> For the complete documentation index, see [llms.txt](https://docs.force.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.force.xyz/trader-tools/dv01-calculator.md).

# DV01 Calculator

Answers the first question anyone asks about a rate market: *if the rate moves, what do I make?*

<figure><img src="/files/5s7nRSFFCpr3kKDqW5oX" alt=""><figcaption></figcaption></figure>

## Inputs

| Field                | Unit | What it means                                                                |
| -------------------- | ---- | ---------------------------------------------------------------------------- |
| **Yield move**       | bps  | How far the rate moves, in basis points. Enter a negative number for a fall. |
| **Contracts (long)** | ct   | Position size. Enter a negative number for a short.                          |

## Output

**Est. PnL**, in dollars, positive in green and negative in red.

## The calculation

$$
\text{PnL} = \text{move (bp)} \times \text{contracts} \times \text{DV01 per contract}
$$

That is the whole thing. There is no discounting, no maturity, and no dependence on the current level of rates, because the contract settles on a rate index rather than on a bond. See [DV01 and Cross-Hedging](/asset-directory/dv01-and-cross-hedging.md).

## Worked example

Long 5 contracts, and the rate rises 10 basis points. The result is 10 x 5 x DV01, and because DV01 is constant it would be the same number whether the rate moved from 4.00% to 4.10% or from 6.50% to 6.60%.

Reverse the sign of either input and the result flips: a long into a falling rate loses exactly what it would have made on the same rise.


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