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These three terms appear on almost every trading screen:
  • PnL
  • entry price
  • mark price
Understanding them helps you read your position correctly. You will see these values directly in the trading terminal and in the position row described in Terminal interface overview.

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PnL

PnL means profit and loss. It shows whether your trade is currently making money or losing money. You may see two types:
  • Unrealized PnL: profit or loss while the position is still open
  • Realized PnL: final profit or loss after the position is closed

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Entry price

Entry price is the average price where your position was opened. It is the starting point for measuring your trade. If your position is long, prices above the entry price are usually good for you. If your position is short, prices below the entry price are usually good for you.

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Mark price

Mark price is the reference price the platform uses to value your position fairly. It is often used for:
  • showing unrealized PnL
  • checking liquidation risk
  • triggering some protective orders
This matters because the mark price may be slightly different from the last traded price. Platforms do this to reduce the impact of sudden spikes or manipulation.

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Simple example

Imagine you open a long on ETH:
  • entry price: 2,000 USDC
  • position size: 1 ETH
Now imagine:
  • last traded price: 2,052 USDC
  • mark price: 2,048 USDC
Your platform may show unrealized PnL based on the 2,048 mark price, not the 2,052 last trade. So your unrealized PnL is about +48 USDC, not +52 USDC.

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Why this matters to a user

Many beginners get confused when the chart price and the position PnL do not match exactly. Usually, the reason is simple:
  • the chart may highlight the last trade
  • your position metrics may use the mark price
Both numbers are useful. They just serve different purposes. These ideas become even more important when you use Leverage explained, because small price changes can affect PnL much faster. They also matter when you place protective orders, since triggers can depend on mark price, as described in Stop loss and take profit. They also directly affect Liquidation price and risk engine.