BeaconPnL Chưa Thực Hiện Defined
PnL Chưa Thực Hiện (lãi và lỗ) represents the current gain or loss on an open trading vị thế. It is called "unrealized" because the profit or loss has not been locked in - it only exists on paper and changes with every price tick. Until you close the vị thế, the PnL is theoretical. A $500 lợi nhuận chưa thực hiện can become a $200 loss if the market reverses before you exit.
In perpetual futures trading, unrealized PnL is continuously updated based on the mark price of the asset. It is displayed prominently in your trading interface because it directly affects your margin balance, your liquidation price, and your ability to open new positions.
How PnL Chưa Thực Hiện Is Calculated
The calculation is straightforward. For a vị thế long (you bought, expecting the price to rise): PnL Chưa Thực Hiện = (Current Giá Đánh Dấu - Giá Vào) multiplied by Kích Thước Vị Thế in units. If BTC is at $65,000, you entered at $60,000, and your vị thế is 0.5 BTC, your PnL chưa thực hiện is ($65,000 - $60,000) x 0.5 = $2,500 profit.
For a vị thế short (you sold, expecting the price to fall): PnL Chưa Thực Hiện = (Giá Vào - Current Giá Đánh Dấu) multiplied by Kích Thước Vị Thế. If you shorted ETH at $3,500 and the current giá đánh dấu is $3,200, with a kích thước vị thế of 5 ETH, your PnL chưa thực hiện is ($3,500 - $3,200) x 5 = $1,500 profit.
With leverage, your unrealized PnL is amplified relative to your margin. A $100 margin with 10x leverage controls a $1,000 position. A 5% price move in your favor generates $50 of unrealized PnL - a 50% return on your margin. Of course, the same amplification works in reverse. Use the PnL calculator to estimate returns before trading.
PnL Chưa Thực Hiện và Đã Thực Hiện
The distinction between unrealized and PnL đã thực hiện is fundamental. PnL Chưa Thực Hiện is fluid - it changes with every market movement and exists only as long as your vị thế is open. Realized PnL is permanent - it is the actual profit or loss recorded when you close a vị thế, and it directly changes your account balance.
You can have a vị thế showing large lợi nhuận chưa thực hiện that ultimately closes at a loss if you hold through a reversal. This is why the saying "you have not made money until you sell" exists in trading. Unrealized gains feel real but they can evaporate quickly, especially in vị thế có đòn bẩy where biến động giá have amplified effects.
Some traders use a rule-based approach: when PnL chưa thực hiện reaches a target (say, 2x their initial risk), they close a portion of the vị thế to realize some profits while letting the remainder ride. This converts some unrealized gains to realized gains while maintaining exposure to further upside. There is no single right approach - it depends on your strategy and risk tolerance.
Impact on Ký Quỹ and Vị Thế Management
In cross margin mode, unrealized PnL directly affects your total account equity and therefore your margin ratio. Positive unrealized PnL increases your available margin, which can lower your overall liquidation risk and even allow you to open additional positions. Negative unrealized PnL decreases your available margin, bringing all of your positions closer to liquidation.
In chế độ ký quỹ cách ly, PnL chưa thực hiện affects only the specific vị thế it belongs to. Negative PnL chưa thực hiện moves the vị thế closer to its isolated giá thanh lý, but it does not impact your other vị thế or your available account balance.
Understanding this relationship is critical for managing multiple vị thế. In ký quỹ chéo, a large unrealized loss on one vị thế can trigger thanh lý of a different, otherwise healthy vị thế because they share the same ký quỹ pool. This cascading risk is one reason some traders prefer ký quỹ cách ly for independent trades.
When PnL Chưa Thực Hiện Becomes Realized
PnL Chưa Thực Hiện becomes realized in three scenarios. First, when you voluntarily close your vị thế (in full or in part). Closing at a profit adds to your balance; closing at a loss subtracts from it. Partial closes realize a proportional amount of the PnL.
Second, when your position is liquidated. The liquidation engine closes your position at the available market price, and the loss becomes realized. In this scenario, you lose your entire maintenance margin (in isolated mode) or a significant portion of your account (in cross margin mode).
Third, tỷ lệ tài trợ payments are a form of periodic PnL đã thực hiện. Every 8 hours on Hyperliquid, thanh toán tài trợ are settled - these are small realized gains or losses applied to your vị thế regardless of biến động giá. While not typically classified as "closing" a vị thế, thanh toán tài trợ do convert a small amount of unrealized value into realized value.