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Crypto Futures Calculator: Net PnL, ROE, Fees & Funding

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A futures profit and PnL calculator for crypto perps that does what exchange calculators skip: it charges the fee on both fills at your venue's real rate (maker or taker, volume tier, staking and referral discounts) and adds funding at the venue's own interval, then gives net PnL, ROE on margin, the break-even exit and the price you need for a target. Example: a $10,000 BTC long at 10x from $82,073 to $86,177 makes $500.03 gross, but $487.81 net on Hyperliquid after fees and a day of funding ($488.18 with code HOLYGRAIL).

By · Published · formulas and fee schedules checked against Hyperliquid, Lighter, Aster, edgeX and Bybit documentation on October 1, 2026; each figure's date is under Sources · How we verify

Side
Funding rate, interval and targets

Hyperliquid pays funding every hour. Rate used: 0.00125% per 1 h (empty: the 0.01%/8 h interest baseline) = 0.00125%/h, 0.01%/8 h, 10.95% a year. Positive: longs pay shorts.

Your trade after fees and funding

Net PnL

+$487.81

Net ROE +48.78% on $999.98 margin

Gross PnL (price only)

+$500.03

Price move +5% · ROE +50% (as the exchange shows it)

Fees (entry + exit)

$9.22

Entry $4.50 + exit $4.72

Funding over the hold

−$3.00

0.00125% per 1 h × 24 payments (24 h) · you pay

Break-even exit

$82,171.53

+0.12% from entry: the exit where fees and funding are paid back

Initial margin

$999.98

0.12184 coins (rounded down to Hyperliquid's 0.00001 BTC lot) = $9,999.77 notional at 10x

With code HOLYGRAIL this trade's fees would be $8.86 instead of $9.22 and the net PnL +$488.18 (−4% on your first $25M of volume).

Join Hyperliquid with HOLYGRAIL →

Long $9,999.77 at 10x on Hyperliquid: net PnL +$487.81 (gross +$500.03, fees $9.22, funding $3.00 paid), net ROE +48.78%, break-even $82,171.53.

Default entry: Hyperliquid BTC mark price, October 20, 2026, 03:53 UTC. Type any market's prices.

Full breakdown
Venue and fee level
Hyperliquid: 0.045% taker / 0.015% maker
Position
Long 0.12184 coins, $9,999.77 notional at entry, $10,499.81 at exit
Entry → exit
$82,073.00 → $86,177.00 (+5%)
Initial margin
$999.98 ($9,999.77 ÷ 10)
Gross PnL
+$500.03 = ($86,177.00 − $82,073.00) × 0.12184
Entry fee
−$4.50 (0.045% taker on $9,999.77)
Exit fee
−$4.72 (0.045% taker on $10,499.81)
Funding
$3.00 paid ($9,999.77 × 0.00125% × 24)
Net PnL
+$487.81 = gross − fees − funding
ROE on margin (price only / net)
+50% / +48.78%
Break-even exit
$82,171.53 (+0.12%)
Isolated liquidation price (BTC tiers)
$74,800.71 (−8.86%); $74,825.64 after the funding paid over the hold
In Hyperliquid's Trade History
Closed PNL −$4.50 on the opening fill and +$495.31 on the closing fill (fees included); funding is listed separately in Funding History

Cut this trade's fee line with HOLYGRAIL

At tier 0 this trade's fees on Hyperliquid are $8.86 with code HOLYGRAIL instead of $9.22 (4% off on your first $25M of volume, also through apps you connect with the same wallet).

Open Hyperliquid with HOLYGRAIL →

Hyperliquid stops accepting a code after $10,000 of volume, so join before your first trade. Other venues: Lighter (718610TD) · Aster (DTLpLc) · edgeX (HOLYGRAIL)

Disclosure: we earn a commission when you sign up through our links; it never raises your fees.

The same trade on every venue

Venue (entry-level fees)FeesFundingNet PnLBreak-even exit
Hyperliquid + HOLYGRAIL$8.86−$3.00+$488.18$82,168.57
Hyperliquid, no code (your venue)$9.22−$3.00+$487.81$82,171.53
Lighter Standard$0.00−$3.00+$497.03$82,097.62
Lighter Premium$5.74−$3.00+$491.29$82,143.60
Aster (VIP 1)$8.20−$3.00+$488.83$82,163.32
edgeX (Regular)$9.22−$3.00+$487.81$82,171.53
Binance USDⓈ-M$10.25−$3.00+$486.78$82,179.75
Bybit$11.27−$3.00+$485.76$82,187.97

Same prices, quantity and order types; each venue's entry-level fee schedule (your own settings get the first row when they differ); one funding rate per hour on every venue (yours, converted), so the rows differ only by fees, except that no row pays more than its venue's funding cap ("cap"; the BTC market's on Aster, edgeX, Binance and Bybit). Spread and slippage are not included.

Leverage table: the same position at other leverage

LeverageInitial marginROE (price)Net ROEMove that wipes the margin
1x$9,999.77+5%+4.88%−100%
2x$4,999.89+10%+9.76%−50%
3x$3,333.26+15%+14.63%−33.33%
5x$1,999.95+25%+24.39%−20%
10x (yours)$999.98+50%+48.78%−10%
20x$499.99+100.01%+97.56%−5%
25x$399.99+125.01%+121.95%−4%
40x$249.99+200.02%+195.13%−2.5%

Dollar PnL, fees and funding stay the same; only the margin and therefore ROE change. Liquidation comes before the "wipe-out" move because of maintenance margin: see the liquidation price calculator.

1. How the calculator works: the formulas

Every linear (USDC- or USDT-settled) perpetual future uses the same arithmetic; only the fee schedule and the funding interval change between venues. Hyperliquid's documentation defines unrealized PnL as side × (mark price − entry price) × position size and the closed PnL of a fill as fee + side × (price − entry price) × closed size; only the fee on an opening trade. The calculator applies that to a full round trip and adds funding:

Gross PnL = side × (exit price − entry price) × quantity (side = +1 long, −1 short)
Fees = entry notional × entry fee rate + exit notional × exit fee rate
Fee rate = venue rate (tier, maker or taker) × (1 − staking discount) × (1 − referral discount)
Funding = side × entry notional × funding rate per interval × hours held ÷ interval
Net PnL = gross PnL − fees − funding (funding < 0 means you receive it)
Initial margin = entry notional ÷ leverage; ROE = PnL ÷ initial margin
Break-even exit (long) = (entry notional + entry fee + funding) ÷ (quantity × (1 − exit fee rate))
Break-even exit (short) = (entry notional − entry fee − funding) ÷ (quantity × (1 + exit fee rate))

quantity
coins: size in coins, or USD notional ÷ entry, or USD margin × leverage ÷ entry
notional
quantity × price (the fee and funding base, never the margin)
interval
hours between funding payments: 1 on Hyperliquid, 1 on Lighter, 4 on edgeX, 8 on BTC at Aster, 8 at Binance and 8 at Bybit
  • Fees are charged on notional, the quantity times the fill price, never on your margin. The exit fee uses the exit price, so a winning long pays slightly more to close than to open.
  • Discounts multiply. On Hyperliquid the tier rate is multiplied by (1 − HYPE staking discount) and by (1 − 4%) with a referral code. The referral discount covers only an account's first $25M of volume, so at fee tiers whose 14-day threshold is above that it is not applied, the same rule as our Hyperliquid calculator and Hyperliquid fee calculator. On Lighter Premium the LIT staking discount multiplies both rates; on Binance the BNB discount does.
  • Funding follows the venue. The rate box takes the rate per funding interval as the exchange shows it (an hourly rate on Hyperliquid, an 8-hour rate on Binance). Empty, it uses the 0.01% per 8 hours interest baseline scaled to the interval (0.00125% an hour). Funding is spread pro rata: hours held ÷ interval payments, which is the average number of settlements a hold of that length crosses. Only positions open at a funding time pay, so when the hold is not a whole number of intervals the result also shows the whole payments it can actually catch (a 6-hour hold on an 8-hour venue: 0 or 1), the same range as the funding rate calculator.
  • Liquidation is checked. For Hyperliquid, Lighter, Aster and edgeX the calculator works out the isolated liquidation price from the BTC market's maintenance margin (Hyperliquid: half the initial margin at max leverage, 50%; Lighter: 60% of the initial margin fraction; Aster and edgeX: their bracket and tier rates), also after the funding paid over the hold, with the same code as the liquidation price calculator. An exit at or beyond it is flagged: the position is closed by the venue first, well before the loss reaches the whole margin.
  • Break-even and targets are solved exactly, with the exit fee charged at the solved price, so a trade closed at the break-even exit nets zero after both fees and funding.

Related:Crypto Risk Management for Perp Traders: Rules & Checklist

2. Worked examples (same code as the calculator; BTC mark of October 20, 2026, 03:53 UTC)

Long BTC on Hyperliquid, 10x, market orders, 24 hours

$10,000 of BTC at $82,073 is 0.12184 BTC. At 10x the initial margin is $999.98. A 5% rise to $86,177 makes $500.03 gross, an ROE of +50%. The entry fee is $4.32 and the exit fee $4.54 (0.0432% each: 0.045% taker less the HOLYGRAIL discount); without the code the two fees would be $9.22. Funding at the 0.00125%/hour baseline costs $3.00 over 24 hours. Net: $488.18, +48.82% on the margin. The trade breaks even at $82,168.57, 0.12% above entry.

Short BTC: Binance vs Hyperliquid, 48 hours

The same $10,000 short, closed 5% lower after 48 hours, makes $500.04 gross on both. On Binance USDⓈ-M (Regular, 0.05% taker) the fees are $9.75; on Hyperliquid with HOLYGRAIL $8.42. At a positive funding rate the short receives funding: $6.00 over the hold on both venues at the baseline, settled in 6 payments of 8 hours on Binance and 48 hourly ones on Hyperliquid. Net: $496.29 on Binance, $497.61 on Hyperliquid.

Limit orders on both sides

Resting limit orders pay the maker rate (0.015% at Hyperliquid tier 0, a third of the taker rate). The same long with code HOLYGRAIL and maker entry and exit pays $2.95 in fees instead of $8.86 and nets $494.08. On Lighter's Standard account both rates are zero, so the same trade nets $497.04 (funding only), and on Aster, where makers pay 0%, a 6-hour hold settles 0.75 of an 8-hour funding payment on average.

Leverage and targets

At 20x the same $10,000 position needs $499.99 of margin and shows +100.01% ROE, but the dollar result is unchanged at $488.18. To make +100% ROE at 10x the price must reach $90,280.30 on the price move alone, or $90,379.42 once both fees and funding are paid. A smaller goal, $250 net, needs $84,221.33 (+2.62%): the costs add about the same dollar amount to every target, so they matter most for small ones.

The fee line is the part of PnL you control

Hyperliquid with HOLYGRAIL: 0.0432% taker / 0.0144% maker at tier 0, hourly funding, the deepest on-chain order book.

Open Hyperliquid →

3. Venue rules the calculator applies

VenueTaker / makerDiscountsFundingFunding capMin order
Hyperliquid0.045% / 0.015% (tier 0) down to 0.024% / 0% (tier 6)HYPE staking −5% to −40%; referral −4% on the first $25MEvery 1 h, oracle price4% per 1 h$10
LighterStandard 0% / 0%; Premium 0.028% / 0.004%Premium only: LIT staking −2.5% to −30%Every 1 h, index price0.5% per 1 h$10
Aster (Pro)0.04% taker (VIP 1) to 0.016% (VIP 6); 0% makerVIP levels need 14-day volume and an ASTER balance8 h on BTCUSDT, ETHUSDT, SOLUSDT and other majors; 4 h on most other markets; 1 h on some0.3% per 8 h (BTCUSDT)5 USDT
edgeX0.045% / 0.04% (Regular) to 0.020% / 0.015% (VIP 6)VIP 1–6 by 14-day volumeEvery 4 h, index price0.2% per 4 h (BTCUSDC)per-coin minimum size
Binance USDⓈ-M0.05% / 0.02% (Regular)−10% paying in BNBBTCUSDT every 8 h0.3% per 8 h (BTCUSDT)—
Bybit0.055% / 0.02% (Non-VIP)VIP levelsBTCUSDT every 8 h, mark price0.333% per 8 h (BTCUSDT)—

Fee schedules and intervals from each venue's docs, VIP pages and public APIs (dates under Sources). Hyperliquid's funding cap applies to every market; Lighter's 0.5% an hour is the value its docs give for the majority of markets (they also scale the premium down on RWA and pre-market listings). The calculator enforces both, and the Aster, edgeX, Binance and Bybit caps of the BTC market it models (a venue never settles above its cap; other markets have their own). Hyperliquid leverage is a whole number (leverage is any whole number from 1x to the asset's maximum, checked only when the position is opened) up to the market's maximum for the position size (BTC: 40x up to $150M, 20x above), so the calculator rounds it down and caps it there, and rounds the size down to the BTC lot, as our Hyperliquid calculator does. On the other venues a leverage above the BTC market's maximum (Lighter 50x, Aster 200x on the first $400 and 150x up to $300,000, edgeX 100x up to $1M) is flagged.

Two details change real results. Hyperliquid charges funding on the oracle price, Lighter and edgeX on the index price, Bybit on the mark price; the calculator uses your entry notional for all of them, which is exact only if the price does not move. And funding on interval venues settles only for positions open at the settlement time (edgeX's docs: position size × index price × funding rate, paid only by positions held at the settlement time): close a minute before an 8-hour settlement and you pay nothing for that interval. Aster's rate is the 8-hour formula divided by (8 ÷ funding interval), so a 4-hour market's rate is already half an 8-hour rate.

4. Leverage, margin and ROE

Leverage decides how much margin backs a position, not how much it makes. A $10,000 position earns the same $500.03 on a 5% move at 2x and at 40x, Hyperliquid's BTC maximum; what changes is the margin ($5,000 vs $249.99) and therefore ROE. That is why "10x profit" on a futures screenshot is usually ROE, and why fees look small in dollars but large against margin: the $9.22 Hyperliquid round trip above is 0.92% of a 10x margin. Size positions from your stop distance with the position size calculator, and check the liquidation price before you add leverage. For how Hyperliquid itself displays unrealized PnL, Closed PNL and funding, read how Hyperliquid calculates PnL.

5. Limitations

  • An estimate, not trading advice. Spread, slippage and price impact are not included; enter your expected average fill prices as entry and exit. The liquidation check is for an isolated position on the BTC market's tiers (cross margin depends on the whole account), and none is shown for the Binance, Bybit and custom presets.
  • Funding is held constant at the rate you enter and charged on the entry notional; real rates change every interval.
  • Entry-level fee schedules for the comparison table; Hyperliquid builder fees charged by third-party apps (Based, Liquid, fomo and others) are extra and not modelled. The HOLYGRAIL discount itself still applies to orders through apps you connect with the same wallet, such as Based or Liquid. Not in fomo: fomo has no wallet connection (Apple, Google or email only) and creates its own wallet and Hyperliquid account for you, so a Hyperliquid code such as HOLYGRAIL cannot apply there.
  • Linear USDC/USDT contracts only. Coin-margined (inverse) contracts and CME futures priced in ticks per contract follow other formulas.

Comparing fee schedules by month rather than per trade? Use the DEX fee calculator.

Sources (official pages behind every figure, with the date each was last verified in our facts registry)

FAQ

How do I calculate my futures profit?

Multiply the price change by the quantity in coins: (exit − entry) × quantity for a long, (entry − exit) × quantity for a short. Then subtract the fee on both fills (notional × fee rate) and the funding you paid, or add the funding you received. Example: a $10,000 BTC long at $82,073 that exits 5% higher makes $500.03 gross; on Hyperliquid with market orders, code HOLYGRAIL and 24 hours of baseline funding the net is $488.18.

What is PnL in crypto, and how is it calculated?

PnL is profit and loss: what a position has made or lost in dollars (USDC or USDT on most perp venues). Unrealized PnL is the paper result of an open position at the current mark price; realized PnL is what you lock in by closing, after fees. On perpetual futures, funding payments are a separate cash line: they settle into your balance while you hold, so a correct net PnL is price PnL − fees − funding paid + funding received.

What does 20x leverage mean in crypto?

Your margin controls 20 times its value: $500 of margin opens a $10,000 position. Profit and loss in dollars follow the $10,000, so a 1% move is $100, or 20% of the margin. Leverage does not change the dollar PnL or the fees of a given position size, only how much margin backs it: at 20x a 5% adverse move wipes out the whole margin, and maintenance margin liquidates an isolated position before that.

What is 10x profit in crypto?

Either a 10x return (the price rose tenfold, +900%), or, on futures, profit on a 10x-leveraged position, where ROE is about 10 times the price move: a 5% move is about +50% ROE on the margin before costs (+50% in the default example, +48.78% after fees and funding, +48.82% with code HOLYGRAIL). The dollar profit is the same as on an unleveraged position of the same size.

How is ROE calculated on crypto futures?

ROE (return on equity) = PnL ÷ initial margin, and initial margin = notional ÷ leverage, so ROE ≈ price change × leverage. Exchanges usually show ROE on the price move only. This calculator shows both that figure and the net ROE after both fees and funding, plus the exit price you need for a target ROE: for +100% ROE on the default trade that is $90,280.30 on price alone and $90,382.53 after costs.

How is funding charged on Hyperliquid, Lighter, Aster and edgeX?

Hyperliquid and Lighter settle funding every hour; Hyperliquid on the oracle price (capped at 4% an hour), Lighter on the index price (capped at 0.5% an hour on most markets). Aster's interval depends on the market (8 h on BTCUSDT, ETHUSDT, SOLUSDT and other majors; 4 h on most other markets; 1 h on some), edgeX settles every 4 hours, Binance and Bybit BTCUSDT every 8 hours. A positive rate means longs pay shorts. The calculator uses the venue's interval and spreads funding pro rata over your hold; for a hold that is not a whole number of intervals it also shows the 0-or-1-more payment range, since only positions open at a funding time pay.

Keep more of every winning trade

Code HOLYGRAIL takes 4% off Hyperliquid fees on your first $25M of volume (0.0432% taker at tier 0). Enter it before your account passes $10,000 of volume.

Join Hyperliquid with HOLYGRAIL →

Lighter · Aster · edgeX

Disclosure: HOLYGRAIL (Hyperliquid, edgeX), 718610TD (Lighter) and DTLpLc (Aster) are our referral codes; we earn a share of referred accounts' fees at no extra cost to you. We have no relationship with Binance or Bybit. Fee schedules and rules were read from official sources on the dates under Sources; the default price is a Hyperliquid mark fetched when the page was built. The calculator is an estimate, not financial advice.