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CoinucationImpermanent loss calculator
Enter the price change of each token since you deposited and the value you put in. The calculator shows the value of the pool position versus holding, and the difference as impermanent loss, before any fees earned.
Loss = 2 x sqrt(r) / (1 + r) - 1 for a constant-product 50/50 pool, where r is token A's change divided by token B's. Fees earned are not included.
Where the loss comes from
A constant-product pool (x times y equals k) rebalances as prices move, selling the token that rose and buying the one that fell. The position ends up worth less than holding would have, by an amount that depends only on the ratio of the two price changes. A 2x move in one token against the other costs about 5.7%; 5x costs 25.5%.
Fees can offset it
Liquidity providers earn trading fees, and the comparison that matters is fees earned minus impermanent loss. Pools of correlated assets (stablecoins, ETH and liquid staking tokens) see little loss; volatile pairs need high fee income to compensate.
Frequently asked questions
What is impermanent loss?
The difference between the value of tokens left in a liquidity pool and the value they would have had if simply held, caused by the pool rebalancing as prices change. It becomes permanent when you withdraw.
Is the formula exact?
For a 50/50 constant-product pool, yes: loss = 2 x sqrt(r) / (1 + r) - 1 where r is the ratio of the price changes. Concentrated liquidity and weighted pools behave differently.
Can impermanent loss be positive?
No. Any divergence in prices produces a loss relative to holding; only fees can make the position net positive.
This calculator is for information only and is not financial, tax or investment advice. Results depend on the inputs you enter and on market data that can be delayed. Ownership and conflict disclosure.