Futures Daily Change vs. Position P&L Explained
Learn why a futures contract's daily change can differ from your position P&L, how previous settlement and entry price create different reference points, and how to reconcile both.
Direct answer
A futures contract's daily change and your position P&L can differ because they use different starting prices. Daily change can reference a prior settlement, while your P&L depends on actual entry fills and later marks or exits.
Daily change needs a named reference
A screen showing +12 points does not, by itself, mean your position gained 12 points.
The market-data field may compare the current price or settlement with the previous settlement.
CME explains that daily settlement prices are used to mark open futures positions and determine daily profit or loss.
Your platform can also show last price, session change, settlement change, or another field.
Read the field definition before using the displayed change as your trade result.
Settlement price versus last trade explains why these prices answer different questions.
Worked example: daily change is +12 but trade P&L is +32
Assume yesterday's settlement was 5,000.
The current reference price is 5,012.
The market's change from previous settlement is +12 points.
Now assume you bought one contract earlier at 4,980.
Your position move from entry is 5,012 − 4,980 = 32 points.
With a hypothetical $20-per-point multiplier:
Both numbers can be correct because they use different baselines.
- market daily change in cash terms: 12 × $20 = $240
- position P&L since entry: 32 × $20 = $640
Daily mark-to-market can reconcile the same total
Suppose the position was already open before yesterday's 5,000 settlement.
From the 4,980 entry to yesterday's settlement, the position gained 20 points.
That is 20 × $20 = $400.
From yesterday's 5,000 settlement to today's 5,012 reference, another 12 points equal $240.
$400 + $240 = $640.
The daily settlement path and entry-to-current calculation reconcile to the same price result before costs when the same prices and quantity are used.
How to calculate futures P&L shows the full cash calculation.
A new position can have small P&L on a large up day
Assume the market still shows +12 points from the prior settlement.
You enter long today at 5,008.
At a current price of 5,012, your position is up only 4 points.
With the same $20 multiplier, that is $80 before costs.
The contract can therefore be strongly positive on the day while a late buyer has a much smaller gain or even a loss.
The market's daily direction is not a substitute for your actual fill price.
Daily settlement and live P&L can update on different clocks
Official settlement is established under the product's settlement procedure.
Live market prices continue to move during the trading session where applicable.
A broker's live P&L can therefore use a current mark while the daily-change field still references a prior official settlement.
After settlement, account cash flows can also reflect daily mark-to-market.
Do not add a daily variation cash flow to a cumulative P&L figure if that cumulative number already contains the same price movement.
Futures realized versus unrealized P&L explains the statement labels. [!TRYMARK] Reconcile two baselines Use previous settlement 5,000, entry 4,980, current price 5,012, and a $20 multiplier. Calculate daily change, entry-to-current P&L, and the two daily mark-to-market segments separately.
Use a reference-price checklist
Identify the exact contract month.
Record the previous official settlement.
Record the current field being compared: last, mark, or settlement.
Record your actual entry fills.
Keep position quantity and multiplier beside the prices.
Calculate daily change from its own reference.
Calculate position P&L from the entry or statement mark that applies.
Reconcile daily settlement cash flows separately.
Add commissions, exchange and clearing fees, and slippage only once.
This guide explains price references and P&L reconciliation, not a trading signal.
Common questions
Why is my futures P&L different from the daily change?
Daily change may use the previous settlement as its starting point, while your P&L uses your own entry or another account mark. Different baselines naturally produce different numbers.
Does a futures contract being up today mean my long position is profitable?
No. If you entered above the current price, your long can be losing even while the contract is above its previous settlement. Use your actual fill price.
How does daily settlement relate to total futures P&L?
Daily mark-to-market divides the position's price path into settlement periods. When reconciled consistently, the daily price segments add to the same cumulative price result before costs.
Should I use last price or settlement price for futures P&L?
Use the price reference required by the question. Live P&L may use a current mark, while official daily variation uses the exchange settlement. Label the reference explicitly.