2024-10-27 22:47:49Before we go into details on Copy Trading P&L calculation, we must first understand the mechanism of USDT Perpetual Trading. When a few orders are in the same symbols with the same direction, the orders will be merged into one position, even when they open at different timings. Hence, the system will calculate the average entry price (AEP) based on the entry price of all orders for the position and also the liquidation price.
In Copy Trading, the average entry price, liquidation price, and all other details can be viewed from the Copy Trading User Center. When a user closes a position or even partially closes the position (only exiting a certain order), the system will always use the AEP rather than the order entry price to calculate the user's final equity and available balance.
For example, suppose a user opens two long orders in BTCUSDT with the same quantity, with an entry price of 50,000 USDT and 60,000 USDT, respectively. The system will amalgamate these two orders into one position and calculate a new AEP of 55,000 USDT [(50,000 + 60,000) / 2]. When the user closes the position, the system will use the AEP of 55,000 USDT to determine the user's profit or losses, final equity, and available balance, rather than the individual order entry prices of 50,000 USDT and 60,000 USDT.
Below is an illustration of how to determine your Copy Trading transactions, P&L, and equity.
| Beginning of a Trade |
Master Trader B has opened a 0.035 BTCUSDT long position with an entry price of $28014.3.
At this point of time, the realized P&L is the fee to open this position. To check the current realized P&L, Master Trader B can go to his Copy Trading page → Orders → and switch to the By Contract tab to view the Realized P&L of 0.59196480 USDT.
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| Funding Fee Settlement |
At UTC 16:00, the position is not closed and the funding fee will be incurred. From the screenshot below, we can determine the funding rate is negative, and therefore Master Trader B received the funding fee for his long position: 3.66138011 USDT.
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| Increase Position Size |
A moment later, Master Trader B placed another two BTCUSDT long orders with a quantity of 0.031 BTC and 0.028 BTC, with order entry prices of 28618.90 USDT and 28,600.1 USDT, respectively.
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| Partial Closure of the Position |
The price keeps going down and Master Trader B decided to partially close his position to limit the loss.
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| Check the Closing History |
Assuming the final closing loss is -41.31504450 USDT, he can see this record from the transaction history. The fee paid is 0.57307110 USDT and the position loss is 40.74197340 USDT.
Fee to Open = 0.59196480 USDT Fee to Close = 0.57307110 USDT Funding Fee = (-1.23960576 - 3.66138011 + 0.26874516)/0.094 X 0.035 = -1.7247704 USDT Closed P&L = - 40.74197340 - 0.59196480 - 0.57307110 - (-1.7247704) = - 40.1822 USDT
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| Closure of the Entire Position |
Master Trader B decided to close his entire position. He can view his closed P&L from Past Copy Trades. |
— Currently, followers will be able to follow more than one Master Trader. Hence, please ensure you refer to the correct Master Trader records.
— As a follower, you will see the Est. Deduction is the profit share being pre-deducted from your earned profit. On the profit share settlement date, if there’s a net loss in the total P&L, the pre-deducted profit share will be sent to your Funding Account as a Refund on the settlement day. For more information, please refer to Copy Trading: Profit Sharing Explained.
— As a Master Trader, you can see your Profit Share record from the Derivatives Account History or Unified Trading Account Transaction Log (for Master Trader upgraded to UTA).
— Other common inquiries regarding Copy Trading can be found here.
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