Profits-and-Losses (also referred to as P&L) are currently always calculated in Bitcoin or Tether and can either be realized or unrealized.
Unrealized profits-and-losses are gains and losses that exist on “paper”, but have yet to be converted into cash/cryptocurrency.
On BLADE, unrealized P&L occurs from marking-to-market. Unrealized P&L from marking-to-market becomes realized once a position is closed or reduced.
Realized profits-and-losses are gains and losses from completed transactions that have been converted into cash/cryptocurrency.
On BLADE, P&L becomes realized when positions are closed or reduced.