After trading futures for a while, many people open the PnL page and are baffled by all the numbers and terms -- they can't tell if they're actually winning or losing. Reading PnL statements isn't hard once you understand a few core concepts. If you're new to Binance futures, start by registering on Binance and practicing on the testnet. Mobile users can download the Binance App to check PnL data anytime.
Realized PnL vs Unrealized PnL
Futures PnL is divided into two major categories: realized and unrealized.
Realized PnL is the actual profit or loss from trades you've already closed. This number is final and won't change. For example, if you opened a BTC long and closed it at a higher price, the profit is your realized gain.
Unrealized PnL is the floating profit or loss on positions you're still holding. This number moves in real time with market prices. As long as you haven't closed the position, it's just paper PnL that could reverse at any moment.
Don't Ignore Funding Fees
Many people only focus on the price difference between entry and exit, overlooking funding fees. Perpetual futures settle funding rates every eight hours, and these fees are deducted from (or added to) your margin during the holding period. For long-term holdings, cumulative funding fees can be substantial.
In PnL statements, funding fees are usually listed separately. Always include them when calculating your total. Sometimes a trade appears profitable, but after deducting funding fees, it's actually a loss.
Impact of Trading Fees
Every open and close incurs trading fees. Binance futures fees are split between Maker and Taker rates, with Taker typically being higher. If you habitually use market orders, your per-trade fee cost is higher.
PnL statements usually note the fees for each trade. For frequent traders, cumulative fees are a cost that cannot be ignored.
How to Check PnL in the App
Open the Binance App, go to the futures trading page, tap the three-line menu in the top right, and find "Trade History" or "Order History." Here you can see detailed information for every trade, including entry price, exit price, PnL amount, and fees.
For an overall PnL summary, find the "PnL Analysis" feature on the futures account page. It generates PnL reports by time period, complete with return curves -- very intuitive.
ROE vs ROI
PnL statements often show both ROE and ROI. ROE is the return on margin -- for example, earning 50 USDT on 100 USDT margin gives you 50% ROE. ROI is the return based on total position value. Because of leverage, ROE is typically many times larger than ROI.
When evaluating performance, ROI better reflects actual market returns, while ROE reflects the effect of your leverage usage.
How to Export Trading Records
If you need detailed trade analysis or tax reporting, Binance supports exporting trading records. On the web, log in and go to "Orders" then "Futures Orders" to export complete trading records in CSV format by time range. The App currently doesn't support direct export -- you'll need to use the web version.
Summary
The key to reading Binance futures PnL statements is distinguishing between realized and unrealized PnL, while remembering to include funding fees and trading fees in your total calculation. Regularly reviewing your PnL data and analyzing which trades were right and which were wrong is an important path to improving your trading skills.