Pip Value Calculator
See exactly how much one pip is worth on a standard 1.0-lot trade for any of 21 forex and commodity instruments. For USD-base and cross pairs the value varies with the current exchange rate — we compute it live as you type.
How it's calculated
pip_value_USD = raw_pip_value / rate (USD/Quote pairs like USD/JPY)
pip_value_USD = raw_pip_value × rate (Quote/USD pairs like EUR/GBP via GBPUSD)
Frequently asked questions
What is a pip?⌄
A pip is the smallest standardized price increment for a trading instrument. For most forex pairs it's 0.0001 (the 4th decimal); for JPY pairs it's 0.01 (the 2nd decimal); for gold it's 0.01 (1 cent on a $2000 quote).
How is pip value calculated?⌄
Pip value = pip size × contract size, expressed in the quote currency. For USD-quote instruments (EUR/USD, gold) it's a fixed USD amount: $10/pip for forex majors and $1/pip for gold. For USD-base pairs (USD/JPY) it varies with the pair's price. For cross pairs (EUR/JPY) it depends on a third pair (USDJPY here).
Why does USD/JPY pip value change but EUR/USD is fixed?⌄
For EUR/USD the quote currency is already USD, so each pip is exactly $10 on a standard 1.0-lot trade (0.0001 × 100,000). For USD/JPY the quote is JPY — so one pip earns you 1000 JPY, which has to be converted to USD using the current USD/JPY rate. Same pip count, different USD value at different prices.
What contract sizes does this assume?⌄
Standard institutional contract sizes: 100,000 units for forex (one standard lot), 100 oz for gold, 5,000 oz for silver, 1,000 barrels for oil, 10,000 MMBtu for natural gas. The output is per 1.0 lot; halve it for a mini-lot (0.1), divide by 100 for a micro-lot (0.01).
Need to size a position too?
The position-size calculator uses pip value as one of its inputs — it does the full lot-size math for you in one step.
Position size calculator