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Not a loss, and not imaginary either
When you put two tokens into a pool, the pool keeps them balanced in value. If one side goes up, traders buy it out of the pool and leave the other side behind. You end up holding less of the winner and more of the loser than you started with.
Impermanent loss is the gap between what you have now and what you would have had if you had done nothing at all. The name is misleading twice over. It is not a loss in the sense of your money vanishing, and it only stays impermanent if the price comes back to where it started, which it usually does not.
It is also symmetrical. The pool costs you the same whether the price doubles or halves. Only the size of the move matters, not the direction.
| Price change on one side | Impermanent loss |
|---|---|
| Up 25% | 0.6% |
| Up 50% | 2.0% |
| Up 100% | 5.7% |
| Up 200% | 13.4% |
| Up 400% | 25.5% |
| Down 50% | 5.7% |
Fees are the reason to be in a pool at all. A pool only pays if what it earns you outruns what the price divergence costs you, which is why deep stablecoin pools and highly correlated pairs are the ones that tend to work.
Common questions
Why is it the same when price falls as when it rises?
The math depends on the ratio between the two prices, not the direction. A doubling and a halving are the same size of divergence, so they cost the same. Doubling and halving cost 5.7 percent either way.
Can I lose more than I put in?
Not from impermanent loss itself, which is bounded. You can absolutely lose everything from the tokens themselves going to zero, or from a pool contract being exploited. Those are different risks.
What about concentrated liquidity?
Concentrating your range multiplies both the fee income and the divergence loss, and once price leaves your range you are fully in one token and earning nothing. Treat this calculator as the floor of what a narrow range costs.
Want a hand using these on your own position?
We go through it together on a call. Your holdings, your risk, your setup. You click everything and we never ask for keys.