Profit and payouts
Your position's profit or loss measures how its current value differs from entry. A long gains when the price rises. A short gains when it falls. Your entry price is the combined average of your increases. A partial close leaves that average unchanged.
The mark and the payout
The market values a position at the price it would close on. A long exits at the bid. A short exits at the ask. The difference between entry and exit quote sides creates an immediate spread cost. A position can start with a loss even before the price moves.
| Figure | Meaning |
|---|---|
| Unrealized profit or loss | The result at the current mark, before the profit cap and closing costs. |
| Equity | What remains after the marked result, profit cap, and closing costs. |
| Payout | What the actual decrease or close returns after settlement. |
A partial close realizes only the result on the closed size. A full close settles the whole position. See Positions.
The profit cap
The vault limits the total profit it recognizes on each side. When a side's pending profit exceeds that cap, profitable closes receive a reduced share. The measure uses the quote that favors the side. It can reach the cap before your own exit-price mark suggests it. For illustration, a side with a cap of 100 and pending profit of 125 pays four fifths of each realized profit. A profit of 10 pays 8 before fees.
The cap moves with vault liquidity. Other positions on your side affect the proportion you receive. Read Auto-deleveraging for the forced reduction that protects an overextended side.
Above the side's cap, a close pays only a proportion of its profit. The unpaid portion stays in the vault and is not future credit. Losses pass through in full.
Collect the result
A close pays what remains after losses and Fees. A liquidation adds its own fee. Earned funding goes to a separate credit balance. A payout that cannot reach your wallet can also become credit. Use Claimable credit for those balances.