Overview

1. Why does the Unrealized PnL displayed under the "Position" tab differ from that displayed under the "Copied Orders" tab?
2. Why do profitable orders under the "Copied Orders" tab in Perpetual Futures show a loss under the "Trade History" tab in Perpetual Futures?
3. Why does the PnL ratio displayed under Trade History on the trader's profile page differ from that displayed under My Trades - Trade History in Copy by "Per Order" mode?


Dear Users,
Some users have raised concerns about the inconsistent data displayed in the Perpetual Futures and Perpetual Futures Copy Trading sections, which are caused by the use of different data calculation mechanisms. We will elaborate on the inconsistency between the "Unrealized PnL" and "Trade History" data in the 3 sections below:

 

1. Why does the Unrealized PnL displayed under the "Position" tab differ from that displayed under the "Copied Orders" tab?

In Perpetual Futures, the average position price is the average price of multiple orders in the same trading pair and in the same direction. It is not affected by the close price.
When a copy order is closed, the position size changes, but the average position price remains unchanged.

Example 1: Copier A copies Trader B's BTC/USDT long position in Perpetual Futures Copy Trading.

Trading Step
Transaction
Position Section (Position Level)
Copied Orders Section (Order Level)
1
Trader opens 1 BTC long position at 20,000 USDT
BTC price: 20,000
Number of displayed orders: 1
Open price: 20,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
Number of displayed orders: 1
Order 1:
Open price: 20,000 USDT
Position size: 1 BTC
2
Trader opens 1 BTC long position at 25,000 USDT
BTC price: 25,000
Number of displayed orders: 1
Average open price of the position: (20,000+25,000)/2
= 22,500
Position size: 2 BTC
Unrealized PnL: (25,000-22,500)*2 = 5,000
Number of displayed orders: 2
Order 1:
Open price: 20,000 USDT
Position size: 1 BTC
Unrealized PnL: (25,000-20,000)*1 = 5,000
Order 2:
Open price: 25,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
3
Trader opens 1 BTC long position at 30,000 USDT
BTC price: 30,000
Number of displayed orders: 1
Average open price of the position: (20,000+25,000+30,000)/3 = 25,000
Position size: 3 BTC
Unrealized PnL: (30,000-25,000)*3 = 15,000
Number of displayed orders: 3
Order 1:
Open price: 20,000 USDT
Position size: 1 BTC
Unrealized PnL: (30,000-20,000)*1 = 10,000
Order 2:
Open price: 25,000 USDT
Position size: 1 BTC
Unrealized PnL: (30,000-25,000)*1 = 5,000
Order 3:
Open price: 30,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
4
Trader closes Order 1
BTC price: 30,000
Trader closes Order 1, which is 1 BTC.
Number of displayed orders after the position is closed: 1
Average open price of the position: 25,000 USDT
Position size: 2 BTC
Unrealized PnL: (30,000-25,000)*2 = 10,000
Trader closes Order 1
Number of displayed orders: 2
Order 2:
Open price: 25,000 USDT
Position size: 1 BTC
Unrealized PnL: (30,000-25,000)*1 = 5,000
Order 3:
Open price: 30,000 USDT
Position size: 1 BTC
Unrealized PnL: 0

This is a matter of different data calculation mechanism and does not affect the actual PnL of your Copy Trading orders.

 

2. Why do profitable orders under the "Copied Orders" tab in Perpetual Futures show a loss under the "Trade History" tab in Perpetual Futures?

This is because the PnL in these 2 sections is calculated differently. The PnL under the Copied Orders tab is calculated per order based on the Open Price (which remains unchanged), while the PnL under Trade History is calculated per position based on Avg. Position Price (which changes).
If the order is closed when the Avg. Position Price of the Perpetual Futures is inferior to the Open Price under the Copied Orders tab, the order may show positive PnL under Copied Orders while negative PnL under Trade History. However, this does not affect the actual profitability of the order.

Example 1: Copier A copies Trader B's BTC/USDT position in Perpetual Futures.

Trading Step Transaction Copied Orders Section (Order Level) Position Section (Position Level) Trade History Section (Position Level)
1 The copier copies the trader to open 1 BTC position at 20,000 USDT Number of displayed orders: 1

Order 1:
Open price: 20,000 USDT
Position size: 1 BTC		 Number of displayed orders: 1

Order:
Average open price: 20,000 USDT
Position size: 1 BTC		 Number of displayed orders: 0
2 The copier opens 1 BTC position at 25,000 USDT (autonomous trading) Number of displayed orders: 1

Order 2:
Open price: 25,000 USDT
Position size: 1 BTC		 Number of displayed orders: 1

Order:
Average open price: (20,000+25,000)/2 = 22,500 USDT
Position size: 2 BTC		 Number of displayed orders: 0
3 The copier copies the trader to open 1 BTC position at 30,000 USDT Number of displayed orders: 2

Order 1:
Open price: 20,000 USDT
Position size:1 BTC

Order 3:
Open price: 30,000 USDT
Position size: 1 BTC		 Number of displayed orders: 1

Order:
Average open price: (20,000+25,000+30,000)/3
= 25000 USDT
Position size: 3 BTC		 Number of displayed orders: 0
4 The copier copies the trader to close Order 1 (1 BTC) at 25,000 USDT Number of displayed orders: 1

Order 3:
Open price: 20,000 USDT
Position size: 1 BTC

Order 1 indicates realized PnL of 5,000 USDT		 Number of displayed orders: 1

Order:
Average open price: (25,000+30,000)/2 = 27,500 USDT
Position size: 2 BTC		 Number of displayed orders: 1

Filled price: 25,000 USDT
Filled amount: 1 BTC
Realized PnL: (25,000-27,500) * 1
= -2,500 USDT

Example 2: Assume that Copier A copies the trader to make the following trades.
(1) Open long 1 BTC at an open price of 30,000 USDT;
(2) Open long 1 BTC at an open price of 29,000 USDT;
(3) Open long 1 BTC at an open price of 28,000 USDT.
At this point, the average position price is 29,000 USDT, with a total position size of 3 BTC.

Copier A closes the first order at a price of 31,000 USDT.
The realized PnL of the order is 1,000 USDT, while the realized PnL displayed under the Trade History tab in Perpetual Futures is 2,000 USDT.
Copier A closes the second order at a price of 30,000 USDT.
The realized PnL of the order is 1,000 USDT, while the realized PnL displayed under the Trade History tab in Perpetual Futures is 1,000 USDT.
Copier A closes the third order at a price of 29,000 USDT.
The realized PnL of the order is 1,000 USDT, while the realized PnL displayed under the Trade History tab in Perpetual Futures is 0 USDT.

In conclusion, after closing all the orders, the realized PnL for the copied orders is 3,000 USDT, and the total realized PnL of the copied orders displayed under the Trade History in Perpetual Futures is also 3,000 USDT. The discrepancy in the display is due to their different calculation methods but does not affect the actual PnL.

 

3. Why does the PnL ratio displayed under Trade History on the trader's profile page differ from that displayed under My Trades - Trade History in Copy by "Per Order" mode?

In Copy by "Per Order" mode, the copier's copy trading order will only be closed when the trader's order is fully closed. The trader has the option to close the order with multiple trades, and the close price of that order is determined by the average close price of the multiple closing trades.
PnL ratio (short) = (open price - average close price) / open price

PnL ratio (long) = (average close price - open price) / open price

PnL ratio (short) = (open price - average close price) / open price

 

Example:
After the trader opens 1 BTC long position at 20,000 USDT:
The trader closes 0.3 BTC long position at 21,000 USDT.
The trader closes another 0.3 BTC long position at 22,000 USDT.
The trader closes the remaining 0.4 BTC long position at 23,000 USDT.
In this case, the average close price of the trader's order is calculated as follows: (0.3*21,000 + 0.3*22,000 + 0.4*23,000) / 1 = 22,100 USDT
PnL ratio = (22,100 - 20,000) / 20,000 = 10.5%
The copier's copy trading order will be closed once the trader's order is fully closed, with a PnL ratio of (23,000 - 20,000) / 20,000 = 15%.
It is advisable for traders to close positions under the Copy Trading tab, as this effectively prevents any inconsistency in PnL with copiers.

 

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2023-10-07
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