Once you place a trade, the exchange gives you a full suite of tabs to monitor and manage it. Knowing what each tab shows — and exactly what the numbers mean — is the difference between controlled informed trading and chaotic guesswork.
Positions tab: all open positions — entry price, mark price, liquidation price, unrealized P&L, margin used
Active Orders tab: all resting limit orders currently waiting to be filled (both entry orders and take-profits)
Stops tab: all stop orders — stop losses AND breakout stop entries
Closed Positions: realized P&L history for every closed trade
Fills tab: complete order history — type, price, contracts, date/time for every execution
Before any trade: your stop loss must be visible in the Stops tab and entry order in Active Orders
Lesson
Unrealized vs Realized P&L — The Key Distinction
The most important concept in position management is the difference between unrealized and realized P&L. A large positive number in your Positions tab feels great — but it is not yours yet. It only becomes real capital when you close the position. Many traders give back all unrealized profits by not having a predefined exit plan.
Unrealized P&L: current paper profit/loss on an open position; calculated from entry price vs mark price; changes every second while the position is open
Realized P&L: locked-in profit or loss recorded when a position is closed; added to wallet balance
Mark price: the reference price used by the exchange to calculate unrealized P&L and liquidation; different from last traded price; designed to prevent manipulation
Liquidation price: the mark price at which your margin is exhausted and the exchange force-closes the position
Entry price: the average price at which all fills for the position were executed
Margin: the collateral allocated to back the position — always visible in the Positions tab
Tip: before entering any trade, check that all three orders (entry, stop, TP) appear in the correct tabs
Check Yourself
A trader enters a long position and sees +$850 in their Positions tab. They have not closed the trade. What does this number represent?
Unrealized P&L — paper profit that exists only while the position is open; becomes realized only when the position is closed
Realized P&L — the profit has been locked in and is now reflected in the wallet balance
Funding income — periodic payments received from short holders on the perpetual swap
Answer it (with a live chart) in the interactive lesson.
Liquidity Theory · Learn · Analyze · Trade together Educational content only — trading involves substantial risk and most beginners lose money. Nothing here is financial advice.