Impermanent loss calculator
What a 50/50 liquidity position is worth after the two tokens move, compared with simply holding them. Add the pool's fee yield to see whether the fees make up for it.
Your position
Loss by price change
| Price change of one token | Price ratio | Impermanent loss |
|---|---|---|
| −90% | 0.1x | −42.50% |
| −75% | 0.25x | −20.00% |
| −50% | 0.5x | −5.72% |
| −25% | 0.75x | −1.03% |
| −10% | 0.9x | −0.14% |
| +10% | 1.1x | −0.11% |
| +25% | 1.25x | −0.62% |
| +50% | 1.5x | −2.02% |
| +100% (2x) | 2x | −5.72% |
| +200% (3x) | 3x | −13.40% |
| +400% (5x) | 5x | −25.46% |
| +900% (10x) | 10x | −42.50% |
How it works
A constant-product pool keeps the value of both tokens equal. When one token rises, arbitrage traders buy it from the pool until the price matches the market, so the pool ends up holding less of the winner and more of the loser. Compared with holding the original tokens, the position is worth less. That gap is impermanent loss.
Only the ratio between the two prices matters. If both tokens rise 50%, the ratio is unchanged and the loss is zero. If one doubles while the other stays flat, the loss is 5.7%, the same as if one halved. It is called impermanent because it disappears if the prices return to where they started, but the moment you withdraw, it is permanent.
Trading fees are the other side of the trade. A pool pays out a share of every swap, and over months that can outrun the loss, especially in volatile but range-bound markets. The break-even APR above is the fee yield the pool must have paid over your holding period to leave you level with holding.
Questions
What is impermanent loss?
The value a 50/50 liquidity position loses compared with simply holding the two tokens, caused by the pool rebalancing as prices move. It only depends on how far the two prices move relative to each other.
How much impermanent loss is there at 2x?
If one token doubles while the other stays flat, the loss is 5.72% against holding. At 3x it is 13.4%, at 5x 25.5% and at 10x 42.5%. A 50% drop in one token costs the same 5.72% as a doubling.
Do trading fees make up for impermanent loss?
Sometimes. The calculator's break-even APR shows the fee yield the pool needs over your holding period. Pools with high volume relative to their liquidity earn the most fees; pools where one token trends hard in one direction tend to lose.
Does this work for Uniswap v3?
Not directly. A concentrated-liquidity position behaves like a 50/50 pool with leverage inside its price range: both fees and impermanent loss are larger, and outside the range the position holds only one token.
Related: slippage calculator, impermanent loss explained, slippage explained.