Net profit, ROI on your margin and the break-even price — after fees, at any leverage, long or short. The number most beginners never compute before clicking.
Same entry, exit, margin and fee rate; only the leverage changes. Watch the fees and the liquidation distance, not just the ROI.
| Leverage | Position value | Gross P&L | Fees | Net P&L | ROI on margin | Liquidation distance |
|---|
Position value (notional) = margin × leverage. Quantity = notional ÷ entry price. Gross P&L = (exit − entry) × quantity for a long, reversed for a short. Fees = fee rate × notional at entry + fee rate × exit value; both sides are charged on the whole position, which is why fees grow with leverage while your margin does not. Funding = rate × notional × number of 8-hour periods, paid by longs when the rate is positive and by shorts when it is negative. Net P&L = gross − fees − funding; ROI = net ÷ margin.
The break-even exit is the price where net P&L is zero: for a long, entry × (1 + fee) ÷ (1 − fee); for a short, entry × (1 − fee) ÷ (1 + fee). The liquidation estimate assumes isolated margin and a 0.5% maintenance rate: roughly entry × (1 − 1/leverage + 0.005) for a long. Real exchanges use mark price and tiered maintenance rates, so treat it as a distance, not a level — the liquidation price calculator does the exact version.
Measuring the win before the fees. A 1% move at 10× looks like +10%; after 0.05% per side on the notional it is +9%, and after a few hours of positive funding it can be +8%. Small trades at high leverage are frequently fee-negative even when the price goes the right way.
Confusing ROI with skill. +30% on margin from a 3% move at 10× is the same 3% call as +3% on spot. Leverage multiplied the outcome and the risk equally; it did not improve the decision. Expectancy in R, not ROI in %, is how to judge it.
Ignoring the distance to liquidation. At 25× the exchange closes you after a move of under 4% against you — well inside a normal day's range on most coins. If the liquidation distance in the table is smaller than the coin's daily volatility, the trade is a coin flip on noise.
How do you calculate profit on a crypto trade? Profit = (exit price − entry price) × quantity for a long, or (entry − exit) × quantity for a short, minus fees on the full position value at entry and at exit. With leverage the quantity is your margin × leverage ÷ entry price, so fees and profit both scale with the notional size, not the margin.
Why is my ROI different from the price change? Because ROI is measured on the margin you posted while the price change is measured on the whole position. At 10× leverage a 3% price move is roughly a 30% change in your margin — before fees, which are also charged on the whole position.
What is the break-even price? The exit price at which net profit is exactly zero after entry and exit fees. It sits slightly beyond the entry in the direction of the trade; the higher the fee rate and the leverage, the further away it is relative to your margin.
Does the calculator include funding? Optionally. Enter the funding rate per 8-hour period and the hours held; the calculator charges it on the notional for each period. It is an estimate — real funding rates change every period.