How does P/L calculation work in micro futures?

Every futures contract has a multiplier — a fixed dollar amount tied to each unit of price movement. Profit and loss always comes down to the same formula:

P/L = (exit price − entry price) × multiplier × number of contracts

Worked example: MES (S&P 500)

MES has a multiplier of $5 per index point. Buy 1 contract at 5,000.00, sell at 5,015.00: (5,015 − 5,000) × $5 = $75 profit.

Worked example: MGC (Micro Gold)

MGC represents 10 troy ounces of gold, with a multiplier of $10 per $1.00 move in the gold price. Buy 1 contract at $2,400.00/oz, sell at $2,406.00/oz: (2,406 − 2,400) × $10 = $60 profit.

Worked example: MJY (Micro Japanese Yen)

MJY is quoted in U.S. dollars per yen and represents ¥1,250,000. Its multiplier is 1,250,000. Because the quote moves in tiny decimals, even a small price change in the underlying rate turns into a real dollar swing once it's multiplied by the full contract size — the same formula, just a different scale.

Losses work the same way

If the exit price is below your entry price on a long position, the formula returns a negative number — that's your loss. Selling short flips the direction: you profit when price falls and lose when it rises.

Practice the math risk-free

Soku Trade shows your realized and unrealized P/L in real dollars as you paper trade, so you can see this formula play out live without risking real money.