Unrealized Profit/Loss (UPL) and margin-related calculation changes

To align our services with global industry standards and provide a more consistent experience across your trading interfaces, we are updating the underlying calculation methodologies used to determine open position valuations, currency conversions, and margin requirements on our platform.

The new methodology will become effective after market close (5 PM ET) according to the following schedule:

  • 28 August 2026 for demo accounts.

  • 4 September 2026 for live accounts.

In the week between 28 August and 4 September, demo accounts will not fully mirror live accounts. The reason is that demo accounts will already use the updated calculation methodology, while live accounts will not yet.

The following table shows changes between the current and new calculation methodologies.

Change Current methodology
Revaluation price for open positions when estimating unrealized PnL (UPL) used in margin sufficiency calculations. Evaluated with the mid price, based on the trade/position quantity.
Revaluation price for open positions when estimating unrealized PnL (UPL) displayed in the trading platforms’ open positions list and in the account overview.

Evaluated with the sided price based on the trade/position quantity*.

*Sided price per size - a bid or an ask price that is dependent on the position size, also referred to as “Depth of Market”.

Conversion of the Unrealized PnL from the quote currency of the instrument to the currency of the Account, for margin sufficiency calculation. Converted with the Top of Book mid price without adjusting for the CurrencyClosedA medium of exchange for goods and services, often issued and regulated by a central authority. Conversion Fee.
Conversion of the Unrealized PnL from the currency of the instrument to the currency of the Account, displayed in the trading platforms. Converted with the Top of Book mid price +/- a Currency Conversion Fee.
Conversion of the Position Value from the base currency of the instrument to the currency of the Account. Converted with the Top of Book mid price.
Conversion of the MarginClosedThe required collateral to open and maintain a leveraged position. Requirements from the currency of the instrument to the currency of the Account. Converted with the Top of Book mid price.

In this hypothetical example, we assume the prices and the margin rates. The sample values may not reflect the current prices.

Let’s assume that you have an account with a balance of USD 100,000. The EUR/GBP margin rate is 5%, and the Currency Conversion Fee is 1%. You have a long position of 1 million in EUR/GBP. When you place the order, the EUR/GBP market price is 0.8708 bid / 0.8709 ask, so you buy EUR/GBP at 0.8709.

Current market rates, after making the trade:

  BidClosedThe prevailing buy price. Mid AskClosedThe prevailing sell price. Size

EUR/GBP

Used for position revaluation

0.8705 0.87055 0.8706 500,000
0.87045 0.87055 0.87065 500,000

EUR/USD

Used to convert the Position Value and Margin Requirement from the instrument base currency to the Account currency.

1.1505 1.15055 1.1506 500,000

GBP/USD

Used to convert unrealized PnL from the instrument quote currency to the Account currency

1.3488 1.34885 1.3489 500,000

 

  Current calculations New calculations as per the above schedule
Balance 100,000.00 USD 100,000.00 USD
UPL in margin sufficiency calc. -350 GBP converted to -472.10 USD -400 GBP converted to -539.56 USD
UPL in platform UI -425 GBP converted to -578.99 USD
Net Asset Value (NAV)ClosedThe current value of a trader’s account in its home currency including the balance and the unrealized profit or loss calculated at the current bid or ask price. in margin sufficiency calc. 99,527.90 USD 99,460.44 USD
NAV in platform UI 99,421.01 USD
Margin Requirement 50,000 EUR converted to 57,527.50 USD 50,000 EUR converted to 57,530.00 USD
Margin Available 42,000.40 USD 41,930.44 USD
Position Value 1,000,000 EUR converted to 1,150,550 USD 1,000,000 EUR converted to 1,150,500 USD
Margin % 28.90% 28.92%

 

Current calculations New calculations as per the above schedule

For margin sufficiency calculations, the position is revalued against the mid-price of EUR/GBP.

UPL_midClosedUnrealised P/L calculated using the current mid prices for margin calculations = TradeClosedThe actual execution of buying or selling an asset, resulting in a completed transaction._Quantity x (Current mid – Trade price) x Quote_To_Home_Ccy Conversion current mid-rate = 1,000,000 x (0.87055 – 0.8709) x 1.34885 = -472.10 USD

NAV_midClosedNAV calculated at the current mid prices only for margin calculations. = Balance + UPL_mid = 100,000 – 472.10 = 99,527.90 USD

For the estimated position UPL in platform UI, the position is revalued against the sided price per size of EUR/GBP. The conversion rate from UPL currency to the Account currency includes the Currency Conversion Fee.

UPL = Trade_Quantity x (current sided price per size (bid) – Trade price) x Quote_To_Home_Ccy Conversion current mid-rate with Conversion Fee = 1,000,000 x (0.870475 – 0.8709) x (1.34885 x (1+1%)) = -578.99 USD

NAV = Balance + UPL = 100,000 – 578.99 = 99,421.01 USD

Margin_Requirement = Margin_Rate x Trade_Quantity x Instrument_To_Home_Ccy Conversion current mid-rate = 5% x 1,000,000 x 1.15055 = 57,527.50 USD

Margin_Available = NAV_mid – Margin_Requirement = 99,527.90 – 57,527.50 = 42,000.40 USD

Position_Value = Trade_Quantity x Instrument_To_Home_Ccy Conversion current mid-rate = 1,000,000 x 1.15055 = 1,150,550 USD

Margin_% = (0.5 x Margin_Requirement) / NAV_mid = (0.5 x 57,527.5) / 99,527.90 = 28.90%

For both UPL used in margin sufficiency calculations and the estimated position UPL in platform UI, the position is revalued against the Top of Book bid price of EUR/GBP. The conversion rate from UPL currency to the Account currency does not include the Currency Conversion Fee.

UPL = Trade_Quantity x (current Top of Book sided price (bid) – Trade price) x Quote_To_Home_Ccy Conversion current Top of Book sided price (ask) = 1,000,000 x (0.8705 – 0.8709) x 1.3489 = -539.56 USD

NAV = Balance + UPL = 100,000 – 539.56 = 99,460.44 USD

Margin_Requirement = Margin_Rate x Trade_Quantity x Instrument_To_Home_Ccy Conversion current Top of Book sided price (ask) = 5% x 1,000,000 x 1.1506 = 57,530 USD

Margin_Available = NAV – Margin_Requirement = 99,460.44– 57,530 = 41,930.44 USD

Position_Value = Trade_Quantity x Instrument_To_Home_Ccy Conversion current Top of Book sided price (bid) = 1,000,000 x 1.1505 = 1,150,500 USD

Margin_% = (0.5 x Margin_Requirement) / NAV = (0.5 x 57,530) / 99,460.44 = 28.92%