By Keel Research Team · Updated May 12, 2026
Compute the realized PnL of a Hyperliquid perp trade with funding cost included. Enter entry, exit, position size, hold duration, and funding rate — the calculator returns gross PnL, funding paid or received, and net PnL.
HL convention: positive = longs pay shorts.
Long pays positive funding; receives negative funding.
The gross PnL of a Hyperliquid perpetual trade is the price return times notional, signed by side: gross = side × size × (exit/entry − 1). For a long, exit above entry is profit; for a short, exit below entry is profit. Standard.
The piece this calculator surfaces that most others skip is the funding cost layer. Hyperliquid settles funding hourly. On a multi-hour hold the accumulated funding can easily exceed gross price PnL on low-volatility trades. Funding is computed as funding = side × size × rate_per_hour × hours. By HL convention, positive funding means longs pay shorts — so a long in a positive-funding regime shows the funding line as a cost; a short shows it as income.
Net PnL is gross PnL minus funding cost (where cost is positive if the trader paid, negative if they received). The calculator also shows net PnL as a percentage of position notional — the right denominator for comparing strategies across asset sizes.
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Funding is computed as size × funding_rate_per_hour × hold_hours. By Hyperliquid's convention a positive funding rate means longs pay shorts. So a long position with positive funding shows the funding line as a cost (positive number reduces net PnL); a short with positive funding shows the funding line as income (negative cost, increases net PnL). For overnight or multi-day holds, funding routinely dominates gross price PnL on low-volatility moves.
Most calculators model PnL as just (exit − entry) × size, which is correct on minute-scale trades but wildly wrong on multi-hour holds in a funded perpetual. The actual realized PnL of a perp trade is gross price PnL minus funding paid (or plus funding received). Skipping the funding layer is the single most common reason real net PnL diverges from a back-of-envelope number.
HL funding settles hourly and the rate floats based on the gap between perp and oracle price. Typical 1-hour funding ranges from ±0.001% to ±0.05% in normal regimes, with extreme readings (above ±0.1%/hr) during crowded directional positioning. Annualized those translate to roughly ±10% to ±100%+ APR — meaningful for any multi-day hold.
Notional in USD is the cleanest input for cross-asset comparison and matches how Hyperliquid sizes margin (USD-denominated). It also makes funding cost trivially scalable: at $10k notional, 0.01%/hr funding × 24 hours = $2.40/day. Use contracts/units in your order-entry UI; use notional in the calculator.
Open the Lab, build a screen, and click 'Backtest in Keel.' The Keel backtest engine simulates entry, exit, fees, slippage, and funding for every signal-generated trade across your chosen universe and time range — same math as this calculator, run at scale. From there you can optimize parameters and deploy live.
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