Impermanent Loss Calculator (Uniswap v2 & v3)
What a liquidity pool position loses against holding, and the fees that cover it.
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- Free preview: the impermanent loss in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden.
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The loss is against holding the same tokens. It goes away if the price returns to your entry, and becomes real when you withdraw at another price; the fees the pool earned count against it.
Impermanent loss at each price
The pool against holding, by price move
How this was calculated
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For education only, not investment advice: no tool here tells you what to buy, sell or hold. Results use only the figures you enter, the files you load (read in your browser, never uploaded) and the published rules each page names. Check them against your broker's or exchange's own figures, and consider a licensed or registered adviser for advice on your situation.
About the Impermanent Loss Calculator (Uniswap v2 & v3)
When you provide liquidity to an automated market maker, the pool keeps rebalancing your two tokens as their price changes: it sells the one that rises and buys the one that falls. Impermanent loss is what that costs against simply holding the tokens you put in. This calculator works it out for a 50/50 constant-product pool (the Uniswap v2 design), a weighted pool such as 80/20 (the Balancer design) and a concentrated range (the Uniswap v3 design), each from its whitepaper.
Enter the price at entry and now, or a percentage change, and the value of your deposit: you get the loss, the pool’s value against holding, the token amounts now, the fees that would make up the difference and your result net of the fees you earned. For a range you also see its liquidity and whether the price is inside it. It works for any pair, on any exchange or chain whose pools follow these designs; nothing is sent anywhere and no market data is used.
How to use it
- Choose the pool: 50/50, weighted (enter the coin’s weight, such as 80) or a concentrated range (enter its lower and upper price).
- Enter the coin’s price at entry, measured in the other token, and the price now — or the percentage it changed.
- Enter the value of your deposit at entry, in the other token.
- Add the fees you earned, as an amount or a yearly rate and the days in the pool, to see your result net of fees.
- Read the impermanent loss, the pool against holding and the fees that cover it; copy the summary or download the price-move table as CSV — with a pass, or after unlocking this result.
Examples
DEMO (a fictional coin) from 2,000 to 4,000 in a DEMO/stablecoin pool, deposit 10,000
Impermanent loss −5.7191% · pool 14,142.14 against holding 15,000.00
Coin weight 80%, price × 2
Impermanent loss −3.2722%
Deposit 10,000 at 2,000: 2.203589 coins and 5,592.82 of the other token (liquidity 933.4553)
At 2,500: pool 10,520.20 against 11,101.79 (−5.2388%) · at 1,500: −8.4208% · at 3,000, out of range: −13.7942%
Price × 1.25, × 1.5, × 3, × 4, × 5, or halved
−0.6192%, −2.0204%, −13.3975%, −20.0000%, −25.4644%; halved −5.7191%
Common uses
- See what a price move does to a liquidity position against just holding the tokens.
- Compare a 50/50 pool, an 80/20 pool and a concentrated range for the same move.
- Work out the fees a pool must earn to beat holding over the time you plan to stay.
- Check where a range position stands when the price leaves it.
The formulas
With r = the price now ÷ the price at entry (the coin measured in the other token): - 50/50 constant product: the pool keeps x × y constant (Uniswap v2 whitepaper), so its value grows with √r while holding grows with (1 + r) ÷ 2: impermanent loss = 2√r ÷ (1 + r) − 1. - Weighted pool, the coin at weight w: the pool keeps ∏ Bₜ^Wₜ constant and each token’s share of value at its weight (Balancer whitepaper), so the pool ÷ holding = r^w ÷ (w × r + 1 − w). - Concentrated range [pₐ, p_b] with liquidity L (Uniswap v3 whitepaper, equations 6.29 and 6.30): inside the range x = L(1/√P − 1/√p_b) coins and y = L(√P − √pₐ) of the other token; below it x = L(1/√pₐ − 1/√p_b) and y = 0; above it x = 0 and y = L(√p_b − √pₐ). L is chosen so that your deposit buys exactly these amounts at entry. - Holding = the tokens deposited, valued at the price now; impermanent loss = pool value ÷ holding − 1, before fees. - Fees that cover it = holding − pool value; from a yearly rate, fees = deposit × rate × days ÷ 365 (simple).
Reading the results
- The loss is measured against holding the same tokens, not against your deposit: the pool can be worth more than you put in and still lose against holding.
- It is the same for a rise and a fall of the same ratio: doubling and halving both cost 5.72% in a 50/50 pool.
- Impermanent means it disappears if the price returns to the entry; it becomes real when you withdraw at another price.
- A weighted pool loses less for the same move because it holds more of the coin; a concentrated range loses more, because the same deposit is concentrated, and once the price leaves the range the position is all in one token and earns no fees.
- Fees that cover it say what the pool must have earned to break even with holding; compare them with the fees you actually earned.
What it leaves out
Gas and transaction costs, the fee tier’s effect on trading volume, rebalancing a range, rewards paid in other tokens, taxes, and moves of both tokens against your own currency: the calculator measures the coin in the other token. Fees from a yearly rate are simple interest on the deposit; real fees change with trading volume and how much liquidity is in the pool. The crypto profit calculator works out a plain buy and sell; APR and APY converts a quoted yield.
Limitations
- Two-token pools only; stable-swap curves and pools of three or more tokens follow other formulas.
- Prices are of the coin in the other token: when both tokens move against your money, enter their price in each other.
- Fees are what you enter: the tool does not estimate a pool’s volume or fee income.
- It calculates from your numbers and uses no market data: it says nothing about where any price is going.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
What do I get without a pass?
Without a pass, Impermanent Loss Calculator (Uniswap v2 & v3) shows the impermanent loss in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden. Until you unlock it, the result can’t be downloaded or copied. A Pro, Premium or Ultimate pass, a one-time payment that never renews, unlocks the full result. The pricing page lists the passes and their prices.
How is impermanent loss calculated?
For a 50/50 constant-product pool, take r = the price now ÷ the price at entry: the loss against holding is 2√r ÷ (1 + r) − 1. When the price doubles, r = 2 and the loss is 2 × 1.4142 ÷ 3 − 1 = −5.72%.
Is impermanent loss the same when the price falls?
Yes, for the same ratio: a halving (r = 0.5) costs the same 5.72% as a doubling. The loss depends on how far the price ratio moves from 1, not on its direction.
Does a weighted pool lose less?
Yes, when the coin has the larger weight: an 80/20 pool loses 3.27% when the price doubles, against 5.72% in a 50/50 pool, because it sells less of the coin as the price rises.
Why does a concentrated range lose more?
A range puts the same deposit to work over a smaller span of prices, so the pool’s rebalancing is stronger there. A range of 1,500 to 2,500 entered at 2,000 loses 5.24% at 2,500, where a 50/50 pool would lose 0.62%; above the range it is all in the other token and the loss keeps growing.
How much in fees do I need to cover impermanent loss?
The difference between holding and the pool’s value: 10,000 deposited at 2,000 in a 50/50 pool is worth 14,142.14 at 4,000 against 15,000.00 held, so it needs 857.86 of fees. With the days in the pool, the calculator gives the yearly rate that is.
Why is it called impermanent?
If the price comes back to where you entered, the loss is gone. It becomes permanent when you withdraw at another price.