> For the complete documentation index, see [llms.txt](https://hashhedge.gitbook.io/hashhedge-user-guide/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hashhedge.gitbook.io/hashhedge-user-guide/trading-terminal/trading-basics.md).

# Long, Short, P\&L and Prices

A few core concepts that make the rest of the terminal make sense.

***

## Long vs Short

Futures let you profit in both directions:

* **Long (Buy)**: you profit when the price **goes up**.
* **Short (Sell)**: you profit when the price **goes down**.

So if you expect a drop, you can open a short and gain as the price falls.

## Unrealized vs Realized PnL

* **Unrealized PnL**: the profit or loss of your **open** positions at the current price. It moves in real time and isn't locked in yet.
* **Realized PnL**: the result **after** you close a position. This is what actually settles to your balance.

You'll also see **ROE%** next to PnL. That's your return measured against the **margin** you put into the trade, so with leverage, a small price move is a larger ROE%.

<figure><img src="/files/ZE6LvKzMYjtufFJnKYRf" alt=""><figcaption><p>An open position: Unrealized PnL(ROE), Est.Liq.Price and Margin Ratio</p></figcaption></figure>

## Mark Price vs Last Price

* **Last Price**: the price of the most recent trade on the market.
* **Mark Price**: a smoothed "fair" price the platform uses for **Unrealized PnL and liquidation**, designed to ignore short, manipulative wicks.

The two can briefly diverge. This matters because your **liquidation** and P\&L are based on the **Mark Price**, not the Last Price, and because a TP/SL trigger can be set against either one (see [Take profit and stop loss](/hashhedge-user-guide/trading-terminal/take-profit-stop-loss.md)).

***

Next, learn how to size and protect a trade in [Risk management](/hashhedge-user-guide/rules/risk-management.md) and [Liquidation and margin](/hashhedge-user-guide/rules/liquidation.md).


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://hashhedge.gitbook.io/hashhedge-user-guide/trading-terminal/trading-basics.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.