Slippage and PnL Explained

Why do I see a small loss immediately after opening a position?

This is normal. When you open a position on Hyro, trading costs (commission and slippage) show up in your PnL straight away. Many platforms hide or delay these costs, so a new position looks like it starts at “0”. Hyro shows them from the moment your order is filled.

What is slippage?

Slippage is the difference between the expected execution price and the actual average fill price of an order. It occurs when there is insufficient liquidity at a single price level to fill the entire order.

Example:
If the best available price is 0.5221 but your order fills at an average price of 0.5229, the slippage is 0.0008.

Why does Hyro show slippage when other platforms may not?

Slippage and execution costs are inherent to real market trading. Some platforms do not explicitly display these costs at the time of execution. Hyro shows them immediately, so you always see your true entry cost and market exposure.

Why can slippage sometimes appear significant?

Slippage depends primarily on:

• Order size
• Market liquidity

Large market orders may consume multiple levels of the order book, especially in lower-liquidity assets.

For example, an $85,000 market order on a smaller-cap asset may move through several price levels before fully executing. This behavior reflects real exchange mechanics.

What is the difference between realized and unrealized loss?

Realized loss:
Commission fees applied at the time of execution.

Unrealized loss:
Temporary price deviation caused by slippage or immediate market movement after entry.

Unrealized PnL may adjust as the market rebalances.

Is this execution model realistic?

Yes.

Hyro runs on live Bybit market data and simulates:

• Order book depth
• Market impact of large orders
• Commission fees

So you get a realistic picture of what a trade would cost on a real exchange.