Pip Value Calculator
One pip is worth a different amount on every pair and every position size. Enter your units, the pip size for the pair, and the rate converting the quote currency back to your account currency, and this returns the exact value of a single pip.
What a pip is
A pip is the fourth decimal place on most currency pairs (0.0001) and the second on JPY pairs (0.01). Its value in money depends on three things: how many units you hold, the pip size for that pair, and what the quote currency is worth in your account currency.
Pip value = units × pip size × conversion rate.
The three cases
Quote currency is your account currency. EUR/USD in a USD account: leave the rate at 1. One standard lot is 100,000 × 0.0001 × 1 = $10 a pip. This is the case everyone memorises.
JPY pairs. USD/JPY in a USD account: the pip is 0.01, and the quote currency is JPY, so you need the JPY→USD rate. At 150 JPY per USD that is 1/150 ≈ 0.00667. One standard lot: 100,000 × 0.01 × 0.00667 ≈ $6.67 a pip — not $10.
Crosses. EUR/GBP in a USD account: the quote currency is GBP, so use the GBP→USD rate. At 1.27 that is 100,000 × 0.0001 × 1.27 = $12.70 a pip.
Why getting this wrong is expensive
Pip value is a direct multiplier on your position size. Assume $10 a pip on a cross that is really $12.70 and every position you size is 27% larger than your risk rules allow — not on one trade, on all of them, silently, until a losing streak makes it obvious. Feed the correct number into the lot size calculator rather than defaulting to $10.
Pip value drifts
For crosses and JPY pairs, the conversion rate moves, so pip value moves with it. It is not usually enough to matter within a single trade, but a position held for weeks in a fast-moving currency can see its pip value shift by several percent. Recheck it if a trade is open long enough to matter.
What a pip is worth, exactly
It falls out of contract size. CME's Euro FX future is 125,000 euro and its minimum fluctuation of 0.00005 is worth $6.25 per contract[1] — the same arithmetic this calculator runs for whatever unit size you actually trade.
The number is the easy part
Everything above is arithmetic, and anyone opening this page gets the same answer. What no calculator can settle is whether you took the trade on these terms, or are describing — afterwards — the version of it that worked out.
That is what a trade recorder is for: the trade committed before it resolves, timestamped and sealed on the spot, on a Merkle-anchored log a stranger can check without kappi's cooperation. The plan you typed here stops being a plan you remember having. $15/month, no free tier.
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Frequently asked questions
How do I calculate pip value?
Multiply position size in units by the pip size (0.0001, or 0.01 for JPY pairs), then multiply by the rate converting the quote currency into your account currency.
Why is pip value on USD/JPY not $10 per standard lot?
Because the pip is 0.01 rather than 0.0001, and JPY must be converted back to USD. At 150 JPY per USD, a standard lot is about $6.67 per pip.
What conversion rate do I use for a cross like EUR/GBP?
The rate from the quote currency to your account currency — GBP to USD for a USD account. That is 1.27-ish, giving about $12.70 a pip on a standard lot.
Does pip value change while a trade is open?
For pairs quoted in your account currency, no. For crosses and JPY pairs it drifts with the conversion rate, though rarely enough to matter on short holds.