Impermanent Loss
Perdida temporal al proveer liquidez cuando precios divergen.
Impermanent loss (IL) occurs because AMM pools automatically rebalance as prices change. If you deposit equal values of ETH and USDC into a pool and ETH doubles in price, the pool algorithm will have sold some of your ETH for USDC. You end up with less ETH and more USDC than if you had simply held both tokens.
The loss is called "impermanent" because it reverses if prices return to their original ratio. However, if you withdraw while prices are diverged, the loss becomes permanent. In practice, many LPs withdraw at a loss because prices rarely return to exactly the same ratio.
The magnitude of IL depends on how much the price ratio changes. A 2x price change results in roughly 5.7% IL; a 5x change causes about 25.5% IL. Correlated pairs (like stablecoin-stablecoin pools) experience minimal IL, which is why they are popular among risk-averse LPs.
Impermanent loss is the hidden cost of providing liquidity. LPs must ensure that earned fees exceed IL, or they would have been better off simply holding.
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CryptoRadar24 tracks pool performance and token price divergences, helping users assess IL risk for pools associated with tracked assets.
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FAQ
When does impermanent loss become permanent?
When you withdraw your liquidity at a different price ratio than when you deposited. Until withdrawal, the loss is unrealised and can shrink if prices converge.
Can fees offset impermanent loss?
Yes, in high-volume pools the trading fees earned can exceed IL, making the position profitable. This is the goal for most LPs.
Which pools have the lowest IL?
Pools of highly correlated assets (stablecoin pairs, wrapped-to-native token pairs) experience the lowest IL because their price ratio stays relatively stable.
How is IL calculated?
IL = 2 * sqrt(price_ratio) / (1 + price_ratio) - 1, where price_ratio is the relative price change of the two tokens since deposit.