Skip to main content
Phoenix derives entry price from the open position’s base size and virtual quote position. For an open position: entry_price = abs(virtual_quote_lot_position) / abs(base_lot_position) If base_lot_position is zero, the position has no active entry price.

​
When entry price changes

Entry price changes when a fill increases exposure.
  • if you are flat or long and buy more, Phoenix recalculates the long entry price
  • if you are flat or short and sell more, Phoenix recalculates the short entry price
  • maker, taker, and spline fills follow the same accounting rules
Reducing a position does not change the remaining entry price. It realizes PnL on the closed portion and preserves the average basis for the open remainder. A full close removes the entry price. A flip through zero creates a new entry price for the residual position.

​
PnL

Unrealized PnL is based on mark price versus entry price: unrealized_pnl = position_size * (mark_price - entry_price)
  • long positions gain when mark price rises
  • short positions gain when mark price falls
Realized PnL is created when a fill reduces, closes, or flips an existing position.

​
What does not change entry price

The following do not change entry price by themselves:
  • placing a resting limit order
  • funding settlement
  • trading fees
  • builder fees
Funding and fees affect collateral separately. They are not included in virtual_quote_lot_position. If an opposite-side limit order rests, entry price is unchanged. If it executes, the filled portion follows the normal fill rules above.

​
See also