Enter how far one asset moved against the other and see what being the pool's counterparty cost you, then check whether the fees you earned covered it.
For a constant-product pool with a price ratio r = new price ÷ entry price:
IL = 2·√r ÷ (1 + r) − 1
It is symmetric — a halving hurts exactly as much as a doubling — and it depends only on the ratio, never on the size of your deposit.
| Price change | Impermanent loss vs holding |
|---|---|
| 1.25× | 0.6% |
| 1.5× | 2.0% |
| 2× | 5.7% |
| 3× | 13.4% |
| 4× | 20.0% |
| 5× | 25.5% |
This is the loss relative to holding the two assets, before fees and before any incentive token. It becomes real when you withdraw; while you remain in the pool and price returns to where you started, it disappears. Concentrated-liquidity positions behave differently — inside a narrow range the effect is amplified, and outside it your position sits entirely in one asset and stops earning.
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No. It is the arithmetic consequence of the pool rebalancing against price movement — it sells the rising asset and accumulates the falling one on your behalf.
When you withdraw. Until then, a return to the entry price ratio erases it.
Only in busy, range-bound markets. A strong trend in one asset can produce impermanent loss far larger than any realistic fee income over the same period.
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