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    A Comprehensive Guide to Copy Trading Settlement (Perpetual Trading)
    bybit2024-10-27 22:47:49
    For Master TradersFor Followers

    Before we go into details on Copy Trading P&L calculation, we must first understand the mechanism of USDT Perpetual Trading. When a few orders are in the same symbols with the same direction, the orders will be merged into one position, even when they open at different timings. Hence, the system will calculate the average entry price (AEP) based on the entry price of all orders for the position and also the liquidation price.  

     

    In Copy Trading, the average entry price, liquidation price, and all other details can be viewed from the Copy Trading User Center. When a user closes a position or even partially closes the position (only exiting a certain order), the system will always use the AEP rather than the order entry price to calculate the user's final equity and available balance.

     

    For example, suppose a user opens two long orders in BTCUSDT with the same quantity, with an entry price of 50,000 USDT and 60,000 USDT, respectively. The system will amalgamate these two orders into one position and calculate a new AEP of 55,000 USDT [(50,000 + 60,000) / 2]. When the user closes the position, the system will use the AEP of 55,000 USDT to determine the user's profit or losses, final equity, and available balance, rather than the individual order entry prices of 50,000 USDT and 60,000 USDT.

     

     

    Below is an illustration of how to determine your Copy Trading transactions, P&L, and equity.

     

    Beginning of a Trade

    Follower A copied Master Trader B with a 1,000 USDT investment. A while later, he successfully copied a trade with this Master Trader. A 0.034 BTCUSDT long position is opened, with an order entry price of 28,188.80 USDT. 


    Follower A can see the opened position under Master Trader B from the User Center (Follower) → Traders → Open Position and select the details under Master Trader B. 


     

    At this point in time, the only realized P&L is the fee to open this position. To check the current realized P&L, Follower A can refer to the Fees to Open stated on the open position details or  go to the Copy Trading transaction history to view the details. 


    From here, we can see 0.57505152 USDT has been incurred as the trading fee. 

     

    Funding Fee Settlement

    At UTC 16:00, the position is not closed and the funding fee will be incurred. From the screenshot below, we can determine the funding rate is negative, and therefore Follower A received the funding fee for his long position. 3.55676925 USDT has been added to his available balance for this Master Trader. 



    Please note that a Funding Fee will be incurred every funding interval. For more information, please visit here

    Increase Position Size

    Master Trader B then placed another two orders and Follower A has copied successfully with a quantity of 0.031 BTC and 0.028 BTC, with order entry prices of 28,618.90 USDT and 28,600.10 USDT, respectively.

    From the Open Position tab, he can see that the position average entry price is actually 28,455.90 USDT and this will be the base price used to calculate the unrealized or closed P&L. Follower A can hover his cursor over the underlined unrealized P&L and click on More Details to view the position average entry price change history.


    The average entry price is calculated as follows: (0.034 x 28,188.8 + 0.031 x 28,618.9 + 0.028 x 28,600.1)/0.093 ≈ 28,455.90 USDT



    The realized fees to open 1.01279322 USDT for the new orders can be seen from the transaction history and this has been deducted from the available balance. 

     


    Read More:

    How to Calculate Average Entry Price

    Order Cost (USDT Contract)

    Partial Closure of the Position

    Master Trader B has partially closed the position, and so has the position of Follower A. Follower A can see a total of –40.23126108 USDT has been deducted from his wallet balance, which includes the position loss of -39.67456344 USDT for that 0.034 quantity of BTCUSDT long order and also a trading fee of 0.55669764 USDT to close that order.



    We can see the average entry price is still the same at 28,455.90 USDT as the average entry price will not be affected by the reduced position from closing. 

     

    Check the Closing History

    From the Historical Realized P&L page, we can see the order is closed via copied trade with a closed P&L of -39.1548 USDT. 


    You may feel confused about why the closed P&L does not tally with the last transaction change. This is because the closed P&L includes the net trading and funding fee that has been realized from the last few transaction histories. On Closed P&L, the funding fee charged is proportionate according to the quantity closed to reflect the real closed P&L for that order. Below is how to derive the Closed P&L for the partially closed position. 

     

    Position P&L = -39.67456344 USDT

    Fee to Open = 0.55669764 USDT

    Fee to Close = 0.57505152 USDT

    Funding Fee = (-1.22641846 - 3.55676925 + 0.26588617)/0.093 X 0.034 = -1.65148658 USDT

    Closed P&L = -39.67456344 - 0.55669764  - 0.57505152 - (-1.65148658) = - 39.1548 USDT

     

    Closure of the Entire Position

    The entire position is now closed. Follower A can go to the History Orders page from his User Center (Follower) to view the closed P&L.



    The total closed P&L realized from this position is -30.4471 USDT, with an ROI of -2.61%. 
    The ROI is calculated as follows:

    ROI = [total equity - (total investment + investment reduced during the copy period)]/(total investment)

    ROI = [968.68 - (1200 - 200)]/1200 = -2.61%


     

    Please note that the Total Invested amount will not decrease when you reduce your investment from the Master Trader, but the figure will be accumulated when you increase your investment. This is the reason why you may notice the equity plus your P&L has much difference with your Total Invested amount. 

     

     

     

     

    Important Notes: 

    — Currently, followers will be able to follow more than one Master Trader. Hence, please ensure you refer to the correct Master Trader records. 

    — As a follower, you will see the Est. Deduction is the profit share being pre-deducted from your earned profit. On the profit share settlement date, if there’s a net loss in the total P&L, the pre-deducted profit share will be sent to your Funding Account as a Refund on the settlement day. For more information, please refer to Copy Trading: Profit Sharing Explained.

     

     

    — As a Master Trader, you can see your Profit Share record from the Derivatives Account History or Unified Trading Account Transaction Log (for Master Trader upgraded to UTA).

     


    — Other common inquiries regarding Copy Trading can be found here.

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