Futures Contract P&L Calculator
From entry price, exit price, contract multiplier and number of contracts, compute long and short futures profit/loss to quickly assess a trade's outcome.
Input Data
Results
At a glance:A futures contract is a standardised agreement to deliver an underlying at a future price; each has a multiplier (contract size) — dollars per point. Long P&L = (exit − entry) × multiplier × contracts; short P&L = the negative. Example: 100→110, multiplier 50, 2 contracts → long HK$1,000, short −HK$1,000. The tool shows leverage amplification — small price moves become large P&L via multiplier × contracts. It excludes costs, margin interest and daily mark-to-market. Futures are margin-based, highly leveraged; adverse moves can exceed principal and trigger margin calls. Educational only.
Formula
Long P&L = (exit − entry) × multiplier × contracts.
Short P&L = − long P&L = (entry − exit) × multiplier × contracts.
Long profits when price rises; short profits when price falls.
$$$(110-100) \\times 50 \\times 2 = 1{,}000$$$How to Use
- Enter the entry and exit futures prices.
- Enter the contract multiplier and number of contracts.
- View long and short P&L.
Long and short P&L for different futures trades
| Entry | Exit | Multiplier | Contracts | Long P&L | Short P&L |
|---|---|---|---|---|---|
| 100 | 110 | 50 | 2 | +HK$1,000 | −HK$1,000 |
| 18,000 | 18,200 | 50 | 1 | +HK$10,000 | −HK$10,000 |
| 2,000 | 1,950 | 10 | 5 | −HK$2,500 | +HK$2,500 |
Case Studies
Case 1: Long and short P&L
Index future: entry 100, exit 110, multiplier 50 (HK$50/point), 2 contracts.
Long = (110 − 100) × 50 × 2 = HK$1,000 (profit); short = (100 − 110) × 50 × 2 = −HK$1,000 (loss).
Price rose 100→110; long profits 1,000, short loses 1,000 — equal and opposite. Only 10 points, but × 50 × 2 = 1,000 — the multiplier effect.
Case 2: How leverage amplifies — mind margin and calls
Index future HK$50/point, long 1 contract at 18,000. Notional = 18,000 × 50 = HK$900,000; margin may be ~HK$90,000 (10%).
If index +200 to 18,200, long P&L = (18,200 − 18,000) × 50 × 1 = +HK$10,000 — ~+11% on 90k margin, though index rose only ~1.1%. If it falls 200, you lose 10k (~−11%); larger drops trigger margin calls; extreme moves can exceed principal.
Interpretation: margin lets you control a large notional with a small deposit, amplifying each 1% by several-fold (here ~10×). Leverage is a double-edged sword — compare the absolute P&L with your actual margin. This is nominal P&L, excluding costs and daily cash flows. Educational only, not advice.
FAQ
How are long and short P&L computed?
Two directions: long (buy first, sell higher to profit) and short (sell first, buy lower to profit). Both are 'spread × multiplier × contracts', differing only in sign. Long P&L = (exit − entry) × multiplier × contracts: positive when exit > entry. Short P&L = (entry − exit) × multiplier × contracts = − long P&L: profits when price falls. The multiplier (contract size) is key — dollars per point. E.g. an index future at HK$50/point, 10-point move, 2 contracts → 10 × 50 × 2 = 1,000. Example: entry 100, exit 110, multiplier 50, 2 contracts → long = (110−100)×50×2 = 1,000; if short, the move is adverse → −1,000. The calculator shows both directions — the same price move yields opposite P&L.
Why is futures P&L 'amplified'? What is leverage?
The hallmark is leverage: you post only a small margin, not the full contract value, yet control a much larger notional. Margin is a fraction of notional. So each percentage move in the underlying is multiplied several-fold relative to your margin. Example: if margin is 10% of notional, a 1% price move is ~10% on your margin. The P&L here is 'multiplier × contracts × spread' — nominal, which can be huge vs the margin posted, showing leverage. Leverage cuts both ways: right direction, small margin → big return; wrong direction, losses amplified, possibly exceeding margin, triggering a margin call, even losses beyond principal. So read the absolute P&L, then compare with your actual margin to gauge risk — never ignore a few-point move; multiplied by contracts it is often large.
Does this P&L match my real profit?
This is theoretical nominal P&L from price change only. Real P&L also depends on: (1) trading costs — commissions, exchange fees, possibly stamp duty; (2) daily mark-to-market — gains/losses are settled to your margin account each day, and a shortfall triggers margin calls; (3) margin funding cost — opportunity cost/interest on posted margin; (4) contract specs — multipliers and tick sizes differ by market; (5) slippage/liquidity — fills may differ from expected prices; (6) rollover cost if crossing expiry. So it estimates nominal P&L and compares long/short, not a full settlement. Futures are high-leverage, high-risk; consult a licensed professional before trading.
Futures vs options — for hedging or speculation?
Both are derivatives for hedging or speculation, but differ in rights/obligations and risk. Futures: both sides have an obligation to deliver/settle at the price — linear, symmetric P&L (this calculator shows it); high leverage via margin, with daily settlement and margin-call risk. Options: buyer has the right (not obligation) to exercise, pays a premium; max loss is the premium (limited downside), upside can be large; seller has the obligation. As a hedge: futures lock both directions (cheap, thorough) but cap upside; options (buy put) keep upside, cost only the premium, like insurance. As speculation: futures are direct, two-sided, but risk can exceed principal; option buyers risk only the premium. This calculator focuses on futures' linear P&L; pair with options calculators (options spread, put-call parity).
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References
Content review: Calculatorism Finance Team. Results are for reference only; please refer to the relevant authorities for the official figures.