---
title: What is the difference between realized and unrealized P&L?
slug: what-is-the-difference-between-realized-and-unrealized-pandl
createdAt: 2022-06-15T19:21:00.000Z
---

Realized returns are profits that have been *locked in*. In other words, the positions are closed.

Unrealized returns refer to positions that are still open. Due to this, these amounts will vary according to market conditions.