Impermanent Loss Calculator
Impermanent loss calculator
Price ratio change
Impermanent loss
Value if simply held
Value in the pool
This models a constant-product 50/50 pool, the design most AMMs use. Impermanent loss depends only on how the ratio between the two prices changed: if both double, it is zero. The figure excludes trading fees and any incentives you earned, which is the whole point of providing liquidity — the honest question is whether those exceeded the loss shown here. Concentrated-liquidity and weighted pools behave differently. Runs entirely in your browser. Not advice.
What this calculator does
It compares two outcomes for the same starting deposit: providing liquidity to a 50/50 constant-product pool, versus just holding the two assets in your wallet. The gap between them is impermanent loss.
Only the ratio matters
This is the part that is most often stated wrongly. Impermanent loss does not depend on whether prices went up or down. It depends on how the ratio between the two assets changed. If both assets double, the ratio is unchanged and the impermanent loss is exactly zero — you simply have twice the value. If one doubles and the other does not move, the ratio doubled and you have given up about 5.7%.
The relationship is fixed and worth knowing by rough shape:
- 1.25× ratio change — about 0.6%
- 1.5× — about 2.0%
- 2× — about 5.7%
- 3× — about 13.4%
- 4× — about 20.0%
- 5× — about 25.5%
Note how gentle the curve is at the start and how it steepens. Small divergences cost almost nothing; large ones cost a great deal.
Why “impermanent” is a misleading word
The loss reverses only if the price ratio returns to where it began. If it does not, and you withdraw, the loss is realised and permanent. The name describes a possibility, not a property.
What is deliberately missing
The figures exclude the trading fees and any incentive rewards you earned while providing liquidity — which is the entire reason to provide it. This calculator gives you one side of the ledger. The honest question is whether fees and rewards over your holding period exceeded the loss shown here, and only your own position data can answer that.
It also models a constant-product 50/50 pool, the classic AMM design. Concentrated-liquidity pools, weighted pools and stable pools all behave differently, and a concentrated position that moves outside its range behaves very differently indeed.
Frequently asked questions
What should I enter for a stablecoin? Enter 1 for both its start and end price. If the stablecoin held its peg, that is accurate.
Does a bigger deposit mean bigger impermanent loss? In percentage terms, no — the percentage is independent of size. In dollars, yes, proportionally.
Does this include the fees I earned? No, deliberately. See the section above.
Is this advice? No. See our disclaimer.