Pip calculator: pip value per lot
Pip value in US dollars for major forex pairs, yen pairs and crosses, for standard, mini and micro lots. Type the exchange rate; the formula is shown for each pair.
One pip is 0.0001 for most pairs and 0.01 for yen pairs. When USD is the quote currency, as in EUR/USD, a pip is worth $10 per standard lot, $1 per mini lot (0.1) and $0.10 per micro lot (0.01). For USD/JPY at 150.00 it is 1,000 yen ÷ 150 = $6.67 per lot. Rates here are typed in, not live.
Pip value formula
pip value = units × pip size × (US dollars per unit of the quote currency)
- Units: lots × 100,000. One standard lot is 100,000 units of the base currency (the first one in the pair), a mini lot is 10,000, a micro lot 1,000.
- Pip size: 0.0001 for most pairs, 0.01 when the quote currency is the Japanese yen. Prices are often shown with one more decimal: that fifth (or third) digit is a pipette, a tenth of a pip.
- Conversion to dollars: a pip is always a fixed amount of the quote currency (the second one in the pair). It is then converted to dollars, which gives three cases.
| Case | Example | Pip value per standard lot | Rate needed |
|---|---|---|---|
| USD is the quote currency | EUR/USD, GBP/USD, AUD/USD, NZD/USD | 100,000 × 0.0001 = $10, always | none |
| USD is the base currency | USD/JPY, USD/CHF, USD/CAD | $10 ÷ rate (yen: 1,000 ÷ rate) | the pair's own rate |
| Cross (no USD) | EUR/JPY, GBP/JPY, EUR/GBP | 10 units (yen: 1,000) of the quote currency, converted | the quote currency's USD rate |
Worked example
EUR/USD, 0.1 lot (mini)
10,000 units × 0.0001 = $1.00 per pip. A 30-pip move is $30.00. No rate needed: the quote currency is already USD.
USD/JPY at 150.00, 1 lot
100,000 × 0.01 = 1,000 yen per pip. In dollars: 1,000 ÷ 150.00 = $6.67. At 110.00 the same pip would be worth $9.09.
EUR/JPY, 0.01 lot (micro), with USD/JPY at 150.00
1,000 units × 0.01 = 10 yen per pip, ÷ 150.00 = $0.0667. The EUR/JPY rate itself does not matter; only the yen-to-dollar rate does.
EUR/GBP, 1 lot, with GBP/USD at 1.2500
100,000 × 0.0001 = £10 per pip, × 1.2500 = $12.50.
Why you have to type the rate
This site has no live market data. For pairs where USD is the quote currency the pip value does not depend on the rate at all, so the result is exact. For the others the dollar value moves with the exchange rate, so the calculator asks you to type the current quote from your own chart. The example rates pre-filled in the form are illustrations, not current prices: replace them before relying on the result.
Pip value and leverage
The pip value tells you how fast a position gains or loses money. One standard lot of EUR/USD moves $10 per pip, so a 50-pip move is $500, whatever the account size. On a $2,000 account that is 25% in one move. This is what leverage means in practice: a small deposit controls a position worth far more, and losses are counted on the full position. The CFTC's investor education warns that leveraged forex trading carries a substantial risk of loss; comparing the value of a pip with your account is the quickest way to see that risk.
To turn pip value into a trade size from your risk and stop, use the position size calculator.
Frequently asked questions
How much is 1 pip worth?
For pairs quoted in US dollars, like EUR/USD or GBP/USD, $10 per standard lot, $1 per mini lot and $0.10 per micro lot. For other pairs it depends on the exchange rate: USD/JPY at 150.00 gives about $6.67 per standard lot.
How do you calculate pip value?
Multiply the number of units (lots × 100,000) by the pip size (0.0001, or 0.01 for yen pairs). That gives the value in the quote currency. Then convert it to dollars: divide by the rate when USD is the base currency, or use the quote currency's dollar rate for crosses.
What is a pip on USD/JPY?
A move of 0.01 in the price, for example from 150.00 to 150.01. On one standard lot that is 1,000 yen, worth 1,000 ÷ 150 = $6.67 at a rate of 150.00.
How much is 0.01 lot per pip?
A micro lot (1,000 units) of EUR/USD moves $0.10 per pip. On USD/JPY at 150.00 it is about $0.067 per pip.
What is the difference between a pip and a pipette?
A pipette is a tenth of a pip: the fifth decimal on most pairs (1.08505) or the third on yen pairs (150.005). Many platforms quote prices to the pipette, but pip values and stops are usually counted in whole pips.
Sources
- Learn and protect (CFTC)
- Margin account (glossary) (SEC, Investor.gov)
Education only, not financial advice. The calculators do arithmetic on the numbers you type; they do not know the market and do not predict prices.