Realized PnL is profit or loss already recognized in the trading records, typically from closing exposure and from applicable booked costs or payments. It differs from unrealized PnL, which changes as an open position is revalued.
A position can be partly realized
Suppose a linear long holds three units with an average entry price of 100. Closing one unit at 120 realizes gross trading profit of 20, assuming no fees or funding. The other two units remain open, so their price gains or losses are still unrealized.
A platform may also book trading fees and funding to realized PnL while the position remains open. Consequently, realized PnL does not always mean that the whole position has been closed, and a new position can show a realized loss from its opening fee.
Identify the accounting boundary
Closed-position PnL, cumulative realized PnL and a period’s account profit may cover different items. Cost allocation across partial closes, settlement events and reporting periods can change how figures are presented.
Realized profit is not automatically the same as withdrawable balance: funds may still support margin or other obligations. It also does not by itself determine taxable income, which depends on applicable rules.