions.