Impermanent Loss Calculator
Calculate IL % and USD loss for any AMM liquidity pool — Uniswap, PancakeSwap, SushiSwap, and others.
What is impermanent loss?
Impermanent loss is the difference in value between holding two tokens in your wallet and depositing them into an automated market maker (AMM) liquidity pool such as Uniswap or PancakeSwap. When the price of one token changes relative to the other, the AMM rebalances the pool using the constant product formula x · y = k. As a result, when you withdraw your liquidity you end up with less total value than if you had simply held. The loss is called "impermanent" because it only becomes realized when you withdraw — if prices return to the deposit ratio, the loss disappears.
Formula
For a 50/50 pool, given a price ratio r = newPrice / oldPrice:
IL = 2·√r / (1 + r) − 1USD loss is calculated as:
heldValue = deposit × (r + 1) / 2
pooledValue = heldValue × (1 + IL)
usdLoss = heldValue − pooledValueNote: usdLoss is not deposit × IL%. The held position grows with price, so the absolute loss scales with the new portfolio size, not the original deposit.
Worked examples
IL is symmetric around r = 1: a +100% move and a −50% move produce the same IL.
| Price change | Ratio (r) | IL % |
|---|---|---|
| 0% | 1.00 | 0.000% |
| +25% | 1.25 | −0.620% |
| +50% | 1.50 | −2.020% |
| +100% | 2.00 | −5.719% |
| +200% | 3.00 | −13.397% |
| +300% | 4.00 | −20.000% |
| +400% | 5.00 | −25.464% |
| +900% | 10.00 | −42.533% |
| −50% | 0.50 | −5.719% |
| −75% | 0.25 | −20.000% |
Frequently asked questions
How is impermanent loss calculated?
For a 50/50 pool, IL = 2·√r / (1 + r) − 1, where r is the new price divided by the old price of one token (assuming the other is stable). The result is a percentage relative to the held position.
At what price change is impermanent loss 50%?
IL never reaches −50% under normal price movement. At a 5x price change (+400%) IL is about −25.46%. To approach −50%, one token would need to go to nearly zero or infinity relative to the other.
Is impermanent loss permanent?
No — IL only becomes permanent when you withdraw. If prices return to the deposit ratio, IL goes back to zero. Trading fees earned during the period offset IL and can make a position profitable even if prices move.
Does the calculator work for Uniswap V3 concentrated liquidity?
No. This calculator covers full-range 50/50 pools (Uniswap V2, PancakeSwap, SushiSwap, etc.). Uniswap V3 concentrated liquidity has a different IL profile because positions are bounded to a price range.
How to avoid impermanent loss?
Provide liquidity to stable-stable pools (USDC/USDT), use single-asset staking, or choose pools where both tokens are expected to move together. Otherwise, IL is the cost of earning trading fees as a liquidity provider.