Pip value calculator
"A pip is $10" is true for a handful of pairs and wrong for everything else. This works it out properly from contract size, pip size and quote currency — and shows every instrument side by side at your position size, so the differences are impossible to miss.
Value of one pip on 1 lot of EUR/USD
$10.00
$10.00 per standard lot.
10 pips
$100.00
50 pips
$500.00
100 pips
$1,000.00
Every instrument at this size
| Instrument | Pip size | Per standard lot | At 1 lots |
|---|---|---|---|
| EUR/USDpip 0.0001 | $10.00 | $10.00 | |
| GBP/USDpip 0.0001 | $10.00 | $10.00 | |
| AUD/USDpip 0.0001 | $10.00 | $10.00 | |
| USD/JPYpip 0.01 | $6.47 | $6.47 | |
| USD/CADpip 0.0001 | $7.30 | $7.30 | |
| USD/CHFpip 0.0001 | $11.36 | $11.36 | |
| GBP/JPYpip 0.01 | $6.47 | $6.47 | |
| EUR/GBPpip 0.0001 | $12.70 | $12.70 | |
| Gold (XAU/USD)pip 0.01 | $1.00 | $1.00 | |
| US30 / Dowpip 1 | $1.00 | $1.00 | |
| NAS100 / Nasdaqpip 1 | $1.00 | $1.00 |
Values assume a USD-denominated account. Pairs quoted in JPY, CAD, CHF and GBP are converted at the reference rates in our instrument table, so they drift slightly as those rates move.
Where pip value comes from
Three facts about an instrument determine it, and nothing else:
pip value (USD) = contract size x pip size x quote rate to USD
EUR/USD 100,000 x 0.0001 x 1 = $10.00
USD/JPY 100,000 x 0.01 x 1/154.5 = $ 6.47
Gold 100 x 0.01 x 1 = $ 1.00
US30 1 x 1 x 1 = $ 1.00The third term is the one people drop. It is 1 for anything quoted in dollars, which is exactly why the $10 shortcut survives — it works right up until you trade a yen cross or a metal, and then it is quietly wrong in a direction that makes your positions bigger than you intended.
What to do with the number
Pip value is an input, not an answer. Two things consume it. The first is position sizing, where it converts a stop distance into a lot size. The second is trading cost: a spread quoted in pips only becomes a dollar figure once multiplied by pip value, which is how a "20 pip" gold spread turns out to cost the same as a two pip spread on EUR/USD. Our broker cost calculator does that conversion across every instrument you trade.
Questions
- How much is one pip worth?
- On a standard lot of any USD-quoted pair — EUR/USD, GBP/USD, AUD/USD — a pip is worth exactly $10. Everywhere else it is not. A USD/JPY pip is worth roughly $6.47 per standard lot because the quote currency is yen and must be converted back to USD. On gold, one $0.01 tick on a 100oz contract is worth $1. The general formula is contract size x pip size x the quote currency rate to USD.
- Why is a JPY pip worth less than $10?
- Pip value is earned in the quote currency, which for USD/JPY is yen. A standard lot of 100,000 units moving one pip of 0.01 yields 1,000 yen. Converting 1,000 yen at roughly 154.5 to the dollar gives about $6.47. As the yen strengthens or weakens, that figure moves — which is why a sizing formula with $10 hardcoded drifts out of accuracy on JPY pairs over time.
- What is a pip on gold and on indices?
- Conventions vary by broker, which is why this page states its own. We treat a gold pip as a $0.01 move on a 100oz contract, making it worth $1 per lot — so a spread quoted as "20" on gold costs $20 per lot. Indices are quoted in points rather than pips: one point on a one-contract US30 position is worth $1. Always check your broker contract specification, because some quote gold in $0.10 increments and the resulting figures differ by a factor of ten.
- Does pip value change with leverage?
- No. Pip value depends only on the instrument and the position size. Leverage changes the margin required to hold that position, not what each pip of movement is worth. A one lot EUR/USD position earns or loses $10 a pip at 1:30 and at 1:500 alike.