Estimate the impermanent loss of a liquidity pool position. Enter start and current prices of two tokens and compare LP value with holding.
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Impermanent loss is the relative value of an LP position versus holding the two tokens separately. It is not a real loss until you exit.
When you add liquidity to a constant-product pool (50/50 weight), the pool automatically rebalances as prices move — buying the token that got cheaper and selling the one that got more expensive. If the two tokens no longer have the same relative price as when you entered, your share of the pool is worth less than the tokens you could have simply held. That gap is the impermanent loss, and it is always a percentage between −50% (one token goes to zero) and 0% (no relative price change).
Impermanent loss is the difference in value between providing liquidity in a 50/50 pool and simply holding the same two tokens. When one token's price moves relative to the other, the pool automatically rebalances toward the cheaper token, so your LP position is worth less than the holdings it was made from — until prices return to their original ratio.
The IL formula is IL% = 2√(x·y) / (x + y) − 1, where x and y are the price changes of the two tokens. If neither price moves (x = y = 1), the formula gives exactly 0. Loss only appears when the relative price between the two tokens changes, and it depends only on that ratio — not on how much both tokens rise or fall together.
Traders pay fees (and sometimes emission rewards) on every swap that passes through the pool. If the cumulative fees you earn exceed the IL at the moment you exit, your net result is positive. This works best in high-volume pairs with low volatility; in volatile pairs the IL usually grows faster than fees accumulate.
It becomes real when you withdraw. While you stay in the pool, the difference is only a paper loss versus the hypothetical holding strategy — and it can 'heal' back toward zero if the two tokens return to their original price ratio. The word 'impermanent' describes exactly this: it's permanent only at the moment you exit.
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If you just finished with Impermanent Loss Calculator, the natural next steps are DeFi Loan Health Calculator, Staking vs Holding Calculator, Crypto P&L Calculator, or browse every tool in Crypto Tools.