Impermanent loss calculator
How much a liquidity position is worth compared with just holding the tokens you put in. Full range (Uniswap v2 style) or a concentrated price range (Uniswap v3 style).
Impermanent loss vs holding
−5.72%
Price ×2 (+100.0%)
- Value if you had held
- 15,000 USDC
- Value in the pool
- 14,142 USDC
- Fees needed to break even
- 858 USDC
Before fees, gas and incentives. Same percentage for any deposit size.
Want fees, gas and time in range on a real pool too? Open the Range calculator.
Impermanent loss at common price moves
Loss vs holding when token A's price moves by the amount on the left. The ranges are symmetric around the entry price (±50% = 0.5× to 1.5×). Amber = the price has left the range.
| Price change | Full range | ±50% range | ±25% range | ±10% range |
|---|---|---|---|---|
| −75% (0.25×) | −20.00% | −55.89% | −59.43% | −60.04% |
| −50% (0.5×) | −5.72% | −22.30% | −30.32% | −32.54% |
| −25% (0.75×) | −1.03% | −4.17% | −8.42% | −12.46% |
| −10% (0.9×) | −0.14% | −0.57% | −1.15% | −2.83% |
| −5% (0.95×) | −0.03% | −0.14% | −0.27% | −0.67% |
| +5% (1.05×) | −0.03% | −0.13% | −0.25% | −0.61% |
| +10% (1.1×) | −0.11% | −0.48% | −0.95% | −2.32% |
| +25% (1.25×) | −0.62% | −2.67% | −5.24% | −8.55% |
| +50% (1.5×) | −2.02% | −8.89% | −13.79% | −17.34% |
| +100% (2×) | −5.72% | −21.56% | −26.98% | −30.66% |
| +200% (3×) | −13.40% | −38.63% | −44.08% | −47.56% |
| +400% (5×) | −25.46% | −57.23% | −61.92% | −64.74% |
The formulas
Full range (Uniswap v2, x·y = k)
With r = price now ÷ entry price, and a 50/50 deposit by value:
IL = 2·√r / (1 + r) − 1
A 2× move gives 2√2 ÷ 3 − 1 = −5.72%, and so does a halving (0.5×): the loss is symmetric in r and 1/r. 4× gives −20.0%, 5× gives −25.5%.
Concentrated range (Uniswap v3)
For a range from Pa to Pb, deposited at P0 inside it, with r = P ÷ P0. While the price is in range (Pa ≤ P < Pb):
IL = (2·√r − 1 − r) / (1 + r − √(Pa/P0) − r·√(P0/Pb))
The numerator is the full-range one; the denominator is smaller, so the same move costs more in a narrower range. With Pa → 0 and Pb → ∞ it is the v2 formula. Out of range the position is all one token and stops rebalancing. For liquidity L, deposited as x0 of token A and y0 of token B:
x0 = L·(1/√P0 − 1/√Pb) y0 = L·(√P0 − √Pa) Below the range (P < Pa): V_LP = L·(1/√Pa − 1/√Pb)·P (all token A) At/above upper (P ≥ Pb): V_LP = L·(√Pb − √Pa) (all token B) V_HOLD = x0·P + y0 IL = V_LP / V_HOLD − 1
Above the range you've sold all of token A on the way up and the gap to holding keeps widening; below it you've bought token A all the way down. The calculator uses the same position math as our Range calculator's IL estimate.
Methodology and limits
- What it compares: the position's value now vs the value of the exact tokens you deposited, at the price you type. Prices are token A in token B, and token B is the unit of account (dollars, if it's a stablecoin).
- Assumes: a full-range deposit is 50/50 by value; a concentrated deposit is made at the entry price, inside the range, in the ratio the range requires (shown as the split); the position isn't touched between entry and now. Tick spacing and rounding are ignored.
- Not included: trading fees earned, gas, token incentives and points, rebalancing or re-ranging, slippage on deposit and exit, taxes, and token B's own price vs the dollar.
- Other AMM curves differ: Curve stableswap, Balancer weighted pools (e.g. 80/20), Liquidity Book bins and Uniswap v4 hooks that change the curve need their own formulas. Standard Uniswap v4, Aerodrome Slipstream, PancakeSwap v3 and Raydium CLMM positions use this v3 math.
- Nothing you type leaves your browser. We count that the calculator was used, never the numbers. Not financial advice.
Methodology v1.0, 1 Oct 2026. Background: Impermanent loss, explained.
Questions
Is impermanent loss permanent?
It depends only on the price when you withdraw compared with the price when you deposited. If the price returns to your entry, the loss goes back to zero; if you withdraw at a different price, it is realized. The path in between doesn't change it (that's a separate cost, often called LVR).
Why does a narrower range have more impermanent loss?
A concentrated position behaves like a larger full-range position that only exists between your bounds. The same price move rebalances more of your capital, so the loss for a given move is bigger. Outside the range the position is all one token and stops rebalancing, but the gap to holding keeps growing.
Do trading fees make up for impermanent loss?
Sometimes. The 'Fees needed to break even' line is the non-negative gap between holding and the pool value, before gas. It is zero when there is no loss to cover. Whether a pool pays that depends on its volume, fee tier and how much of the time you stay in range. Our Range calculator estimates fees, IL and gas together for real pools.
Does the size of my deposit change the result?
Not the percentage. Impermanent loss is a ratio, so it is the same for $100 and $1M. The deposit only scales the dollar figures. Gas, which is not included here, is what makes small positions worse.