Impermanent Loss Calculator
Compare a 50/50 liquidity position with simply holding the tokens, and see how many fees you would need to break even.
Quick answer
Impermanent loss is how much a 50/50 constant-product pool position trails simply holding the tokens. With k as the ratio of the two price changes, loss = 2 x sqrt(k) / (1 + k) - 1. It is zero when k = 1.
Impermanent Loss Calculator
Used for percentage changes. +100% means the price doubled.
Use 0 if token B is a stablecoin.
Used for initial and final prices.
Total fees over the period, as a share of your initial deposit.
Price Ratio k (A ÷ B)
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Impermanent Loss
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Value If Held
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Value In Pool (No Fees)
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Pool Value Plus Fees
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Fees Needed To Break Even
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Educational only, not trading or investment advice. Estimates for a 50/50 constant-product pool.
Impermanent Loss By Price Ratio (token B unchanged)
| Price ratio k | Token A change | Impermanent loss | Value if held | Value in pool |
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Assumptions & method
- k = (token A final ÷ initial price) ÷ (token B final ÷ initial price), i.e. (1 + change A) ÷ (1 + change B).
- Impermanent loss = 2√k ÷ (1 + k) − 1. Value in pool = deposit × √(ratio A × ratio B). Value if held = deposit × (ratio A + ratio B) ÷ 2.
- The deposit is split 50/50 by value at the start and the pool is a constant-product (x × y = k) pool.
- Fees earned are entered as a % of the initial deposit and added to the pool value; fees needed to break even = (hold − pool) ÷ deposit.
- Table rows assume token B stays flat and token A moves by the ratio shown.
- Not included: gas costs, concentrated-liquidity ranges, reward tokens, smart-contract risk and tax.
- Educational only; this is not trading or investment advice.
Results are estimates based on the figures you enter. They are not guarantees and not financial advice.
How impermanent loss works
In a constant-product pool the protocol rebalances your two tokens as their prices change, so you end up holding more of the token that fell and less of the one that rose. The pool value is the starting value times the square root of the product of the two price ratios. Holding is the average of the two ratios. Dividing one by the other gives 2√k ÷ (1 + k), where k is the price ratio of A relative to B, and subtracting 1 gives the impermanent loss. Trading fees earned by the pool can offset it, so the calculator adds them in.